Toolkit Leadership 4 min read

Translated from the Vietnamese original

In “Your Next Five Moves”, Patrick Bet-David (with Greg Dinkin) lays out five key steps for developing strategic thinking and succeeding in business.

01Know yourself

02Sharpen your reasoning

03Build the right team

04Strategies for scale

05Make “power moves”

1. Know yourself

A deep understanding of what you want, what you value and what drives you is the foundation for acting in line with a long-term vision. Being honest with yourself about your abilities and limits helps you build an effective plan that uses your strengths and works on your weaknesses.

2. Sharpen your reasoning

Critical thinking lets you analyze problems logically and make decisions based on data and sound reasoning. Using methods to find the root cause of a problem and the best solution makes your problem-solving far more effective.

3. Build the right team

Finding capable people who fit the organization’s culture is key to reaching shared goals. A positive workplace, where people feel respected and encouraged to grow, builds a strong company culture.

4. Strategies for scale

Develop strategies to grow the business efficiently, including optimizing processes and systems, so you can plan for sustainable growth. Understanding how the parts of the organization connect and affect each other helps you adjust strategy and keep growth in step.

5. Make “power moves”

Take strategic actions that can change the market or your company’s position in it. Assess the market, competitors and your own strengths carefully to choose the right moment. Use the resources and relationships you already have to amplify the move.

Power moves usually carry high risk, so you need contingency plans and the ability to adapt quickly to the unexpected. Build and tell a compelling story about your company and strategy to win the support of customers, employees and other stakeholders.