Strategic and Entrepreneurial Thinking Flashcards
(21 cards)
What is “Strategic Thinking”
Strategic thinkers visualize what might or could be, and take a holistic approach to day-to-day issues and challenges
Entrepreneurial thinking includes this, but emphasizes anticipating future opportunities and pursuing initiatives beyond resources one currently controls
Characteristics of Strategic Thinkers: Personality Traits
Future focus
Curiosity
Openness
Optimistic
Characteristics of Strategic Thinkers: Behaviors & Attitudes
Seek help from others (coach-ability)
Question current routines and assumptions
Scan the environment (markets, industry, competition)
Use visualizations to create & communicate ideas
Strategic Thinking Process: Phase 1 Setting The Stage
Seeing the Big Picture
Clarifying Strategic Objectives
Strategic Thinking Process: Phase 2: Applying Your Skills
Connecting the Dots (Build Theory) Thinking Creatively Analyzing Information Prioritizing your Actions Making Trade-offs
Seeing The Big Picture
Understand your business ecosystem
Understand company interests, strategies & routines
Understand customer, competitor, and industry states and trends/trajectories
Consider capabilities and interests of internal stakeholders (and potential alliance partners)
Clarifying Strategic Objectives
Company objectives
Unit objectives
Project objectives
Personal objectives
Alignment is critical – individuals need to benefit from progress toward organizational goals
Connecting the Dots (Building Theory)
Create categories (variables) Make connections (models) Conduct "thought experiments" to visualize alternative solutions Collect information to refine and validate your models
Thinking Creatively
Envision ideal "blue sky" alternatives Seek insights from others Engage those who may disagree Challenge routines and assumptions Create psychologically safe, playful setting
Analyzing Information
Use your models to direct assessment of information requirements
Focus analyses on important issues (Pareto principle – “80/20% rule”)
Identify & engage credible information sources
Avoid information overload
Leverage existing routines & knowledge
Prioritizing Your Actions
Indentify major, necessary tasks
Consider interdependence among tasks
Sequence tasks and establish deadlines for the project and for each task
Use project management to determine resource requirements, monitor progress, and resolve problems
Making Trade-offs
Identify viable alternatives Assess and compare pros and cons Consider long and short term consequences Consider local and distant consequences Clarify what you are NOT doing
Scientific Method
Goal: Harness the power of nature
Seeks to discover general “laws”
Focus on objectivity
Efforts focus on data, models and analyses
Entrepreneurial Method
Goal: Unleash potential of human nature
Seeks to create and refine design principles
Focus on inter-subjective
Efforts focus on action, reaction, co-creation
Contrasting Methods: Causal Reasoning
“If I can predict the future, I can control it”
Future results from discovering (existing) opportunities
Goals are based on character of opportunities
Unexpected events are negative disruptions to plans
Investments are justified by predictions derived from historically-based research
Contrasting Methods: Effectuation
“If I can control the future, I do not need to predict it”
“Crazy Quilt”: Future results from co-creation among self-selected stakeholders
“Bird in Hand”: Goals are formed by imagining what can be done with existing resources
“Lemonade”: Unexpected events create opportunities
“Affordable Loss”: Focus on whether downside risk is acceptable
Upstarts Video
Entrepreneurial Generation, born between 77-94, we are 77 million strong
Game changers- Bring new life into an entire industries
College Hunks Selling Junk Example (Omar and Nick)
Are generation feel responsible for making business green. Example: Happy Baby Food, which makes organic frozen baby food, for every unit sold, they would donate to feed one child
Workplace Renegades, companies were built for work/life balance, flexibility, and fun as core values
Promoted quickly, everyone can make contribution, many workplaces are virtual
Were very resilient, and undaunted by the recession
Facebook Competitive Advantage Video
Key Factors over competitors: 3 primary ones
- Based on genuine identity- had to be authenticated at first, and attached to real email
- Overall technical approach- no social network that were produced by people with serious technical backgrounds. Had to continue to change/grow
- Preference for Minimalism and very simple in look and functionality.
Effectuation Video
Set of 5 principles describing how super entrepreneurs think, decide and act even when the Environment is unpredictable.
Principle 1, Bird in the hand, who am I, what do I know, and who do I know
Principle 2, affordable loss, What Can I do
Principle 3, crazy quilt, co-create with stakeholders u trust and know
Principle 4, Lemonade, leverage contingencies, stakeholders commitment
Principle 5, Acting by the Pilot in the plane and making decision, create new goals
Never ending cycle
A Day Made of Glass Video
Different touchscreen surfaces and technology amazements
Made Possible by Corning
60 Second Adventure in Thought
Achilles and the tortoise, tortoise is given head start, he will always have a lead
Something Finite Can Be Divided an Endless amount of time. just like your mortgage, which is why it takes an infanant amount of time to pay off
