in Leadership, Strategy
Cynthia Montgomery, Professor of Strategy at Harvard University, asks her students what terms come to mind when they hear the word “strategy.” This word cloud illustrates their typical responses, which tellingly lack the word “leader.”
Why is that? More of the same leads to more of the same.…
This number twelve of a series of weekly posts where I will answer a few common questions about innovation. Please feel free to add your own response. Also, if you have any questions you think we should discuss, let me know.
This is one of those not so obvious questions.
First of all, if you are doing trendspotting because you want to stay ahead of competitors, you have it all wrong. This is a reactive response. Sure, if you do it right (and most of the time you won’t be right), you’ll stay ahead of competitors. But that shouldn’t be your main motivation.…
in Innovation, Strategy
There are 2 kinds of warfare: asymmetrical and stupid. —DR. CONRAD CRANE, DIRECTOR OF THE U.S. ARMY HISTORICAL SOCIETY AND AUTHOR OF THE U.S. ARMY/MARINE CORPS COUNTERINSURGENCY FIELD MANUAL
I have a client who competes with Starbucks. Or at least that is what they think. I don’t think they do because they have no argument to win. What is Starbucks good at? There are other factors at play, but these are the main ones: They fill the middle between your home and work, and they are also known for making good enough coffee.
These are not attributes where my client can make a confident argument that they can win. And my client can’t just turn itself into a roaster. And it shouldn’t.
So what to do? The answer is simple but difficult: You do what the other guy can’t or won’t.…
in Leadership, Strategy, Thinking
How can you get better at strategic thinking? Or in other words, “How do you improve your thought process?” One of the keys to becoming a great leader is to constantly improve your strategic thinking, so you can adjust to new global realities.
The first step is to accept that you are not right most of the time. You have to “constantly” question your own opinions. One way to do this is to surround yourself with people who don’t think like you. People who will question you. Make these people a key part of your team because what you don’t want is to be surrounded by YES men.
Another tip is learn game theory. Game theory is the study of strategic decision making. And strategic thinking is all about making better decisions. Game theory provides you tools to help you gain added perspective to generate alternative views. If you have added perspective, you’ll be able to anticipate and think critically about what may lay ahead; which are key strategic thinking habits.
Anyway, here a few simple and cost-effective ways to begin developing your strategic thinking ability:…
in Strategy
I’m a sucker for strategy books. So as I’ve been reading Good Strategy Bad Strategy, I’ve taken some notes I want to share with you about a very important topic: Competitive Advantage.
Competitive advantage is different today than it was in the industrial era, but these five basic principles still apply:…
in Leadership, Strategy
Here’s the question posed on yesterday’s #bizforum chat.
Apple is OFTEN used as a case study for how biz can & should grow, yet it’s always a one-off. Few compare. Why?#bizforum
— Sam Fiorella (@samfiorella) October 11, 2012
My answer: Because, as always, everyone copies tactics. Not strategy.
Apple’s strategy is unique to them. Their reason for existing is theirs alone. And their tactics are aligned with that strategy. More importantly, their type of leadership, based on principles of excellence and artistic perfection; is laser focused on executing their strategy.
Who else thinks and acts that way? Not many.…
Via Quora: What can you change in a business that is strong enough to differentiate the business from all competitors, but without touching the product itself?
For example,
These are significant differences that not only differentiate the companies from all the others, but disrupted the market in some way.
What other variables can you change in a business in this way?
How are these variables called?
Where can I learn more about this?…
