For most entrepreneurs sensing opportunities is a very natural trait. They are usually chronic ideators too. The levels of enthusiasm and intrinsic motivation that drives them pushes them to see how they can capitalize on every idea or opportunity so as to grow their business. While this may seem as very entrepreneurial in the beginning, this in my humble opinion is the biggest self destructive habit prevalent among entrepreneurs. The reason why such a powerful trait turns negative is due to the lack of focus.
Focus is what helps entrepreneurs separate opportunities from distractions for their enterprises. But practicing focus requires extreme discipline. If entrepreneurs work on strategy formulation, ‘what to focus’ is a definitive outcome. Armed with this clarity on what to focus the entrepreneurs will be able to say NO to highly luring distractions that presents themselves as opportunities.
This makes the act of strategy making an important aspect of building enterprises. But today in an SME environment strategy formulation is conspicuous by its absence!