253: Richard Rumelt, How to solve the crux

Welcome to Strategy Skills episode 253, an episode with Emeritus Professor at UCLA Anderson, Richard Rumelt.

Get Richard’s book here: https://amzn.to/3OrNfuK

In this episode, Richard iterated the real meaning of strategy, which many companies today confuse with a list of their goals and ambitions. Strategy is problem-solving – a clever way of dealing with a challenge, opponent, or problem. It also involves selecting which battle you fight because you cannot fight them all. As a great strategist, you need to select battles that you can win.

Richard also explained the crux or the biggest challenge that companies need to identify, emphasize, and concentrate their resources on until it is fixed or solved. As Richard mentioned in this episode, “the primary thing about strategy is that it is about a concentration of resources. It is about focus.”

Richard Rumelt received his doctorate from the Harvard Business School in 1972, having previously earned a Master of Science in electrical engineering from UC Berkeley. He worked as a systems engineer at the Jet Propulsion Laboratories and served on the faculty of the Harvard Business School. He joined the UCLA faculty in 1976. He also served as a faculty at INSEAD, France for three years. At INSEAD, Rumelt headed the Corporate Renewal Initiative, a research-intervention center devoted to the study and practice of corporate transformation.

Rumelt was president of the Strategic Management Society from 1995 to 1998. He received the Irwin Prize for his book Strategy, Structure, and Economic Performance. In 1997, he was appointed Telecom Italia Strategy Fellow, a position he held until April 2000. He has won teaching awards at UCLA and received a best paper prize in 1997 from the Strategic Management Journal.

Get Richard’s book here:

The Crux: How Leaders Become Strategists, Richard Rumelt: https://amzn.to/3OrNfuK

Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

Episoder(499)

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132: Apple car & Amazon's core strategy (Monday Morning 8 a.m. #15)

Hello everyone! This is Monday Morning 8 a.m. (#15), a weekly newsletter where we distill the insights from all of the distractions, articles, and emails that you receive in your inbox every day. In this newsletter, we’re going to focus on four major themes from last week’s news.    To listen to the audio version of this newsletter, search for “Strategy Skills” in any podcast app. To get a written copy with links to mentioned articles sign up here: www.firmsconsulting.com/promo

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131: Defense is not a strategy (Monday Morning 8 a.m. #14)

131: Defense is not a strategy (Monday Morning 8 a.m. #14)

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8 Feb 202132min

130: How to create a career strategy for an executive (Monday Morning 8 a.m. #13)

130: How to create a career strategy for an executive (Monday Morning 8 a.m. #13)

Hello everyone! This is Monday Morning 8 a.m. (#13), a weekly newsletter where we distill the insights from all of the distractions, articles, and emails that you receive in your inbox every day. In this newsletter, we’re going to focus on four major themes from last week’s news.    To listen to the audio version of this newsletter, search for “Strategy Skills” in any podcast app. To get a written copy with links to mentioned articles sign up here: www.firmsconsulting.com/promo

1 Feb 202137min

129: The nuances of a private equity strategy (Monday Morning 8 a.m. #12)

129: The nuances of a private equity strategy (Monday Morning 8 a.m. #12)

Hello everyone! This is Monday Morning 8 a.m., a weekly newsletter where we distill the insights from all of the distractions, articles, and emails that you receive in your inbox every day. In this newsletter, we’re going to focus on four major themes from last week’s news.    To listen to the audio version of this newsletter, search for “Strategy Skills” in any podcast app. To get a written copy with links to mentioned articles sign up here: www.firmsconsulting.com/promo

25 Jan 202130min

128: How to eliminate bureaucratic red tape and bad excuses, with Martin Lindstrom

128: How to eliminate bureaucratic red tape and bad excuses, with Martin Lindstrom

Martin's book THE MINISTRY OF COMMON SENSE: https://amzn.to/3962pE9 Meet New York Times bestselling author Martin Lindstrom (one of TIME magazine’s 100 Most Influential People). We interviewed Martin about his new book THE MINISTRY OF COMMON SENSE: How to Eliminate Bureaucratic Red Tape, Bad Excuses, and Corporate BS. Doesn’t your workplace drive you crazy when you get cc’ed on irrelevant email chains, invited to unnecessary meetings, or forbidden by company policy to do the exact thing your boss commands you to do?  These and many other frustrations stem from the same underlying cause: a lack of common sense! In an interview Martin discusses the most typical roadblocks to common sense: (Bad) customer experience Politics Technology Meetings and Power Points Rules, Regulations, and Policies Compliance and Legal And has remedies for all.  Martin Lindstrom is the founder and chairman of Lindstrom Company, a global branding & culture transformation firm, operating across five continents and more than 30 countries. TIME Magazine has named Lindstrom one of the “World’s 100 Most Influential People,” and for three years running, Thinkers50, has selected Lindstrom to be among the world’s top 50 business thinkers. Among the companies he advises are Burger King, Lowes, Boar’s Head, Beverly Hills Hotels, Pepsi, Nestle and Google. Lindstrom is the author of seven books including several New York Times bestsellers that have been translated into 60 languages. The Wall-Street Journal praised his book Brand Sense as “one of the five best marketing books ever published,” and his book Small Data as “revolutionary,” and TIME called his book Buyology “a breakthrough in branding.”

21 Jan 20211h 17min

127: Fear is not a strategy (Monday Morning 8 a.m. #11)

127: Fear is not a strategy (Monday Morning 8 a.m. #11)

Hello everyone! This is Monday Morning 8 a.m., a weekly newsletter where we distill the insights from all of the distractions, articles, and emails that you receive in your inbox every day. In this newsletter, we’re going to focus on four major themes from last week’s news.    To listen to the audio version of this newsletter, search for “Strategy Skills” in any podcast app. To get a written copy with links to mentioned articles sign up here: www.firmsconsulting.com/promo

18 Jan 202130min

126: One of the biggest strategy shifts ever in the next 10 to 20 years (Monday Morning 8 a.m. #10)

126: One of the biggest strategy shifts ever in the next 10 to 20 years (Monday Morning 8 a.m. #10)

Hello everyone! This is Monday Morning 8 a.m., a weekly newsletter where we distill the insights from all of the distractions, articles, and emails that you receive in your inbox every day. In this newsletter, we’re going to focus on four major themes from last week’s news.    To listen to the audio version of this newsletter, search for “Strategy Skills” in any podcast app. To get a written copy with links to mentioned articles sign up here: www.firmsconsulting.com/promo

11 Jan 202128min

125: Netflix vs. Disney+ vs. AppleTV vs. HBO Max (Monday Morning 8 a.m. #9)

125: Netflix vs. Disney+ vs. AppleTV vs. HBO Max (Monday Morning 8 a.m. #9)

Hello everyone! This is Monday Morning 8 a.m., a weekly newsletter where we distill the insights from all of the distractions, articles, and emails that you receive in your inbox every day. In this newsletter, we’re going to focus on four major themes from last week’s news.    To listen to the audio version of this newsletter, search for “Strategy Skills” in any podcast app. To get a written copy with links to mentioned articles sign up here: www.firmsconsulting.com/promo

21 Des 202030min

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