Isn’t part of the fun is coming up with ideas and suggestions for new projects or processes within teams? This is one of the many reasons why I love my job. After the initial concept, follows project initiation, which gets more complicated. Later on, verification and validation come in all forms, depending on the project or processes. After a while, depending on the industry, the project or process would either result into one of the three things: (1) evolve into an entirely different project or process; (2) follow the straight path to fruition; or (3) abort project or process. The latter two focus on tough decision-making whether continue or extinguish the project or process.
For example, within the Harvard Business Review Blog Network, Kanter identified 12 critical questions that the entrepreneurs can ask themselves and others within their networks in order to make the tough decisions. For me, it boils down to the passion and whether this passion for the specific product or service that the company focuses on, still exists, or extinguished. Depending on the entrepreneur, if the passion persists, then the project or process can take various turns and end up elsewhere with a different purpose.
In addition to the passion for running a company or project, various strategies play a role in shaping the direction in steering the project/process, which would result into a desirable return on investment, either attractive or unattractive. In 1979, Harvard Professor, Michael E. Porter first published competitive interactions within the industry that leads to various strategies within various companies, such as Bargaining Power from Suppliers, Buyers, Threats of substitute, Emerging competitors, and rivalry among current competitors. Also, if the competitive forces are intense, this would result in the companies investing large sums of resources to attract new customers with an advantage over their competitors, such as healthcare, airlines, and hotels. In this case, the return on investment would be smaller due to the amount of resources input as compared with the new many companies such as soft drink, toiletries, and software, where an attractive return on investment has been larger.
Ultimately, the decision to initiate and move forward with specific projects lies within each of us. For example, recently, a group conversation I was part of lead to conversations of preserving species yet on the U.S. Endangered Species Act. An article in Science magazine (Brosi & Biber, 2012) demonstrated that citizen involvement has been successful in driving the force of placing endangered species on the list, thus formally identifying them as endangered and thus, protected by federal law. This is an excellent example of groups of citizen sharing their pursuit of passion of preserving and conserving the dwindling species.
For me, my passion lies within executive management and leadership within companies, especially the ones that play a significant role within the healthcare and biotech markets. Passion can be identified as a driving force in allowing ourselves to pursue towards specific goals on what we’d like to accomplish, as long these passions do not result in conflict of interest as brought up in another Science magazine article where Marshall (1992) stated that intellectual passion can be viewed as a conflict within the scientist’s personal interest into their own research projects as a personal bias.
I can allow my own intellectual passion within both the sciences and executive management and leadership to drive my efforts throughout the days and use that as a daily strategy. Also, I can allow this strategy to adjust and take form in order to allow me to visualize the future directions and see if these specific goals excite me. My passions for development and growth, thus translating into successful projects are part of my personality, which I enjoy very much and look forward accomplishing each time I walk into the board rooms or conference rooms.
Brosi, B. & Biber, G. Citizen Involvement in the U.S. Endangered Species Act. Science 17 AUGUST 2012 VOL 337: 803-803. Retrieved October 9, 2012, from http://www.sciencemag.org/content/337/6096/802.full.pdf
Kanter, R. 12 Guidelines for Deciding When to Persist, When to Quit. Harvard Business Review Blog Network. Retrieved October 25, 2012, from http://blogs.hbr.org/kanter/2012/10/12-guidelines-for-deciding-whe.html
Porter, M. The Five Competitive Forces that Shape Strategy. Harvard Business Review. January 2008 issue. Retrieved October 25, 2012, from http://hbr.org/2008/01/the-five-competititve-forces-that-shape-strategy/ar/1
Marshall, E. When does intellectual passion become conflict of interest? Science 31 July 1992: 620-623. Retrieved October 25, 2012, from http://www.sciencemag.org/content/257/5070/620.1.full.pdf?sid=ec1972e4-abac-4cad-992b-4111e44a758