Richard Rumelt

Many companies treat strategy as a way of presenting to the board and to the investing public their ambitions for performance, and they confuse that with having a strategy. Some of it is the victory of finance as the language of business because we talk about shareholder return as the ultimate measure of success. Executives end up saying, “Our strategy is to achieve these results,” but that is not strategy. Strategy is problem-solving. It is how you overcome the obstacles that stand between where you are and what you want to achieve.

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