Purpose and Ideation Flashcards
(36 cards)
What was the purpose of businesses in the past?
Overwhelming priority was to maximize profits for owners and shareholders
What was the prevailing management theme in the past?
reductionism approach - companies break down work into separate areas like the parts of a machine and split work into hyperspecialized divisions
What was the major decision making approach in the past?
Siloed decision making - encourages localized, disconnected decision making - everyone making own decision based on own context and personal requirements - no incentive to make changes to solve another’s problems
Why was there short-term timelines in the past?
Always trying to meet quarterly objectives for profit and goals
What is the problem with reductionism, siloed decision making and quarterly capitalism?
All the different sectors try to outperform each other instead of help each other so they can win favour with management and get more budget next term - build competition instead of community, less cohesiveness in company
What is the general goal of all modern businesses?
Increase profits while also prioritizing quality and satisfying the needs of stakeholders
What are more companies doing in terms of decision making?
Prioritizing ethical models and approaches
What is the key impact of purpose on employees?
Main goal of businesses is attracting and retaining talent, need purposeful business to do so. Can unleash employee potential and build trust/loyalty.
What does gen z want from employers?
Want to work for leaders who share their vision, inspire them and make them feel part of a larger mission
What is the key impact of purpose on the customers/products?
Purpose adds to value and engagement, ensuring long-term revenue and generating more profit since customers are more loyal. Fundamental to preserving and expanding customer base.
How does purpose impact innovation and uniqueness?
Increase awareness of shifting external expectations and trends, redefine the playing field to stay relevant, inspire employees to creatively solve problems
What does FIT stand for?
fair, inclusive, and transparent
What does financial performance/shareholders do for a company?
Provide opportunity, help overcome challenges of slowing growth and declining profits, attract investors seeking sustainable ROI and transparency, reduces risk and uncertainty
What are some other key success factors that aren’t included in the normal 6?
Suppliers, environment, communities
What are new prevailing management themes?
Think of as a non-linear, adaptive, complex system rather than a machine
What are new decision making trends?
Integrative and transparent decision making for the whole system instead of small fragments, opposite of siloed
What are the 5 characteristics of modern leadership?
Courage, heart, empathy, humility, humanity
What is a governance game?
Attempts to simulate the government and politics of all or part of a nation
What are risks of purpose?
difficult to serve various interests of all stakeholders, can miss some needs when trying to meet others. purpose fraud if you can’t meet your purpose, making stakeholders lose trust.
What is the implication to shareholders in CEO’s no longer focusing on them?
Limit shareholder rights, playing offense with shareholders
What is integrative thinking?
The ability to face opposing ideas constructively, generating a creative resolution as a new idea which combines elements of opposing ideas
What is the first step to generating ideas?
Start with your means - who am I, what do I know, who do I know?
What are the questions to ask when ideating?
What challenges do you have when doing certain things? How can you improve those challenges?
What is value proposition design?
Design benefits you use to attract customers that fit with the set of customer segment characteristics you verify in the market
