Mind-mapping to accompany our article on rethinking your business
Among other interesting news this week, which included the publication of a book review in Wharton at Work, is the appearance of our co-authored article on how to rethink your business during uncertainty in the Sloan Management Review. . It must have been timely, as Chuck Frey elaborated on the ideas on his blog.. What I found really interesting is his suggestion that in addition to the normal managerial toolkit, that mind-mapping and visualization techniques could prove helpful in trying to map out the assumptions in a business.
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- Posted Rita McGrath on April 05, 2009
Be unafraid to change your mind - when new data come in
One of the core tenets of a discovery driven approach to decision-making is that under conditions of high uncertainty, striving to be “right” can lead you very much astray. Being right, in the sense of being able to predict what is likely to happen makes a lot of sense when you have a platform of experience to go on. It makes no sense when conditions change frequently, or there is much that is unknown. Under those circumstances, you need flexibility and the capacity for ‘intelligent failure’ rather than a mindless determination to stick with a plan that may no longer be relevant.
As my assistant, Anne M. Ferguson pointed out to me, Jack and Suzy Welch are of the same opinion. In one of their recent columns entitled “Fear of Flip Flopping” they point out that one hallmark of a good leader is the ability to revise their points of view as conditions change. The example they use is a legend in business school parlance - the decision to abandon GE’s famous “Be #1 or #2 in every market that we serve or “fix, close or sell” the businesses that couldn’t cut it. They describe a “eureka” moment at one of their famous management courses in which executives realized that this mantra was actually constraining GE’s growth by causing its managers to define their markets narrowly enough to make the market share numbers. Once they relaxed this requirement, managers were better equipped to look at adjacent markets in which GE did not yet have a strong position and invest to grow there.
The basic message is not to be inconsistent, but to be aware of the assumptions that you are making as you make decisions. As the assumptions change, the decisions might have to as well.
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- Posted Rita McGrath on March 30, 2009
Discovery Driven Growth soon to be available in a Kindle edition
Our publishers over at Harvard Business Publishing have arranged for Discovery Driven Growth to be available in a Kindle version within the next 2-6 weeks (so sometime before the end of April, 2009). I would love to hear from those of you that use Kindles to see whether it increases the usefuless of the book.
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- Posted Rita McGrath on March 26, 2009
Discovery Driven Growth: Systematic Mistakes in planning new ventures (Interview)
Jeremy Dann a talented observer of the technology and innovation scene and a fellow sometime academic has been following the ideas we’ve talked about in Discovery Driven Growth as well as themes we’ve developed in a series of interviews that are being posted on BNET.
The most recent interview covers classic mistakes that companies make when they try to foster innovation, and since the topic is so relevant to many of our readers, I’ve provided a link to the interview here. Among the issues we discussed are common problems in how projects are evaluated and approved, the dangers of providing too much money to an upstart initiative and the lack of consistency in approaching innovation that can kill otherwise promising programs.
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- Posted Rita McGrath on March 25, 2009
Discovery Driven Planning - BareBones NPV calculator tools
Hello there. Many of you have expressed an interest in the “BareBones” NPV calculator that we use in Discovery Driven Growth. We’re just getting up on that web site now, but those of you who would like a copy right away can download it here: BareBones_2_0.xls.
This tool was developed by Adrian Becker.
Let me know how you make out!
Rita
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- Posted Rita McGrath on March 16, 2009
