In preparation for this week, I took Peter¿s advice on board, and did the week¿s readings before the class. I have to admit, coming in after doing the reading- with better understanding of the theme of this week- certainly has made it easier to understand what our lecture is trying to convey. It has also made writing this current journal, a lot easier. For instance, I jot down relevant key things throughout the week, and then summaries it together before publishing it out. Hard to believe but sluggishly doing the readings on the last day really made my life harder, overall.
To add, going to class, and having attending the meetings, I realize how true it is not to have a comprehensive plan; it is all right just to have a focus for our strategy. In doing so, less restraint prevalent in what we can do for the future. In terms of last week¿s theme of decision making, as long as we have a focus on what we want to focus on, then everything ends up falling into place. However, in saying so, Kim & Mauborgne (2002) stated the use of strategy canvas. This really honed in me the idea about broadening my focus across the different roles in Mikes bike. To balance the two, I see why our lecturer kept emphasizing on getting each member to focus on more what the specific role we are in rather than trying to cover everything, and then coming together to make the final decision. In this way, the CEO acts as the chair who articulates, and links our initiatives to our overarching focus. Also to raise any issues important and largely invisible to our respective department as a whole.
However, at the moment, it is really hard to plan for a strategy. Partly why it is so, is because we¿re not sure which industry to choose from. From all the readings this week, it does suggest that doing something current industry have not done before is beneficial. However, this is almost impossible, seeing as we don¿t have past information for reference. We don¿t know what our competitors would be doing. No one in our team knows much about the industry or the game. Lastly, it is pretty hard to juggle time when there is no immediate weighting marks due so at times, I unintentionally push this to the back of my priority lists. I think, if it were not for being relied on by my team, I would not work as hard. Though again, this is not something I should complain too much about because I understand other people in my team and other people in the class are having the same issue as well. We just have hope that luck is on our side and we by luck get to implement the Blue Ocean Strategy (Kim, & Mauborgne, 2004).
To end, I really do thoroughly; sincerely enjoy reading the week¿s reading. It¿s hard to receive readings so written well, entertaining, highly informative, and practical. I don¿t just enjoy reading them because of the style in which they are written but also the practicality behind it- pushes me to make notes for future reference. For instance, when I think about big companies, I¿ve always assumed that they had intricate plans and strategies to get to where they were nit after reading some of these business profiles, I¿ve realized that many started off with humble innovative beginnings. The American express example never occurred to me, it had to start, I¿d naively assumed it just came about because some rich bank had strategizes it.
Kim, W. C. & Mauborgne, R. (2002). Charting your company¿s future. Harvard Business Review, 80(6), 76--83
Kim, W. C. & Mauborgne, R. (2004). Blue ocean strategy. Harvard Business Review, 82(10), 75--84
Magretta, J. (2002). Why business models matter. Harvard Business Review, 80(5), 86--92