Coming up with a long term strategy is the most important thing that an entrepreneur would develop before thinking of starting up a business. This is not only important for the competitive existence of the business but also an important sustainability measure. It also gives the owner a sense of directionality on how to drive and manage the business (Kraakman, 2017). On a personal stance, coming up with an individual idea then, later on, expanding it to a better one as you go along may be the best course of action. First, it helps one to learn from the mistakes made and come up with best solutions as you progress. It also gives one sufficient time to learn about the market base, consumer demands and how to meet them. Shifting along the way helps the manager to adapt to the changes in the market and come up with new trends as the market dictates. The major setback is that the model serves as more of trial and error and may deny the manager much focus.
Kraakman, R. (2017). The anatomy of corporate law: A comparative and functional approach. Oxford University Press.