STRATEGY SESSIONS  #4
 
THE ME IN STRATEGY
 
by Dr. Steve Payne

All of us confront significant life and career challenges that can require important decisions. These challenges and decisions can vary greatly though. Instead of my trying to offer specific advice or tips that might apply only to limited individuals or situations, I'm recommending basic strategic thinking and a decision process that might be used for almost any major challenge. So these essays are something like a mini-course on how to make more strategic life and career decisions.

My focus this time is still on the first step in a strategic decision-making process. That step is determination of personal strengths and weaknesses in confronting a particular challenge. Organizations and businesses often analyze their strengths and weaknesses in order to decide about "outsourcing." Outsourcing is obtaining outside resources or capabilities needed to undertake a potentially rewarding opportunity. Organizations examine their major activities such as logistics, operations and marketing that each help deliver value to customers. Where these organizations do not already have core competences for a sustainable competitive advantage, they can seek assistance to help gain this advantage. This assistance might come from consultants or contractors or through mergers, acquisitions, or joint ventures. The question becomes how much reward is potentially available due to this outside assistance and for how much additional cost.

 

For individuals confronting life challenges, they can also benefit from better understanding their personal strengths and weaknesses. Gaining knowledge of (1) how to further develop their existing strengths and overcome weaknesses and (2) how to market these characteristics for life and career opportunities is important. For example, a person might identify a possible career opportunity and then the personal resources he or she has and lacks that would be attractive for taking advantage of that opportunity. One might then decide on an educational or training program, other forms of personal development, and self-marketing activities to be very competitive for securing that employment opportunity.

 

Entrepreneurial opportunities often require several individuals with different capabilities to develop core competences for a particular market. Individuals should consider what "value-added" contributions that their capabilities might offer to specific types of businesses or other organizations. Yet understanding one's own actual resources or capabilities for employment opportunities can be difficult due to psychological barriers or properties.

Some overestimate their capabilities or have an inaccurate understanding of marketplace competition for desired opportunities. Personal capabilities can be diminished due to recent changes in technologies or markets. Some can underestimate their capabilities or take certain of their capabilities for granted. It's useful to consult individuals familiar with competitive capabilities and needs in specific markets to get a possibly more objective view of one's personal capabilities for these opportunities.

The first step of this strategic decision process is then a very personal self-examination. What personal resources and capabilities do you possess now and what do these offer to others? Which of these personal capabilities of yours might be further developed and marketed for certain career or life opportunities? How do others evaluate your personal capabilities now, particularly those who are knowledgeable about such opportunities, know you well, and would be very honest and open in revealing their judgment.