Strategic Management and the Entrepreneur

Businesses are as vital or as overlooked as that of developing a strategy for success. Too often, entrepreneurs overflowing with optimism and enthusiasm launch their businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competitions. Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry.