Michael Porter on Strategy

  1. A strategy delineates a territory in which a company seeks to be unique.

  2. Finally, strategy must have continuity. It can’t be constantly reinvented.

  3. If all you’re trying to do is essentially the same thing as your rivals, then it’s unlikely that you’ll be very successful.

  4. If your goal is anything but profitability – if it’s to be big, or to grow fast, or to become a technology leader – you’ll hit problems.

  5. So companies have to be very schizophrenic. On one hand, they have to maintain continuity of strategy. But they also have to be good at continuously improving.

  6. Sound strategy starts with having the right goal.

  7. Strategy 101 is about choices: You can’t be all things to all people.

  8. Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.

  9. The ability to change constantly and effectively is made easier by high-level continuity.

  10. The best CEOs I know are teachers, and at the core of what they teach is strategy.

  11. The company without a strategy is willing to try anything.

  12. The essence of strategy is that you must set limits on what you’re trying to accomplish.

  13. The essence of strategy is choosing what not to do.

  14. The underlying principles of strategy are enduring, regardless of technology or the pace of change.

  15. Innovation is the central issue in economic prosperity.

  16. The chief strategist of an organization has to be the leader – the CEO.

About the Author Bill Ringle

Bill Ringle is a CEO, former Apple exec, published author, and angel investor. Through Grow Business Now, he offers strategies and tools to elevate growth for executives and entrepreneurs from more than 46 industries. Bill has conducted nearly 200 podcast interviews on My Quest for the Best, where industry and business leaders share their secrets to success.

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