THE BASICS OF STRATEGIC MANAGEMENT VIA BALANCED SCORECARD

Here’s a great synopsis on the basics of strategic management (www.balancedscorecard.org)

Uses a Systems Approach that starts with the end in mind.

Incorporate Change Management and Leadership Development to effectively transform an organization to high performance.

Provide Actionable Performance Information to better inform decision making.

Incorporate Assessment-Based Inputs of the external and internal environment, and an understanding of customers and stakeholder needs and expectations.

Include Strategic Initiatives to focus attention on the most important performance improvement projects.

Offer a Supporting Toolkit, including terminology, concepts, steps, tools, and techniques that are flexible and scalable.

Align Strategy and Culture, with a focus on results and the drivers of results.

Integrate Existing Organization Systems and Align the Organization Around Strategy.

Be Simple to Administer, Clear to Understand and Direct, and Deliver Practical Benefits Over the Long-Term.

Incorporate Learning and Feedback, to Promote Continuous Long-term Improvement.

ENTREPRENEUR: TO BE OR NOT TO BE πŸ’ΌπŸ’Ό

ENTREPRENEUR: TO BE OR NOT TO BE?

Ever wonder if you were cut out for this entrepreneur thing?!?!? Often question yourself whether you innately have what it takes to be a successful entrepreneur?!?!? Well, Harvard Business Review (HBR) conducted a case study to narrow down some of the key traits to gauge whether your are (or not) a successful entrepreneur: persuasion, leadership, personal accountability, goal orientation, and interpersonal skills. (Harvard Business Review, 2013) Based on the research conducted by HBR, serial entreprenuers had above average persuasion and leadership ablity. (2013). Therefore, we can conclude that most strong entreprenuers have the power of persuasion and the ability to lead. What does this mean?!?!? Strong entreprenuers have the ability to wittingly and smoothly convince others to buy into their idea, product or service, and they have the ability to “take the torch and run with it to get the gold”. Persuasion and leadership were the top two, and personal accountability fell shortly below being the third highest trait serial entrepreneurs possess. Many scholars, leaders and researchers have argued that entreprenuership and its qualities can not be taught or learned, but are ones that someone naturally possess. To be or not to be? This is the age-old rhetorical question many of you entreprenuers or aspiring entreprenuers can try to answer and ponder if you have what it takes.

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