Richard Rumelt, legend in the world of strategy, explores the essential components of a good strategy, the importance of coherence, common pitfalls of bad strategies, the role of power, the value of history in strategy development, and the need for clear actions. He emphasizes the significance of recognizing problems, setting achievable challenges, and finding solvable problems. The episode also includes discussions on memory foam beds, smart telescopes, and the importance of creating tension in writing.

Welcome to Strategy Skills episode 253, an episode with Emeritus Professor at UCLA Anderson, Richard Rumelt. Get Richard’s book here: https://amzn.to/3OrNfuK In this episode, Richard iterated the real meaning of strategy, which many companies today confuse with a list of their goals and ambitions. Strategy is problem-solving – a clever way of dealing with a challenge, opponent, or problem. It also involves selecting which battle you fight because you cannot fight them all. As a great strategist, you need to select battles that you can win.  Richard also explained the crux or the biggest challenge that companies need to identify, emphasize, and concentrate their resources on until it is fixed or solved. As Richard mentioned in this episode, “the primary thing about strategy is that it is about a concentration of resources. It is about focus.” Richard Rumelt received his doctorate from the Harvard Business School in 1972, having previously earned a Master of Science in electrical engineering from UC Berkeley. He worked as a systems engineer at the Jet Propulsion Laboratories and served on the faculty of the Harvard Business School. He joined the UCLA faculty in 1976. He also served as a faculty at INSEAD, France for three years. At INSEAD, Rumelt headed the Corporate Renewal Initiative, a research-intervention center devoted to the study and practice of corporate transformation. Rumelt was president of the Strategic Management Society from 1995 to 1998. He received the Irwin Prize for his book Strategy, Structure, and Economic Performance. In 1997, he was appointed Telecom Italia Strategy Fellow, a position he held until April 2000. He has won teaching awards at UCLA and received a best paper prize in 1997 from the Strategic Management Journal. Get Richard’s book here: The Crux: How Leaders Become Strategists, Richard Rumelt: https://amzn.to/3OrNfuK Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

In this episode, we hear from Richard Rumelt. Richard has been called, “A giant in the field of strategy.” He is the Harry and Elsa Kunin Chair Emeritus at the UCLA Anderson School of Management and a founding member and former president of the Strategic Management Society. He is also the author of Good Strategy/Bad Strategy: The Difference and Why it Matters, and in this episode he’ll explain how to circumvent what he calls, “the contagion of bad strategy.” His reflections are based on his latest book, The Crux: How Leaders Become Strategists. Richard is joined by our communications director, Sean Brown, and Yuval Atsmon, a senior partner based in our London office. Learn more about Richard’s book: https://thecruxbook.com/ Join our LinkedIn community: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance Explore more Inside the Strategy Room podcast episode transcripts: https://www.mckinsey.com/itsr Discover our latest insights and join more than 92,000 influential professionals who are part of our LinkedIn community: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Richard Rumelt and Rita McGrath discuss strategy, innovation, and growth

Welcome to an episode with Emeritus Professor at UCLA Anderson, Richard Rumelt. Get Richard’s book here: https://amzn.to/3OrNfuK In this episode, Richard iterated the real meaning of strategy, which many companies today confuse with a list of their goals and ambitions. Strategy is problem-solving – a clever way of dealing with a challenge, opponent, or problem. It also involves selecting which battle you fight because you cannot fight them all. As a great strategist, you need to select battles that you can win.  Richard also explained the crux or the biggest challenge that companies need to identify, emphasize, and concentrate their resources on until it is fixed or solved. As Richard mentioned in this episode, “the primary thing about strategy is that it is about a concentration of resources. It is about focus.” Richard Rumelt received his doctorate from the Harvard Business School in 1972, having previously earned a Master of Science in electrical engineering from UC Berkeley. He worked as a systems engineer at the Jet Propulsion Laboratories and served on the faculty of the Harvard Business School. He joined the UCLA faculty in 1976. He also served as a faculty at INSEAD, France for three years. At INSEAD, Rumelt headed the Corporate Renewal Initiative, a research-intervention center devoted to the study and practice of corporate transformation. Rumelt was president of the Strategic Management Society from 1995 to 1998. He received the Irwin Prize for his book Strategy, Structure, and Economic Performance. In 1997, he was appointed Telecom Italia Strategy Fellow, a position he held until April 2000. He has won teaching awards at UCLA and received a best paper prize in 1997 from the Strategic Management Journal. Get Richard’s book here: The Crux: How Leaders Become Strategists, Richard Rumelt: https://amzn.to/3OrNfuK Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo