1. What stood out in the reading?
It was interesting to learn that entrepreneurial actions and strategic actions overlap in creating wealth for businesses. I also found the entrepreneurial strategy matrix interesting in that it measures a business's level of risk and innovation.
2. Confusing aspect of the reading
Following the strategic management process map was a bit confusing. Seeing how strategic inputs affect strategic actions which affect strategic outcomes and provide feedback was pretty elaborate.
3. What two questions would I ask the author?
Since a lack of planning often results in poorly executed new ventures, would you recommend a business continuing with current ventures and procedures until adequate time, knowledge, expertise, trust, and costs are sorted out among employees or leaping into new ventures with the help of outside sources that can provide these missing qualities?
Does there come a point where strategic planning wouldn't pay off as well as it could in other condition and circumstances? What would you suggest business do in these cases in terms of starting new ventures?
4. Was the author wrong about anything?
The author stated that "the actual execution of a strategy is almost as important as the strategy itself," but I would have to say that the execution is more important than the planned strategy. Without action, there is no use for a strategy. Also, strategies are ever-changing due to various factors in the market place. While having strategies are good guidelines, a company is most successful with a strong workforce who can execute efficiently and effectively, while realizing that deviation from the plan is sometimes necessary in order to receive the most beneficial outcome for both the business and its stakeholders.
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