Supporting innovation within an established firm
- Things required
Resources
- Processes
- Values - how things are done, which opportunities to pursue
- Concerns about cannibalization
- Need CEO involvement
Importance of Analytics
- Moneyball
- In God we trust, everyone else bring data
- Build on Strength no weakness
figure out strength through feedback analysis
- when ever you make a key decision write down what you expect will happen. Compare prediction with actual result 9/12 months later
- work on acquiring skills and knowledge to fully realize your strengths
- Figure out where you most dangerous weaknesses are
- remedy bad habits that inhibit effectiveness and performance
- On making an impact
Are u a listener or a reader?
- What are my values?
- When do I belong?
- How can I contribute?
- Avoid operating in areas where you have no strength or are even mediocre
- Emotional Intelligence
Types
Self-awareness
- Self-regulation
- Motivation
- Social Skill
- At higher levels of management becomes more important than Technical skills or intelligence
There is no such thing as a growth industry only a company that continues to innovate
- Creative Destruction
Strategy
- Learn to deal with your own insecurities
- Sticking to WHAT NOT TO DO
- Sustainable strategic position = willingness to differentiation and taking trade offs beyond range other competitors are willing to take
- Willingness to give up 90% of all battle fronts to just concentrate on that 10% that results in differentiation
- Rests on unique activities
product configuration
- equipment
- employee behavior
- skills
- management systems
- Doubling down on DIY market segment means losing of ability to serve high end market segment that requires sales person
IKEA
- Southwest
- Success depends on the FIT of activities to strategy
consistent activities
- activities are reinforcing
- Time horizon of a decade or more
- Continuity fosters improvements in individual activities, building unique capabilities
Core Competency
- Not think in terms of product
- Thinking in terms of what is so special about your resource, process and value that allows you to excel in a specific field