How to transition into business strategy without prior experience?

I was also a young inexperienced chap when I moved into strategy consulting! These were the 4 things I did! 1. I knew book knowledge would not be enough so I got myself a mentor. I job shadowed him and intentionally brought up conversations about ‘what he would do in X and Y situation’ 2. And started reading reports! McKinsey, Harvard Business Reports, Accenture Global Reports- I consumed 2 per week! I had read 80 in 1 year. Subjects that I loved 3. Podcast is magic. I never let a day go without podcast. The longer the podcast, the more the depth. 4. Teaching is magical. I volunteered to teach. Teach exposes you to different contexts and situational analysis in class, and this certainly widens your Knowledge 5. Read books!

The skills to plan a vacation, pack a suitcase, and set a vacation budget are the same planning skills. When applied to a business goal, you are planning your business strategy.

I was also a young inexperienced chap when I moved into strategy consulting! These were the 4 things I did! 1. I knew book knowledge would not be enough so I got myself a mentor. I job shadowed him and intentionally brought up conversations about ‘what he would do in X and Y situation’ 2. And started reading reports! McKinsey, Harvard Business Reports, Accenture Global Reports- I consumed 2 per week! I had read 80 in 1 year. Subjects that I loved 3. Podcast is magic. I never let a day go without podcast. The longer the podcast, the more the depth. 4. Teaching is magical. I volunteered to teach. Teach exposes you to different contexts and situational analysis in class, and this certainly widens your Knowledge 5. Read books!

When it comes to business strategy consulting, if you don't have any experience running a successful business, better to get a mentor. There is no substitute for experience. If you don't have experience, you need to spend a lot of time learning from someone who does.

Sorry, but transferable skills, are a bit of a myth in the current job climate. Recruiting companies are only interested in industry experience. You can have all the transferable skills in the world, but a complete novice, with a bit of industry experience, will win every time over someone who has not worked in the relevant sector. At least, that is my experience.

I believe the key is to do meticulous research, comprehensive surveys and study the market before formulating your own business strategy, if you lack prior experience. A large proportion of start ups face failure because of a lack of due diligence and inadequate planning. Reaching out to mentors in the field and peer consultation also adds to the perspective and insights which will help in formulating an effective business strategy. And most importantly do the maths !!!

People become great business strategists in three fundamental ways: 1. Studying/researching - taking courses, reading books, understanding common analysis and decision making models, etc. 2. They are literally 'wired' for it, some people are very analytical thinkers, some are not. It's nice to think that anyone can pick up some books and watch some videos and be great at business strategy, personally I don't think that's the case. 3. Experience. Experience counts for a LOT, a person can read one hundred books but nothing compares to the experience of starting companies, running company's in good times and bad, performing turnarounds, achieving success and suffering failure.

YEs, after identifying your transferrable skills, it's time to learn the basics of business strategy. Familiarize yourself with key concepts, frameworks, and methodologies. There are plenty of online courses and resources available that can help you gain a solid foundation in this field. Take the initiative and invest in your knowledge!

Mr. Kaufman dedicated his life to helping entrepreneurs learn how to get started and he set up a nonprofit program called FastTrac and you can look online. There is a great planning tool that is free for anyone to use.

2 things are very important to make a place in business First, prepare your price list correctly and do not price too much in the beginning And secondly, add something extra to your services that no one else is doing And try to create content marketing and do it on social media with the help of blogger, YouTuber and Facebook page.

Individuals and businesses stand to greatly benefit from working with a mentor/coach (in the case of an individual) or strategic advisors and Board members (in the case of a business). In addition to bringing significant experience to the table, sometimes just a fresh pair of eyes on a problem or situation results in new ideas, direction and ultimately evolution.

One thing I would say is finding a mentor or coach can be a game-changer in this transition. Seek out professionals who have experience in business strategy and ask for their guidance. Their insights and advice can provide you with invaluable support and help you navigate any challenges along the way.

1 Find a CPA firm with a background in your business 2 Attorney firm 3 IT/ marketing firm 4 Buy the best equipment you can afford Jim

I would recommend mentor rather than coach - a mentor can bring real relevant experience to help guide you and make connections - remember every one had to start somewhere! Often senior leaders are happy to give back some time to guide - although they may not be trained mentors they might give you what you need

Creo que este es un elemento a trabajar que muchas veces se pasa de largo. En el mundo profesional, todos hemos tenido algún jefe o jefa que fue nuestro maestro. En el caso de las estrategias empresariales, contactar o conversar con los mejores, es un gran camino para aprender a definir, a ejecutar o a monitorear una estrategia empresarial. Hablar con otro, es una gran forma de aprender de otros

Networking and interacting with the industry or in my case, the local entrepreneurial ecosystem has enhanced critical thinking with exchange of ideas . It has also helped me find optimal solutions to my challenges based on the experiences shared by others. Participating in discussions, events and community building activities result in both personal and professional growth.

Building your network and reputation is crucial in the business world. Attend industry events, join professional groups, and connect with like-minded individuals. Engage in conversations, share your thoughts and ideas, and showcase your passion for business strategy. Your network can open doors to exciting opportunities and collaborations.

A partir de buenas prácticas de responsabilidad social, congruencia, valores éticos claros y transversales, buena comunicación interna y externa y contención de crisis

Remember not to shy away from seeking out opportunities and challenges. Volunteer for projects or initiatives that allow you to apply your skills and gain hands-on experience in business strategy. Embrace challenges as learning opportunities and don't be afraid to step out of your comfort zone. Growth happens when we push ourselves beyond our limits.

I would strongly advise to be very careful to enter into a an entrepreneurial role without real related experience. Without a full toolbox linked to a grand idea, admirable softskills or an unlimited cash box this may be a road to nowhere. Learning and failing is necessary but very painful. Listen to your mentor (after you found one)….