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The first lesson learned from the article is that management makes a difference. Therefore, the management of a firm needs to position it strategically within its industry of operation so that the forces of competition act in its favor. Thus, as an organizational leader, I would ensure that both the internal and the external environments are aligned. Such a move would result in connected decisions and by extension, competitive advantage.
The second lesson learned from the article is that when organizations forge an alliance, the goal is to improve their positioning. Therefore, before entering into a partnership with another firm, I would have to ensure that both our work habits, goals and values are compatible. In addition, both of us need to possess complementary skills.
Another lesson learned from the article is that culture sets implicit boundaries and these impacts on the business management aspect of a firm. I would have to ensure that that the organizational culture at my firm not only purposes excellence, but also ethical behavior. This is because an ethical stance within an organization has the potential to result in a competitive advantage for the firm in question.
The fourth lesson learned from the article is that if firms intend to achieve a competitive advantage in the market, then they need to produce a valuable product. Therefore, in producing the products at m firm, I would ensure that I have the end-consumer in mind.
Another lesson that the article teaches us is that there is a difference between small business owners and entrepreneurs, on the basis of their orientation towards profits. I would wish to be associated with entrepreneurs because there is a strong link between them and high performing firms. In addition, entrepreneurs also positively influence the competitive advantage of a firm. They are associated with an innovative behavior and the adoption of strategic management practices, while the small business owners seek to pursue personal goals.
Lesson six of the article states that the profitability of a firm determines its profitability. Accordingly, I would ensure that the expenses and debts of the firm are controlled, and that sufficient liquidity is maintained. In order to closely monitor the progress of the firm, it is important also to prepare and review sufficient financial statements of the firm.
The final lesson learned from the article is that wealth maximization remains as the main goal of a firm. I would therefore ensure that improper valuations are minimized because they often result in wealth transfer and by extension, leads to reduced profitability.
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