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The worst firms:
- Do not set guiding principles
- Their culture and incentives do not support innovation
- Strategies are simplistic
- Projects lack resources
- Do not pay adequate attention to the customers' needs
David Midgley
While creating a new product, think about innovation as the total value offered to the customer.
Total Value Offered = Product + Other Elements (Services)
Example: Most of Otis's revenues are from services around elevators and not from the physical elevators.
- David Midgley
"Opportunity has a sly habit of slipping in by the back door and often it comes disguised in the form of misfortune, or temporary defeat. Perhaps this is why so many fail to recognize opportunity."
- Napoleon Hill
"By bringing about a certain inner discipline, we can undergo a transformation of our attitude, our entire outlook, and approach of living."
- HH Dalai Lama
The Basic elements of a strategy statement includes; Objective (End), Scope (Domain), and Advantage (Means).
"Most executives cannot articulate the objective, scope, and advantage of their business in a simple statement."
-David J. Collis and Michael G. Rukstad