First steps: purpose, strategy and business model

Purpose leads the way

"Don't let others define “success” for you, you'll only ever have its trappings. Free yourself from the eye of others, demanding and accepting nothing short of “success", for the more you’ll be condemned once you've achieved it. Don't make the mistake of separating success from purpose." — Francisco Santolo

Try this: listen closely to Francisco's initial question 📽 in the following video – hit pause and take a moment to reflect and think. Try to recall a recent situation where being unclear about your purpose may have created a problem.

Purpose means the personal reason – your sense of resolve or determination – you want to devote time to your business, project or initiative.

What do you imagine achieving? Where will that take you? What will it allow you to do? How will things change because of it? What will your contribution be, your legacy? Does this make you happy? Does it help you grow? Do you feel fulfilled? Are you learning?

Setting a clear goal upfront is essential to an effective application of our methodology – for business, as well as for professional or personal use. This will help you to avoid a poor investment of your time and energy, providing orientation and guiding your decisions through the best possible strategy.

Do’s and don’ts

"It's a dirty little secret: Most executives cannot articulate the objective, scope, and advantage of their business in a simple statement. If they can't, neither can anyone else." — David J. Collins and Michael G. Rukstad

Are you strategic when it comes to business? Whichever the answer, now try to define: What exactly is strategy? (don’t google it, test your intuition).

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It is now commonplace in business, among both published authors and online pundits, to say that most executives don’t know how to describe their own strategy. Indeed, many of them struggle to formulate it and to properly communicate it to others.

Having a clear purpose can give you a great advantage. However, simply setting objectives is not enough, you need to ensure that your plans are being executed. 💪 You must take action...

Let’s address the question: What is strategy? To begin with, it’s a rather elusive concept, not easy to pin down.

The best companies aren't the ones that are great at everything, because that would mean incurring unnecessary costs which would then need to be transferred to customers. Strategy has everything to do with making smart choices and trade-offs – ie. defining do’s and don'ts.

While studying at Harvard, Francisco learned a crucial definition – one of the most powerful and actionable bits of knowledge he ever picked up – : activities are the basic building blocks of strategy, which simply describes which activities we decide to do (and how intensively) and which ones not to do to reach our goals.

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The business model is your latest yet still perfectible roadmap

Constant updates and tweaks in your business model are needed in order to meet your goals. For granted, it will not guarantee the success of your venture, but an in-depth understanding of the business model will allow you to anticipate and avoid future unfavorable scenarios, preventing you from making bad decisions with costly consequences further down the road.

The business model describes what value we deliver to the customers and stakeholders, how we extract part of that value and how we make it all possible – through which activities, with what resources, etc. Additionally, it outlines the main economic, financial and risk indicators.

In short: strategy defines the activities that are to be included in the business model, which is itself an expression of the chosen strategy.

Hit the “Next Unit” button below to move forward to move forward to a more in-depth exploration of business models.

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Metodology fundamentals

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Purpose and strategy

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Business models

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Find your customers

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When you enroll in the full course you will be guided through

  • The ins and outs of our methodology and the practical application of our toolkit to your business or venture, whichever stage it may be in
  • The process of designing a sound and actionable strategy in alignment with your life and career goals and of translating your strategy into a coherent business model
  • The volcanic landscape of exponential technologies and their disruptive effects on the current startup ecosystem

Read more about the full course

Read more about the full course Flecha