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Strategic management is essential for business management. A good management strategy is required for an organization to achieve its business objectives. Strategic management helps businesses to gain competitive advantage. Management strategies should be dynamic and innovative to achieve competitiveness.
Additionally, businesses must conduct regular appraisals of their strategies to keep up with the current competitive landscape. I have learned numerous strategies from chapter 1; however, I will talk about entrepreneurial and innovative strategies (Hitt, Ireland & Hoskisson, 2013).
The chapter provided me with essential skills for managing both personal and professional issues. I learned from the chapter that business is run not only through marketing and branding as it used to be in the past but through the implementation of effective management strategies. In the past, organizations were rigid in their management strategies. However, changes in the competitive landscape have brought about the need to enshrine entrepreneurial strategies in the management of businesses.
Utilization of entrepreneurship skills would help me to manage myself better in a number of ways. For instance, I would be disciplined enough to learn from my environment. Learning from my environment would be helpful in enabling me to apply the correct strategies that lead to above-average returns. Secondly, enshrining entrepreneurial strategy in my future profession would be beneficial to my company in many ways.
For instance, I would be able to change the competitive landscapes of the environment (both internal and external). Additionally, I would be able to promote diversity, which brings a strong organizational culture. Moreover, I would be able to bring “Guanxi” element to the organization in the future by promoting openness and credibility (Matzler, Bailom, Anschober, & Richardson, 2010, pp. 4–13).
One of the reasons for Huawei’s rise in the global world of business is their innovativeness. It is also important to note the emergence of companies in Silicon Valley, which is attributed to innovation and technology. Furthermore, it is quite essential to note the rise of Steve Job’s Apple company as a result of effective, innovative strategy (Stulz, 2009, pp. 86–94). The innovative strategy is essential since it promotes originality.
By acquiring and implementing an innovative strategy, I will learn to be resilient and unique in my judgments. Moreover, I would be able to learn about current trends in a competitive landscape. Additionally, I would be dynamic, flexible, and concise in my personal and business dealings. Through innovation, I would be able to learn new skills on how to become competitive both as an individual and as a professional. For instance, an innovative strategy would help me introduce new products in the market.
It would also aid me in modifying current products to keep pace with the customer’s needs. Furthermore, I would be flexible enough to cut costs when necessary or to learn from other people’s mistakes.
For instance, I learned significant lessons from the Borders Company, which collapsed due to poor management strategies. It is quite clear that Borders were rigid in their management strategies; this prevented them from becoming innovated. Therefore, the innovative strategy would assist me both at personal and professional levels (Miller, 2007, pp. 57–74).
The chapter was essential in providing me with numerous strategies for self-management as well as professional management. Its inclusiveness, through the use of contemporary examples, made it easier to follow. Some of the strategies that interested me were innovative, and entrepreneurial strategies were, among others. These strategies would greatly enrich my personal and professional development.
Hitt, M., Ireland, R., & Hoskisson, R. (2013). Strategic Management: Competitiveness & Globalization: Concepts and Cases (10th ed.). Ohio, OH: Cengage Learning.
Matzler, K., Bailom, F., Anschober, M., & Richardson, S. (2010). Sustaining corporate success: What drives the top performers? Journal of Business Strategy, 31(5), 4–13.
Miller, K. (2007). Risk and rationality in entrepreneurial processes. Strategic Entrepreneurship Journal, 1, 57–74. DOI: 10.1002/sej.2
Stulz, R. (2009). 6 ways companies mismanage risk. Harvard Business Review, 87(3), 86–94.