The European Foundation for Business Qualification (EFBQ) was founded in 1992 under the auspices of the European Commission with the goal to give the business community a stronger position in a European market without borders. Companies have a strong need to position themselves as the best in their chosen markets and to distinguish themselves from the competition.
The EFBQ is an independent foundation that conducts the secretariat for 100 businesses, aiming to promote, test and qualify strategic and distinctive entrepreneurship. This happens through a benchmark, which is based on selected companies from various industries. With the EC-Standard®, a unique method that assesses all relevant aspects of the business operations, the EFBQ has developed into the leading benchmark for strategic entrepreneurship.
In short, strategic and distinctive entrepreneurship is, 'knowing what you want and being able to realise what you want.' Strategic refers to anticipating developments and using these to the business's advantage. Entrepreneurship knows many forms, but must always focus on: Making money, long term continuity and value creation.
'Knowing what you want' must be expressed through a clear and substantiated strategic framework with the right considerations. Within this framework, the external developments (opportunities and threats) and internal (im)possibilities (strengths and weaknesses) are included in the management team's vision, and this must eventually lead to focal points, concrete objectives and priorities.
'Being able to realise what you want' is not only determined by the external possibilities in the chosen playing field, but also arises from the available people, resources and organisation with which the objectives concerned must be realised. The focal points, objectives and priorities serve as a starting point for concretely implementing these into the rest of the organisation. It is important that the people, resources and organisation are sufficiently equipped for realising these objectives. Has management, monitoring and prioritising been properly arranged? Or in other words, are you not just doing 'things right', but are you especially focused on doing 'the right things'? Part of strategic entrepreneurship is management's ability to anticipate on the changes in the market. The adaptive capacity of management and organisation, or the degree to which an organisation can respond to the changes concerned, partly determines the level of strategic entrepreneurship.