A Quote by Roger Martin
You need to be uncomfortable and apprehensive: True strategy is about placing bets and making hard choices. The objective is not to eliminate risk but to increase the odds of success.
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True strategy is about placing bets and making hard choices under conditions of uncertainty, not about assuming plans can remove risk.
There are just four kinds of bets. There are good bets, bad bets, bets that you win, and bets that you lose. Winning a bad bet can be the most dangerous outcome of all, because a success of that kind can encourage you to take more bad bets in the future, when the odds will be running against you. You can also lose a good bet no matter how sound the underlying proposition, but if you keep placing good bets, over time, the law of averages will be working for you.
As much as it's sometimes hard to make choices about where you invest, it's equally hard to make choices about where you don't invest and what you eliminate.
The smart strategist allows strategy to be shaped by events. Good reactions can make great strategy. Strategy involves competition of goals, and the risk is the difference between those goals and the ability of the organization to achieve them. So part of the risk is created by the strategy.
If we have to know without a doubt that the choices we are making are the perfect ones, we risk never making any choices at all.
One side of the American psyche wants smaller government, lower taxes, and more choices for individuals, even if those choices increase risk. The other wants a strong social safety net to protect the weakest among us, even if it costs more to minimize risk.
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
Strategy is simply resource allocation. When you strip away all the noise, that's what it comes down to. Strategy means making clear cut choices about how to compete. You cannot be everything to everybody, no matter what the size of your business or how deep its pockets.
Strategy is about making choices, trade-offs; it's about deliberately choosing to be different.
Strategy means making clear-cut choices about how to compete.
There is always one more thing you can do to increase your odds of success.
I definitely agree with choices for women, but I do not agree with choices for women when they eliminate choices for men. Rather, I think that the sexes need to make choices that lead to the maximum amount of win-win for both sexes.
People who achieve great things are people who make choices. Far too many people today let life dictate their future instead of the other way around. Choices are hard - that's why so few actually make them. But as the saying goes - not to make a choice is to make a choice. When it comes to choices, The question is - what choices will you make today? The world doesn't care about your problems, or what's holding you back. They don't care about your past failures, or any other obstacles you face. Stop making excuses and start making choices.
My theory on an existing crisis is that you have to be very strategic about each case's unique elements. If a crisis involves a legal component, you need a communication strategy that complements the company's legal objective. A strategy for a plea deal is different than a case going to trial.
Courage is willingness to take the risk once you know the odds. Optimistic overconfidence means you are taking the risk because you don't know the odds. It's a big difference.
In investing, we intuitively think we should make a number of small bets. A blockbuster strategy is the opposite. It means making fewer huge investments. But it turns out to be safer.
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