Strategic and Entrepreneurial Thinking

Question 1

What is “Strategic Thinking”

Answer 1

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

Question 2

Characteristics of Strategic Thinkers: Personality Traits

Answer 2

Future focus
Curiosity
Openness
Optimistic

Question 3

Characteristics of Strategic Thinkers: Behaviors & Attitudes

Answer 3

Seek help from others (coach-ability)
Question current routines and assumptions
Scan the environment (markets, industry, competition)
Use visualizations to create & communicate ideas

Question 4

Strategic Thinking Process: Phase 1 Setting The Stage

Answer 4

Seeing the Big Picture

Clarifying Strategic Objectives

Question 5

Strategic Thinking Process: Phase 2: Applying Your Skills

Answer 5

Connecting the Dots (Build Theory)
Thinking Creatively
Analyzing Information
Prioritizing your Actions
Making Trade-offs

Question 6

Seeing The Big Picture

Answer 6

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)

Question 7

Clarifying Strategic Objectives

Answer 7

Company objectives
Unit objectives
Project objectives
Personal objectives

Alignment is critical – individuals need to benefit from progress toward organizational goals

Question 8

Connecting the Dots (Building Theory)

Answer 8

Create categories (variables)
Make connections (models)
Conduct "thought experiments" to visualize alternative solutions
Collect information to refine and validate your models

Question 9

Thinking Creatively

Answer 9

Envision ideal "blue sky" alternatives
Seek insights from others
Engage those who may disagree
Challenge routines and assumptions
Create psychologically safe, playful setting

Question 10

Analyzing Information

Answer 10

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

Question 11

Prioritizing Your Actions

Answer 11

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

Question 12

Making Trade-offs

Answer 12

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

Question 13

Scientific Method

Answer 13

Goal: Harness the power of nature
Seeks to discover general “laws”
Focus on objectivity
Efforts focus on data, models and analyses

Question 14

Entrepreneurial Method

Answer 14

Goal: Unleash potential of human nature
Seeks to create and refine design principles
Focus on inter-subjective
Efforts focus on action, reaction, co-creation

Question 15

Contrasting Methods: Causal Reasoning

Answer 15

“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

Question 16

Contrasting Methods: Effectuation

Answer 16

“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

Question 17

Upstarts Video

Answer 17

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

Question 18

Facebook Competitive Advantage Video

Answer 18

Key Factors over competitors: 3 primary ones

1. Based on genuine identity- had to be authenticated at first, and attached to real email
2. Overall technical approach- no social network that were produced by people with serious technical backgrounds. Had to continue to change/grow
3. Preference for Minimalism and very simple in look and functionality.

Question 19

Effectuation Video

Answer 19

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

Question 20

A Day Made of Glass Video

Answer 20

Different touchscreen surfaces and technology amazements

Made Possible by Corning

Question 21

60 Second Adventure in Thought

Answer 21

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