Rural entrepreneurship in Wales
◄Previous: 2.9 Formulating strategy

# 2.10 Summary

In this section you have:

- articulated your business idea and how it fits with your rural lifestyle
- set your SMART business goals for the next three to five years
- considered the most suitable company structure
- completed a mini-STEEP
- identified the stakeholders for your business and their strength of influence
- gained an understanding of your competitive environment through Porter’s five forces model
- reviewed the process of strategy formation and outlined the strategic options for your business.

Now open your BPPR (or download the template) and reflect on the activities completed in this section. Review the output from each activity and complete the three questions raised in Section 1 of the BPPR, which require you to pull out the most important aspects of your thinking to date.

◄Contents►Next: 3 Customers, markets, competition and pricing

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