It is important to understand, the authors assert, that execution of a strategy and resources are inextricably related. This is because startup companies usually only develop a strategy when resources are needed, and a good strategy can help determine whether or not the entrepreneur will be able to attract resources. Additionally, investors in new ventures have greater expectations of risk and a slower reward than investors of established companies. So... don't create a strategy when you are in a bind!
The authors explain that the internal culture for startups differs from established companies, which help determine strategies. Entrepreneurs should capture the vision and goals that form the culture in a written and spoken format. It will help entrepreneurs to be successful if they are effective at capturing the strategy and culture in a 20-minute presentation and a 20-second elevator pitch.
Bottom line, whether a company is starting or established, it is important to have a strategy. A strategy will help an entrepreneur meet goals and investor demands.
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