Good Strategy, Bad Strategy | Richard Rumelt
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- Опубліковано 8 чер 2024
- Richard Rumelt is a legend in the world of strategy. He’s the author of Good Strategy/Bad Strategy and The Crux: How Leaders Become Strategists, both of which are often recommended by guests on this podcast. From his early days teaching in Iran at a Harvard-sponsored business school to teaching at Harvard Business School itself to over four decades teaching at UCLA’s Anderson School of Management, Richard’s impact resonates globally. His strategic insights are sought after by major corporations including Microsoft, Shell, Apple, AT&T, Intel, and Commonwealth Bank and by governmental organizations such as the U.S. Army Special Operations Command. In this episode, we discuss:
• The essential components of a good strategy
• The importance of coherence in strategy
• Common pitfalls that create a bad strategy
• How “power” plays into strategy, and common sources of power
• The value of knowing history when developing effective strategies
• Why a strategy should simply be called an “action agenda”
• The need for one decider in an organization
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Find the transcript and references at: www.lennysnewsletter.com/p/go...
Where to find Richard Rumelt:
• Email: richard@generalimagination.com
• LinkedIn: / richard-rumelt-18520828
• Website: thecruxbook.com/
Where to find Lenny:
• Newsletter: www.lennysnewsletter.com
• X: / lennysan
• LinkedIn: / lennyrachitsky
In this episode, we cover:
(00:00) Richard’s background
(04:29) What is a strategy?
(06:23) The essential components of a good strategy (the “kernel”)
(15:04) An example of good strategy
(16:55) Bad strategy
(25:17) The importance of focus and power
(28:19) Identifying and utilizing power
(34:38) Types of power
(41:13) Implementing power
(48:15) The importance of historical knowledge
(55:23) How to write an action agenda
(01:02:47) The crux
(01:10:40) Challenges to executing a strategy
(01:15:44) The need for a decider
(01:20:39) Strategy for startups
(01:26:04) Richard’s “value denials” exercise
(01:31:01) Closing thoughts
(01:33:57) Lightning round
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Lenny may be an investor in the companies discussed.
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OMG, he verbalized what I often think when I try to read strategic documents. I go "that's a word salad, there's nothing here, it's abstract fancy-sounding statement that makes the author look smart. But what does it mean?" Thanks Lenny for inviting Prof. Rumelt!
Yep, me too. A strategic document, truly, is a list of what you are going to do, how you will resource it. It might also cover the way current capabilities will be deployed, how constraints will be navigated and what projects are needed to ensure the capability we need.
This was an outstanding and insightful interview. You did a good job of facilitating him through his most notable findings from his books and experience, and he did a great job of staying very consistent with his message. This is quite a lot of food for thought; thank you for hosting this interview!
This is worth watching a thousand times ❤❤
Great! Prof. Rumelt rocks. I've read the Good Strategy/Bad Strategy and it's one of the best Stratgey books.
One of the best episodes, largely because it is distilled down to what matters and how to think about a problem. Have taken down a lot of notes. Hope to continue this thought exercise at my workplace. Thanks for bringing Richard onto the pod.
It was my first encounter with Richard Rumelt interview. He's delivering great insights, sharing extensive knowledge, wisdom, experience. I was impressed how Richard is able to connect recent LLM revolution back to other revolutions of the past.
Lenny, I'm looking forward for similar caliber profiles on your channel. Well done!
This was a really slow burner episode, it's very different from Lenny's other episodes, this is probably my Lenny of the Year Episode (I know to early to tell).
Best explantion of what stragey is, it is an action plan to solve the hardest problem but its impacted when interests are not aligned , if he writes a "don't do that" book , i think it will be a great book
One of your best!
Thanks, Lenny and Richard.
It was an excellent episode, Lenny and Richard Rumelt! Thank you so much. It's been a huge pleasure to watch it in its entirely.
Full of insights and clarification on strategy and other subjects.
Be sure to check it out!
One of the best episodes!
This was life changing!
Very actionable learnings. Thank you!
Great interview! Immediately bought the book Good strategy Bad strategy 🎉
Freaking masterclass on strategy. One of the best episodes...
Amazing, full of wisdom.
Deeply appreciate the interview. Finally know what strategy means
So what is it then?
Great episode! Only wish the microphone on Prof. Rummelt side was a little bit better
Yeah, I know what you mean. We give guests a lot of guidance on how to set things up well, and even ship them a mic if they want. But still doesn't always end up being amazing. It's been a lot worse, fwiw.
Thanks for this. There's some really good ideas here. As a strategic approach/framework, Roger Martin's and AG Lafley's "Playing to win" is a much clearer way to create a winning strategy.
great interview lenny
This is great
This is gold😮
Great one! It would also be interesting to have the author Thinking In Bet Annie Duke on the podcast - eventually, all strategic decisions are sort of bets.
She's coming on in a couple of months 🙌
Strong “My Greek Fat Wedding” vibes when he said it comes from the Greek “Stratikos” -there you go. 😂❤
Was so difficult to listen and even more difficult to understand an answer on every question. For example I had to listen "example of a good strategy" 3 times before I could figure out an answer. Really surprised by the commenters who wrote "the best interview". Definitely it's not the best one. I wished I could listen and extract value, but I can't.
Do you looking for Video Editor?
I cringe every time a leader talks about "strategy", and they just state a desired goal or objective with no plan to get there whatsoever.
Good insights but could have compressed to half to 1 hour. After a point it felt very repetitive.