Why entrepreneurs need a strategy
A corporate strategy is a calculated and though through target course for the future development of a company. Often, smaller companies and start-ups think a concrete corporate strategy is unnecessary and are often scared that strategizing too much will slow them down. They prefer to go "by the feel". However, a corporate strategy is important to any business, regardless of size and revenue.
Research shows that entrepreneurs who commit to the first promising route they see leave their start-ups vulnerable to competitors that take a less obvious but ultimately more powerful route to commercialization and customers. A well-thought out strategy also gives confidence to potential investors and increases the chance of receiving investments.
How well calculated, flexible or profound the business strategy should be, depends on a multitude of factors; in any case, a basic orientation regarding the direction a company is heading to is important.