Stephen Bungay is author of this summary about 5 myths about strategy. According author there are lies, there are big lies, and then there are myths. And myths are the worst of the three.
Myths present a different, subtler trap, which is what makes even smart people fall for them. They are usually based on a plausible half-truth, and they do not immediately lead you astray if you start to act on them. It’s only with the passage of time that you realize that you’ve made a mistake, but by then your wrong choices can’t be unmade and the damage is done.
The myths mentioned in the article:
- Strategy is about the long-term
- Disruptors change strategy all the time
- Competitive advantage is dead
- You don’t really need a strategy; you just need to be agile
- You need a digital strategy
We liked: Thinking about strategy as some kind of long-term commitment can blind you to that need Strategy is not about the long term or the short term, but about the fundamentals of how the business works: the sources of value creation, the drivers of the cost to deliver it, and the basis of competition. Well worth your time!
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