The entrepreneurial frame defines your goals. The idea is to push you and your team to undertake those initiatives that go beyond mere incremental improvement to really make a difference. Framing has two parts: first, a definition of success, and secondly an articulation of strategic direction.
The process for establishing a frame involves working through the following questions:
1. If you were to do something in the next three to five years that you, your boss, and your company's investors would regard as a major win, what would this look like?
2. What are the minimum amount of profits you need from your new ventures (at maturity) to make a difference to your business? From your established business? What rate of growth must you sustain?
3. What is the increase in profitability you need to achieve in the next three to five years?
4. What return on investment are you seeking?
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