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(advice form experts, LEGO) - Coggle Diagram
advice form experts
hard skills
prioritize which are the most important things on the lists
use the experience and judgment
have big dreams
a tactical plan to get there
thirsty in new things
never think you know everything.
making a few critical decisions at the right time
data
how can you do the lowest cost way to test your thesis
technology
improving your margins.
soft skills
understanding
yourself
philosophy to be a leader
passionate
weaknesses
your people
surround yourself with people that can address the weaknesses
be a great listener
talk to analogous people
talk to customers
encouraging open discussion
admit when you're wrong
open about the fact that you will be wrong
LEGO
introduction
1990s
began diversifying
Lego Mindstorm
robotic bricks
Legoland
video games
began licensing in characters from popular culture
1999, star wars
late 1990s
suffered massive losses
many of its diversification efforts not going so well
large number of Lego shapes and colors inflating its costs
sales began to stagnate
Jorgen Knudstorp
renew strategy
refocus the company
Lego system of play
many of the unrelated diversification moves were reversed
Lego brick
case
very close to failing
the brick itself is easy to imitate now
the patents have expired
but
constant innovation with new products
differentiation through innovation is a key selling point for Lego
overall strategy
differentiation
philosophy and system of constraint or guided innovation
cost control