December 2023-Round Up

The field of strategy, as I’m fond of saying, had its intellectual roots in Industrial Economics. That way of thinking suggests two assumptions that I think are often a trap, when used in the wrong situations.

The first assumption is that industries exist. Sure, that’s a useful idea when things are stable and the most significant competitor you face is indeed in your industry. Throw in a few strong entry barriers and away we go! But in more and more situations, entry barriers have come down and the most significant competition you face is either not in your industry or is rethinking how your industry operates (think SpaceX vs. NASA).

The second assumption is that the normal state of things is equilibrium, and that change is the unusual thing. After everything that has gone on from about 2016, and certainly after a tumultuous 2020, I don’t know how we can think that way.

In Case You Missed It

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