The eight key factors for startup success
It's a myth that having a brilliant idea is the hardest part of starting a company. Instead, these eight key factors determine startup success....
by Michael D. Watkins Published 19 January 2024 in Brain Circuits • 7 min read
Facing rapid advances in technology, economic uncertainty, and political instability, our current challenges require strategic thinking of the highest order.
In my new book, The Six Disciplines of Strategic Thinking, I identify the cognitive skills that are most important for leaders facing these challenges. They are pattern recognition, systems analysis, mental agility, structured problem-solving, visioning, and political savvy.
While it’s important to know what they are, leaders should also know how to cultivate them. For this, regular mental exercise is essential.
Here’s a daily mental fitness routine I developed as the best way to build and strengthen your cognitive abilities. Designed to be efficient to fit leaders’ schedules, activities can be spaced out over the course of a day.
As you do this, keep a few things in mind. First, stay flexible. For example, play a variety of puzzle games to ensure that your regimen remains engaging and challenging. Tailor the duration and content of these activities to maximize their impact on your strategic thinking skills.
Second, engage with others to share insights. By doing so, you can foster a collaborative environment that enriches the learning experience and builds others’ strategic-thinking abilities. This not only broadens your perspective but also enhances collective knowledge.
Finally, take time to reflect and adapt. Regularly evaluate how your training regime influences your thought processes and decision-making skills. Make adjustments as needed, refining your approach to align with your evolving understanding and proficiency in strategic thinking. This will ensure that you continue to develop your capabilities.
Professor of Leadership and Organizational Change at IMD
Michael D Watkins is Professor of Leadership and Organizational Change at IMD, and author of The First 90 Days, Master Your Next Move, Predictable Surprises, and 12 other books on leadership and negotiation. His book, The Six Disciplines of Strategic Thinking, explores how executives can learn to think strategically and lead their organizations into the future. A Thinkers 50-ranked management influencer and recognized expert in his field, his work features in HBR Guides and HBR’s 10 Must Reads on leadership, teams, strategic initiatives, and new managers. Over the past 20 years, he has used his First 90 Days® methodology to help leaders make successful transitions, both in his teaching at IMD, INSEAD, and Harvard Business School, where he gained his PhD in decision sciences, as well as through his private consultancy practice Genesis Advisers. At IMD, he directs the First 90 Days open program for leaders taking on challenging new roles and co-directs the Transition to Business Leadership (TBL) executive program for future enterprise leaders, as well as the Program for Executive Development.
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Professor of Leadership and Organizational Change at IMD
Michael D Watkins is Professor of Leadership and Organizational Change at IMD, and author of The First 90 Days, Master Your Next Move, Predictable Surprises, and 12 other books on leadership and negotiation. His book, The Six Disciplines of Strategic Thinking, explores how executives can learn to think strategically and lead their organizations into the future. A Thinkers 50-ranked management influencer and recognized expert in his field, his work features in HBR Guides and HBR’s 10 Must Reads on leadership, teams, strategic initiatives, and new managers. Over the past 20 years, he has used his First 90 Days® methodology to help leaders make successful transitions, both in his teaching at IMD, INSEAD, and Harvard Business School, where he gained his PhD in decision sciences, as well as through his private consultancy practice Genesis Advisers. At IMD, he directs the First 90 Days open program for leaders taking on challenging new roles and co-directs the Transition to Business Leadership (TBL) executive program for future enterprise leaders, as well as the Program for Executive Development.
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