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Name: Myths of Strategy
Rating: 4.6 (51 reviews)
Author: Jérôme Barthélemy

Jérôme Barthélemy

Dispel the Misconceptions and Deliver a Winning Strategy

4.6 (51 Bewertungen)

16 Min.

Kurz zusammengefasst

Myths of Strategy by Jérôme Barthélemy debunks popular myths surrounding business strategy. The book challenges traditional views and provides insights on how companies can increase their success in a rapidly changing world.

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Führung Unternehmertum Strategie Alternative Perspektiven

Inhaltsübersicht

Myths of Strategy
in 6 Kernaussagen verstehen

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Kernaussage 1 von 6

What’s in it for me? Shed common beliefs about business strategy.

The problem with much of the advice you get from business gurus and consultants is that it is founded on virtually nothing. They observe that a business is led by a visionary CEO and determine that the best way to succeed is to have a visionary CEO. They see a business that set a stretch goal and reached it and then declare that stretch goals are beneficial. These observations are anecdotal and incomplete. They fail to account for a wide range of other factors that played a part in the results.

In short, the problem with much of the advice that currently exists on business strategy is that it isn’t founded on the basis of stringent, peer-reviewed research. Most other disciplines respect and align with solid research, and it’s important that business leaders now do the same.

In this Blink we’ll cover six of the thirty myths in this book. You’ll learn from real-life examples the reasons these strategies are either invalid or incomplete. And you’ll get a better path forward.

Myth: “Success Requires Careful Planning”

Think of the furniture chain IKEA. Their worldwide success is mainly due to their self-assembly furniture, Scandinavian design, low-cost production, and self-service stores. But these features weren’t a result of a carefully planned strategy. In fact, most of them happened because of challenges that forced the company leader, Ingvar Kamprad, to make a tough decision.

For instance, IKEA wasn’t always a furniture designer or manufacturer. At first, they merely distributed other people’s furniture. However, as the company was growing, a group of Swedish furniture sellers convinced Scandinavian furniture producers to boycott IKEA. This forced IKEA to design their own furniture, thus developing the characteristic IKEA look and functionality.

So the reason for IKEA’s success is that they didn’t only have a deliberate strategy – meaning a strategy that is based on careful planning – but they also had an emergent strategy: a strategy that develops in response to outside circumstances.

Studies show that organizations do need deliberate strategy, but that it’s best that this strategy remain high-level while empowering mid-level leaders to work within that strategy to adapt and respond to changes.

Myth: “Talent is the main factor in success”

It’s becoming more and more difficult to predict product success. To understand this problem, researchers conducted an experiment. They created a website called Music Lab. Participants could listen to and download 48 unknown songs and rate them. There were 14,000 participants. In the experiment, the researchers divided the group into nine worlds. In eight of the worlds, participants could see each other’s ratings and downloads. In one of the worlds – called the independent world – the ratings and downloads weren’t visible.

What the researchers found was that there was very little rhyme or reason to what put a song in first place – or fortieth. In fact, in one case, the independent world rated a song at 28, when that same song was first in one world and fortieth in another. In essence, what the researchers found was that social influence, or luck, has so much to do with success that talent alone can’t overcome it.

Myth: “Firm goals lead to success”

Back in 2002, car company General Motors was sitting at 28.2 percent market share. They wanted to reach 29 percent, so they heavily discounted their vehicles. They reached their target, but they lost money every time they sold a car.

In 2013, Wells Fargo had a strategy to better align their cross-sales metrics with their big-picture strategy of long-term relationships with their banking customers. The strategy was good, but they translated it into a goal – upsell eight services to current clients. Furthermore, they incentivized the goal with bonuses. As a result, employees engaged in unethical practices of “selling” services to customers without customer knowledge.

Myth: “The best strategy is to beat the competition”

Many entrepreneurs are led to believe that their best option is to pick a flourishing sector and enact one of two strategies: beating the competitors on price and beating the competitors on quality.

There are a couple of problems with this advice. One is that flourishing sectors have high competition. So if your company doesn’t have a competitive advantage one way or the other, it’s probably not reasonable to expect to go into that sector and dominate.

Myth: “Being the best or cheapest leads to success”

Ask anyone what led to Apple’s success as a company, and most people will mention the design or innovation, or maybe the marketing. However, not all of Apple’s products succeeded. The iPod and iPhone are undeniably dominant, but the Mac never achieved much beyond 10 percent market share.

Nobody disputes the quality and performance of the Mac, so instead of looking at why it hasn’t achieved the same success as the iPhone, let’s look at why the iPhone took the world by storm.

Myth: “The best leaders have vision”

In a study in the Journal of Applied Psychology, managers were presented with four scenarios involving a CEO. (1) The CEO stuck with a strategy and succeeded. (2) The CEO tried several strategies and succeeded. (3) The CEO stuck with a strategy and failed. (4) The CEO tried several strategies and failed.

The managers were asked to rate the CEOs from the scenarios. Naturally, the winners ranked higher. But the winner who ranked the highest was the one who stuck with a single strategy and succeeded. Oddly enough, there were several cases in which the CEO who stuck with one strategy and failed ranked higher than the one who tried several strategies and succeeded.

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Worum geht es in Myths of Strategy?

Myths of Strategy (2022) responds to the oversimplified generalizations of modern business gurus and consultants by debunking assertions about strategy. Using peer-reviewed research, the book holds advice on business strategy to the same stringent standards as other scientific and sociological fields of study.

Wer Myths of Strategy lesen sollte

Entrepreneurs and business leaders
C-Suite executives
Business students

Über den Autor

Jérôme Barthélemy is Executive Vice President of the ESSEC Business School in France, where he is also a professor of strategy and management. He has been a visiting professor at New York, Stanford, and Cambridge universities.

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