By Robert N McGrath
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It is core competence and functionality thinking that allows companies to go beyond what is to what could be. (Hamel & Prahalad, 1994, p. indd 7 6/14/12 9:52 AM Because this view focuses on competences, rather than existing industry and market structures, it invites technology under its umbrella as a prime consideration—however, this depends on viewing technology not as neoclassical economists have done (Sahal, 1981; Sako, 1994), but as many s trategic and project managers envisage more instinctively.
A vision should be ambitious, inspiring, and difficult-toimpossible to accomplish without a level of effort that borders on heroism. indd 13 6/14/12 9:52 AM ●● ●● ●● ●● ●● ●● Focus on the most important stakeholders—investors of capital. Know, understand, and frequently communicate through explanation, the causal links from return on investment through sustainable competitive advantage. You are the most important, most influential, living and breathing part of the firm’s culture. The symbolism behind your every move is about as important as the move itself.
Innovation is a survival-of-the-fittest game—the best ideas always win any fair competition. Many myths become myths because they are not exemplary of general truths, as some people implicitly purport. Some anecdotes are interesting exceptions to general truths. It is one thing to exemplify a general truth; it is quite the opposite thing to exemplify an interesting exception. , not usually specific to any industry, product, or type of technology, there will necessarily be stark contrasts to rules of thumb that will be proposed.