Today’s special guest is Rita Mcgrath a featured speaker at the crew network annual convention in Bellevue, Washington. Ms. McGrath is an author, business strategist and professor at Columbia Business School.
In this show, Rita and I discuss identifying your competitive advantages in business, why those advantages are not sustainable without reinvigorating and refreshing them.
Rita explains what a business strategist is and what they do. Think,……………… helping people think things out and, what else, “strategize” what they should be doing, where they should be competing and “what their long term perspective” on the future should be. Their
“fundamental purpose is to help companies develop a point of view about where they want to be making investments and what choices they need to be making.”
As it relates to a competitive advantage, such as Polaroid’s instant cameras, the responsibility of management is to constantly cultivate new, next generation and stronger competitive advantages, no matter how strong you current advantages seem. The bottom line is not to sit on your laurels.
Does this philosophy only apply to businesses?
Rita explains, not. These concepts also apply to individuals. She goes on to explain that you must, as an individual, keep yourself fresh, keep yourself valuable, constantly improving your skills and grow your network.
Rita Gunther McGrath, a Professor at Columbia Business School, is regarded as one of the world’s top experts on strategy and innovation with particular emphasis on developing sound strategy in uncertain and volatile environments. Her ideas are widely used by leading organizations throughout the world, who describe her thinking as sometimes provocative, but unfailingly stimulating. She fosters a fresh approach to strategy amongst those with whom she works.
Thinkers50 presented Rita with the #1 award for Strategy, the Distinguished Achievement Award, in 2013. Rita is in their top ten global list of management thinkers overall. She has also been inducted into the Strategic Management Society “Fellows” in recognition of her impact on the field.
Rita maintains an active social media presence, and has been rated one of the 25 smartest women to follow on Twitter by Fast Company Magazine. She consistently appears in rankings of the top business school professors to follow on that medium: Professors on Twitter. She authors a regular column, “The Entrepreneurial Strategist” for Inc Magazine and blogs regularly at HBR.org. Rita is also one of the Wall Street Journal’s Experts.