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Business Strategy with Hirav Shah JUNE 27, 2025 | The Indian Eye 40

WHAT IS BUSINESS STRATEGY?

A COMPLETE GUIDE FOR ENTREPRENEURS

HIRAV SHAH

t its core, business strategy is
a blueprint for success. It de-
Afines your long-term goals, how
you’ll compete in the market, and what
actions you need to take to get there
Think of it this way: If your busi- A strategy that worked five years ago may not work today. Many businesses fail because they ignore market shifts and emerging technologies
ness were a car, your strategy would be
the GPS navigation system—guiding sources on things that don’t matter.
you from where you are now to where You constantly change directions, 2. Trying to Serve Everyone How to Develop a Winning Business
you want to be. Strategy
confusing your team and customers. ot everyone is your customer. Now that you understand the fundamen-
Key Components of Business Strategy: You struggle to differentiate your- NBusinesses that fail to niche down tals, let’s build your strategy step by step:
self from competitors.
• Vision & Mission: Where do you see But with the right strategy: and define their ideal audience end up Step 1: Define Your Vision & Goals
stretching themselves too thin.
your business in the next 5–10 years? • You make smarter deci- Example: If a luxury brand sud- • Write down where you see your
What problem are you solving? business in 3, 5, and 10 years.
• Competitive Advantage: What sions and prioritize effectively. denly starts selling cheap, mass-mar- Step 2: Research Your Market & Compe-
ket products, it loses its exclusivity
You attract the right custom-
makes your business unique? Why ers who align with your brand. and confuses its customers. tition
should customers choose you over You build a scalable business model My Advice: “You can’t please ev- • Conduct competitor analysis and
competitors? identify gaps in the market.
that grows predictably.
eryone—focus on the right customers
• Market Positioning: Who is your • My Advice: “Success in business and serve them better than anyone else.” Step 3: Identify Your Competitive Advantage
target audience? What’s your pric- isn’t about working harder—it’s • Find what makes your business
ing strategy? 3. Ignoring Market Trends unique and irreplaceable.
• Execution Plan: What steps will you about working smarter. A solid strategy that worked five years ago Step 4: Develop an Execution Plan
strategy helps you do just that.”
take to achieve growth? How will A may not work today. Many busi- • Outline specific steps, from market-
you measure success? Common Business Strategy Mistakes nesses fail because they ignore mar- ing to product development.
• Example: Apple’s business strate- to Avoid ket shifts and emerging technologies. Step 5: Measure & Adjust as You Grow
gy focuses on innovation, premium Entrepreneurs often make avoidable • Example: Blockbuster stuck to its • Track key performance indicators
branding, and seamless user expe- mistakes when developing a business traditional rental model, while Net- (KPIs) and optimize your strategy.
rience. Every decision—from prod- strategy. Here are the most common flix adapted to streaming and domi- • My Advice: “A great business strat-
uct design to marketing—is aligned ones: nated the industry. egy isn’t about predicting the fu-
with this core strategy. ture—it’s about preparing for it.”
• My Advice: “A business without 1. Lack of Clear Direction • My Advice: “Business is like surf-
ing—you need to ride the waves of
strategy is like a ship without a com- f you don’t know where you’re go- change or risk sinking.” Conclusion: Strategy is the Key to
pass—it may move, but it will never Iing, how will you get there? A vague Long-Term Success
reach its true destination.” 4. Failing to Measure Performance • If you want to thrive, not just survive,
or undefined strategy leads to confu- invest in a well-thought-out strategy.
Why is Business Strategy Crucial for sion and wasted resources. strategy without performance • Every decision, from marketing to
Entrepreneurs? • Ask Yourself: Can I define my busi- A tracking is like flying blind. You hiring, should align with your long-
ness’s long-term vision in one sen- need clear KPIs (Key Performance In-
magine building a house without a tence? dicators) to measure success. term vision.
Iblueprint. You lay bricks randomly, • Do my employees and stakeholders • Ask Yourself: Do I have a way to • Your strategy should be flexible,
adaptable, and backed by data.
hoping they’ll form a solid structure. understand our strategy? measure my business’s progress?
The result? A weak foundation that • My Advice: “A clear vision • Am I making data-driven decisions? The writer is a well known Business
collapses under pressure. eliminates confusion. When • My Advice: “What gets measured Turnaround Specialist, Astro Strategist,
• Business is the same. Without a you know your ‘why,’ ev- gets improved. Track, analyze, and and BestSelling Author.
strategy: You waste time and re- ery decision becomes easier.” optimize—success is a process.” [email protected]

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