Those who think winning and success is only a question of good luck might be tempted to take their company for a lottery ticket. True, a successful company has always to deal with a certain level of risk. But within the field of entrepreneurship risk becomes risk management.
Developing and formalizing a strategy is essential and mandatory when risk needs to be transformed into success and not a nightmare. No doubt, developing a formalized strategy provides tangible and indispensible information for optimized risk management such as:
the key success factors in your strategic domain as well as assessing your ability to execute them
your positioning with regard to your competitors
the environment in which your company evolves and identify the opportunities...