In Mindspark 3, you read about strategic challenges some readers shared. In this issue, let’s formulate a strategic possibility to address the below reader-submitted pressing issue.
“Lack of money due to lack of a well-paying job.”
There are many routes (ways) to win. When strategizing, the focus is on identifying the route that will deliver the desired success in a way that is cheaper, faster and sustainable.
To find a winning strategy for this pressing challenge, one needs to know a little more context – personal background, history, challenges, qualifications and environment. What are your current capabilities – the 6ms – money, machinery, materials, markets, manpower (state of health, age, and skills level) and make-up (your associates, friends and collaborators) to optimize? And perspective – the opportunities to earn money available in your environment, your competitors for the same opportunities and how to outwit them.
With that in mind, you can decide to win by being a generalist or specialist.
Choice 1: Be a generalist and spread out.
Choice 2: Specialize and become an outlier.
In either choice, you can derive specific possibilities to win.
Note that if you at a level where you don’t have what to eat, you need to start by addressing that while not losing to big-picture – winning in 5 to 10 years’ time.
Choice 1: Be a generalist and spread out.
Possibility of 1.1. Upskill – enrol on an MBA (assuming you have the first degree only), and start by teaching at University.
Possibility 1.2. Start a small business and work hard.
Choice 2: Specialize and become an outlier.
Possibility 2.1. Position as a top AI & Robotics lawyer in EA (or any such career of your preference).
The choices and possibilities depend on your unique circumstances. I have generated these based on limited information about the subject. In practice, you must soul search. Conduct detailed personal analysis to define who truly are and what is possible or not possible.
Over the years, I realize many people are good at dreaming while asleep. However, when they wake up, they are unable to even recall their dreams! Many people and companies have fantastic strategic plans on paper. However, many of these are mere aspirations that informed by context. When one reads the document you get impressed with fantastic ‘strategic thinking.’ However, when you carefully examine to internalize the practicality of implementation you start seeing the gaps – not clearly defined capabilities to implement. The budget to fund the identified interventions is not in place. Some companies even plan and indicate a funding gap in their strategy. Really!
Every strategy needs a financing plan. Where will the money implement the strategy comes from. You are strategizing to win with your customers and stakeholders against the competition. This is war. You must fight. You must identify tactics to excel. Growing revenue by far is the most critical aspect of strategy. Growing revenue in a sustainable manner is what makes your strategy exceptional.
In Mindspark 7, we explore how to break-down the possibilities in the form of a strategy cascade, as recommended in the Playing To Win book, I recommended you to read in Mindspark 3 blog post.
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