This morning I attended a webinar by EFactor called Strategy for Starting Up. EFactor, I recently found out about, is a social networking site for entrepreneurs, investors, and mentors. I’m planning on using it in the future to cultivate relationships among peers and find (more) coaches as I work on Econexión. The webinar certainly had parts that were over my head and discussed unique value propositions, value chains, and refreshing, new interpretations of strategy.
Here are some take-away points from what I learned this morning:
- Meta thoughts:
- Things like this inspire my thinking and action. I should do them more often.
- EFactor is huge, has 1 million+ users in 185 countries. I should use this as a resource!
- Strategy helps you communicate your expectations. So this might sound obvious, but I hadn’t thought of it like this before. Strategy is a standardized language to present long-term goals. I’m committed to learning this language, chiseling out the details, and communicating the expectations of Econexión.
- Our vision isn’t just about our image, rather it needs to be recognized by our organizational environment. In other words – we must be able to clearly articulate and share it, as well as hope to have it acknowledged by other actors in our sphere: our peers and potential partners.
- Remembering: creating strategy is dynamic. It’s not (and shouldn’t be) a final draft, but rather a basis for dialogue about future goals.
- Being able to see day-to-day tasks in the context of a longer-term plan will help me see the larger picture and provide a way to ask, “does this contribute to our vision?” It acts as a check and balance.
- The presenter offered several methods for coming up with a good business strategy: SWOT analysis, value chain analysis, and a few others. I’ll be thinking in the future about which will be most relevant.
My next goal is to take what I’ve learned from reading this book and create a business model for Econexión. (Then get it reviewed, critiqued, and do it over again.) Stay tuned!