Entrepreneurship & Management
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Transcript of Entrepreneurship & Management
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Uncommon Sense Required To Win
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Who Wins?
New Insights & Unique Data
over
Scale and Experience.
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Markets are Imperfect
Discovery, Enterprise & Differentiation
over
Processes & Systems
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Profits?
Practices drawn on Insights
over
“Best Practices” drawn from economics and social sciences
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Differentiation?
States of Knowledge
over
Forms of Ideology
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In a nutshell- A Trek!
Market-based competition is a discovery process
Objective is asymmetric knowledge
Explorer in an Effective Organization
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1) Winners & Losers
“Dare to think for yourself”
There is no standard way of winning
Strategy is the art of first-hand thinking
Theories cannot replace Insights
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Firms outperform their competitors by
aiming to be different, not better
“Don’t be the best of the best.Be the only one who does what you do.”
- Jerry Garcia
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Losers look to competitive
benchmarks than to their own imagination
“Best practice is not the best strategy”- McKinsey & Company
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Losers define strategy as cost competitiveness
& seek efficiency through cost reduction
“Be a price-maker, not a price-taker”- Jules Goddard & Tony Eccles
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Winners are motivated more by
meeting a need than a target
“The purpose of a business isto create a customer”
- Peter Drucker
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The difference is less your aims and more
your methods
“Performance is a return on right beliefs, not right intentions”
- Jules Goddard & Tony Eccles
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The greatest threats to corporate
performance are internal, not external
“We are what we repeatedly do.”- Aristotle
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It is better to be first than it is to be better
“Losers are typified by the catch-up strategy of a better product
at a lower price”- Jules Goddard & Tony Eccles
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Success is its own multiplier
“I’ll have what she’s having,”- Meg Ryan
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Most marketing efforts serve only to
reinforcethe status quo
“Buying habits die hard,”- Jules Goddard & Tony Eccles
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2) Strategy & Tactics
Competitive Advantage=
Corporate Individuation
Individuation =Inventiveness + Discovery
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A strategy is not a plan of attack but an
idea under study
“A strategy is a purposive sequence of decisions inferred from a unique belief
system or world view.”- Jules Goddard & Tony Eccles
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The measure of a strategy is not its
ambition but its truth
“Pioneering practices become best practices, which in turn become
standard practices.”- Jules Goddard & Tony Eccles
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The greatest barriers to competition are
personal & cognitive
“Winning strategies are best protected by their own heretical status.”- Jules Goddard & Tony Eccles
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Wealth-creating actions are driven more by curiosity
than by targets
“Go beyond the prevailingstate of knowledge.”
- Jules Goddard & Tony Eccles
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Effective strategy is as likely to flow from action as to lead to
action
“What comes first- thought or action?”- Jules Goddard & Tony Eccles
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Strategic breakthroughs are more likely to arise from adhocracy than a
formal planning process
“Success has many fathers,failure is an orphan”
- Jules Goddard & Tony Eccles
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Creative people give themselves more time
to solve problems
“Poet, Artist, Logician and the Scientist,”- Jules Goddard & Tony Eccles
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Strategy is more dependent on
courage & humilitythan
talent & charisma
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3) Organization & Management
Stereotypical responses to pressure serve only to increase the pressure
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Balance the virtues of Control & Learning
Beliefs -> Targets -> Measures -> RewardsBeliefs -> Questions -> Ideas -> Experiments
- Jules Goddard & Tony Eccles
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The internet is disintermediating
management
“Draw upon more diverse talent pools,Co-create with customer & user groups,
Relinquish control & work practices”- Jules Goddard & Tony Eccles
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The need for extraordinary
management suggests a poorly designed
organization
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Companies underestimate the power of intrinsic
motivation
“Autonomy. Mastery. Connectedness.”- Jules Goddard & Tony Eccles
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“Find LeadersBuild Teams
Engage EmployeesForecast Outcomes
Pricing OptionsDetect Waste
Pick Winners”
- Jules Goddard & Tony Eccles
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References
Uncommon Sense, Common Nonsense(Jules Goddard and Tony Eccles)
Mashable.com
TheMuse.com
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@sushrutmunje
Founder & MD
Hammer and Mop