Entrepreneurs – whether they are for-profit or not-for-profit focused – have this question as one of their main challenges. Many for-profit entrepreneurs come up with a new, cool product or service – but there is no market. There is no one who will actually pay for it. The not-for-profit entrepreneurs are fantastic at coming up with new, innovative programs that will make … [Read more...] about Who Will Pay For It?
Strategy
Do We Have the Correct Strategy?
There is no “factual” way to know the answer to this question. And it drives a lot of people mad. But strategy is not a math question with right or wrong answers. You “create” a strategy based on your aspirations and, yes, some hearty analysis of your strengths, weaknesses, opportunities, and threats. But there is no way to tell if you have created the “correct” … [Read more...] about Do We Have the Correct Strategy?
Risk vs. Irrelevance
Making Strategic Choices is risky. Often when I give strategy examples to clients or executives I am teaching I will hear the comment “That sounds risky.” This response does not consider the risk of continuing to do things the same way. In his books and teaching, Dr. Russ Ackoff would often make the distinction between errors of “commission” – doing something that should … [Read more...] about Risk vs. Irrelevance
The $500,000 Windfall
“What would we do with a $500, 000 windfall in revenue?” This was a question that a fellow Board member asked the rest of us at a recent meeting. “What a great question,” I thought. “I am so glad we have Puja on this Board.” But, our inability to answer her question with ideas that were well thought out makes me think we should revisit this question at a future … [Read more...] about The $500,000 Windfall
Your “Stop Doing” List
While many individuals and organizations are great at creating “To Do” lists – and continually adding to them – most of us are not very good at taking things off the list. It makes no sense when you think about it for even a moment. Management guru Peter Drucker once said “If you want to start something new, you have to stop activities not worth the time and effort.” A … [Read more...] about Your “Stop Doing” List