‘Most companies don’t have a strategy’, says Harvard Business School Professor, Michael Porter
You may know Michael Porter as an economist, researcher, author, advisor, speaker and teacher.
Throughout his career at Harvard Business School, he has brought economic theory and strategy concepts to bear on many of the most challenging problems facing society today, including market competition and company strategy.
So, when he says to you, ‘Most companies don’t have a strategy’, is it worth a moment to consider if you have one?
Dr Porter explains in 6 minutes and 43 seconds that the general problem lies in the way we think about competition. (YouTube video here)
Unique not Best
Dr Porter advises you that your job is not to compete to be the best. It’s the wrong way to think about competition.
‘Your job’, he says, ‘is to create a unique company … and deliver something your competitors can’t offer’.
And that’s not about being the best.
Identifying a unique position is not as difficult as it may seem once you know where to look.
As an individual, you can find your uniqueness in your predicament, your backstory and your personal value chain.
In business, it’s the same – predicament, backstory, and value chain.
The uniqueness of your business is unavoidable.
Maybe there is a bit more to it than that but the question remains.
‘Do you have a strategy?’
PS ‘Do you have a strategy?’ call me on =44 (0)7887 513369 or email firstname.lastname@example.org