Strategic Minds Podcast: Episode 20 – Strategy: The Art of Problem Solving with Imagination

Key Quotes

“I have a very pragmatic definition of strategy in that it’s any systematic, so not just random, any systematic pattern of thought or action which biases the probability, not the certainty, biases the probability of favorable competitive outcomes.”

“Well, the basic idea is you’ve got to solve a competitive problem and therefore what problem you’re solving depends upon the competitive situation.”

“We kept bumping into this idea of what the strategists call ambidexterity, which is the ability to explore and exploit, to do the growth thing as well as the efficiency thing is extremely valuable, but also quite rare.”

“As a 35-year veteran strategist, I can’t remember a single assignment where the given problem, the assumed problem, was the actual problem. There was always the need to reframe.” “We may think about the strategy of large corporations in terms of efficiency and deduction and analysis, but actually now with the pace of change, also every company needs, even at scale, to be entrepreneurial and therefore it needs to deploy collective imagination.”

“So essentially, competitive advantage involves doing difficult and valuable things, which you can do, which create value for customers, but which are hard for others to imitate.”

Practice Makes Profit

Rich reflects on how to avoid chasing the shiny objects in your business and start assessing opportunities objectively.

League of Strategic Minds

How can leaders prepare their teams for a productive strategy off-site meeting?

Winsights: Ideas for Advantage

Former LinkedIn CEO Jeff Weiner’s perspective on effective time management and how you can apply it to your work.

References 

Time stamps:

(00:00) Deep Dive Interview with Martin Reeves

(52:46) Practice Makes Profit

(55:13) League of Strategic Minds

(57:10) Winsights, Ideas for Advantage

Links

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Strategic Thinking Institute Website
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About the Guest 

Martin Reeves
Chairman of the BCG Henderson Institute

Business strategist, advisor, author and speaker.

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About the Host 

Rich Horwath, Founder & CEO
Strategic Thinking Institute  

Rich is a New York Times and Wall Street Journal bestselling author of eight books on strategic thinking, including his most recent work, STRATEGIC, which was named a “top 4 must-read business book for 2024” by Inc. Magazine, and a national bestseller by USA TODAY. He has been the top rated keynote speaker on strategic thinking at national conferences for nearly 20 years.