Your Next Five Moves: Master the Art of Business Strategy - Deepstash

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Your Next Five Moves explores how you can improve your business and your life by learning how to strategize.

Your Next Five Moves: Master the Art of Business Strategy

Your Next Five Moves: Master the Art of Business Strategy

by Patrick Bet-David

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Know What You Want

You need to identify what matters the most to you to put a strategy together that fits your level of commitment and vision.

  • Making a plan and committing to it will unleash all the energy and discipline you’ll ever need.
  • If you’re looking to disrupt an industry, you’...

You can break down Drive into four categories:

  • Advancement. Wanting to reach the next goal (promotion, deadline, or task)
  • Individuality. Having the lifestyle you desire and the security to do so
  • Madness. Competing a...

People often feel lost after a big deadline because their driver is suddenly gone.

To solve this, you need to dive deeper into your Purpose.

Define your purpose by asking:

  • How do you want to be remembered?
  • How do you want to make an impact on other ...

Rather than competing in games where you’re an underdog, find unexplored new markets in which you can win.

Examine both your unique skill set and the competitive landscape to find your “Blue Ocean”.

Process the competitive landscape by asking:

  • Is this a pla...

PATRICK BET-DAVID

Don’t complain that the game is rigged. Instead, find a game in which you have a differential advantage.

Before you act on a problem, you must first “process” what’s happening. The key to success at all levels of business is to know how to process issues:

Optimal processing is:

  • The ability to make effective decisions based on access to information at hand with the highest odds in yo...

  • Ask lots of questions. Having more data leads to making better assumptions
  • Don’t care about being right or wrong. Be only interested only in the truth.
  • Don’t make excuses. Wasting time and effort on why things went wrong is not productive
  • Embrace challenges
  • Be...

Instead of reacting emotionally to problems, use the Investment Time Return (ITR) formula to reach an objective conclusion.

Investment Time Return formula:

  • Investment. How much will it cost or save
  • Time. How much time will it take or save...

  • Find at least 3 alternative solutions to a given problem. The more choices you have, the better are your decisions
  • Determine the money investment of each solution
  • Determine the time investment of each solution. Is it a 3-month project or a 6-month project?
  • Calculate t...

Problems might be different, but the way you process them should not.

You need to give structure to your decision-making.

The ability to solve problems well is the ability to take a complex issue you’re facing and break it down into a step-by-step formula that helps you identify the r...

Working effectively with others will mean the difference between enjoying the process and desperately seeking a day job while hiding under your desk.

Instead of being selfish and looking to see what you could take from others, focus on what you could give them.

You need to define:

PATRICK BET-DAVID

The less your business depends on you, the more valuable it is.

As your company grows, you will constantly replace yourself with others.

Alongside the growth, you also need to create a contingency plan to replace any important position.

If you have a plan in place for how to replace every key member of your team, you can handle an unexpected exit ...

List your tasks and skills. Make a list of all your tasks and skills and determine which ones you are good and bad at.

Identify who’s seasonal and who’s not. Identify who is there to fill a six-year role and who a six-month role

Know the diffe...

Ways you give and receive love into 5 categories:

  • Quality Time. One-on-one time of undivided attention
  • Words of Affirmation. Appreciate the effort verbally
  • Gifts. Offer something to symbolize your appreciation
  • Acts of Service. Be at their disposal when they need...

  • Don’t be afraid to call them out when they don’t keep their word. 
  • Ask why they broke their promise. Get a specific answer.
  • Make specific quantitative statements, not blanket qualitative ones. Give them specific challenges to meet that can be measured and have deadlines.
  • ...

Seven-step system to compress time frames and increase speed:

  • Choose a process. One of the best ways to identify a potential business is to find a flawed process that you can improve upon
  • List the steps of the process
  • Remove a s...

  • Know your weaknesses. Knowing your weaknesses will enable you to pivot when taking on your Goliath
  • Know Goliath’s weaknesses.
  • Master three things you do better.
  • Don’t try to be Goliath.  Don’t copy
  • Specialize. Goliaths tend to generalize in order to spread the...

A simple rule of business is that in order to get, you have to give. Most amateurs are experts at making demands. What they fail to do is offer value first. When you put yourself into the other party’s shoes and lead with how they will win and make money, it will be natural for them to give y...

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