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11/10/2009: "Do You Have a "Plan B"?"

In my last blog entry, I wrote about how Tim, the entrepreneur, is always looking to find the next curve for his business. He is willing to abandon a business strategy that is not working (pressure washers) to pursue a strategy that sounds promising (digestors). In other words, he is constantly experimenting, refining his business model.

Tim's example is a rarity. Academic research shows that most businesses do not experiment with their business model. Instead, they tend to stick with what they currently do, doing the wrong things righter (in the words of the late great academic Russ Ackoff). This is a prime reason why businesses fail.

But, how to see the next curve? How should a business search for a "Plan B"? A good article to read is the one cited in Table 5.6 in Chapter 5. Professor Sawhney and his coauthors discuss 12 different ways a company can experiment, innovate. Can you think of companies that constantly experiment, innovate?

As always, I appreciate hearing from you at asirsi@schulich.yorku.ca