The Three Circles of the Hedgehog Concept

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John Spence is an author, international executive coach, professional development educator, virtual trainer, strategic planning facilitator, keynote speaker and developer of online learning programs. John is recognized as one of the top business thought leaders and leadership development experts in the world and was named by the American Management Association as one of America’s Top 50 Leaders to Watch along with Sergey Brin and Larry Page of Google and Jeff Bezos of Amazon. As a consultant and coach to organizations worldwide, from startups to the Fortune 10, John is dedicated to helping people and businesses be more successful.

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John Spence’s Twitter: AwesomelySimple

John Spence’s Website: https://johnspence.com/ 

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Outline: 

Here’s the timestamps for the episode: 

(00:00) – Introduction.

(03:45) –  Technology is impacting not only the financial industry, but every industry there is.

(04:41) – Major trends that are impacting business: computer speed, which leads to big data, Artificial intelligence, robotics, virtual reality, augmented reality, synthetic medicine, genetic decoding and recoding.

(06:57) –Technology is evolving. A lot of industries are taking off virtual reality, augmented reality, AI and FinTech.

(07:45) – Monsanto: from agriculture and farming to Big Data.

(09:09) – Ubers for harvesters in Australia. Get on the app, order the harvesters, the harvesters are brought to the field and they're all autonomous.

(11:00) – All strategy is just valued differentiation, multiplied by disciplined execution.

(11:30) – Bring something unique and compelling to the marketplace that your target customer wants to buy, impossible for your competition to copy and that you can execute on flawlessly and consistently.

(11:53) – Required criteria for success in business: the quality of the people in your company, the relationships you have with your customers, the strength of your brand, the data you have collected on your customers in the industry with the caveat of how well you deploy that data.

(13:08) –  Data that will allow to significantly increase competitive advantages in the marketplace.

(14:33) – Businesses are going to change through automation, through AI, through big data.

(15:25) – Intelligence Quotient, Emotional Intelligence and Agility Quotient.

(19:15) – All the technology, all the leadership, all the business models, all the strategies are focused on one thing only, to satisfy your customer. 

(28:58) – The three wheels of the Hedgehog Concept: high technical expertise, passion  and a strong economic driver in the marketplace.

(24:10) – “Adjacent news” to anticipate the market.

(29:42) – Technology is going to outrun our ability to keep up with it.

(33:35) – Younger people coming into the marketplace look for stability, dignity and purpose.

(39:13) – Committing yourself to