D R A F T - The University of Chicago Booth School of Business

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Preliminary, Subject to Change Posted: 11.25.2013Surprise/Doing the “Right” Thing Brother Can You Spare a Dime? They used to tell me I was building a dream, and so I followed the mob. When there was earth to plough or guns to bear, I was always there, right on the job. They used to tell me I was building a dream with peace and glory ahead. Why should I be standing in line just waiting for bread? Once I built a railroad, made it run, made it race against time. Once I built a railroad, now it’s done. Brother can you spare a dime? Once I built a tower to the sun—brick and rivet and lime. Once I built a tower, now it’s done. Brother can you spare a dime? … Jay Gorney, songwriter ________________________________________________________________________ Week of March 3 rdUnlike work in maintenance space, a common outcome in strategy space is surprise—surprise that is often unpleasant rather than pleasant. We will play with the idea that a positive learning process can co-‐exist with negative outcomes. We will also explore better ways to learn from experience and make mid-‐course corrections to reduce unanticipated and sometimes unpleasant surprises. Also, some writers have argued that strategy addresses the issue of doing the right thing (effectiveness). This notion of doing the right thing generally refers to “hitting the target” as accurately as possible by such means as focusing on key success factors or framing problems correctly. Yet, another interpretation of doing the right thing has to do with ethical considerations. Ethical perspectives arise when the “playing field” that one operates within raises issues or conflicts concerning a person’s value system. Business leaders need to address both meanings of the “right thing” in their work. Readings: Book: Rumelt, Chapter 18, pp. 276-‐298 Article: “So Now What Do We Do?” 16
Preliminary, Subject to Change Posted: 11.25.2013Case: MF Global Written Group Assignment (Paper—not to exceed 900 words—due on 3/4 section 81; 3/5 section 01) 1. How would you explain the strategic failure of MF Global, and what strategies or actions, if any, could senior management have taken to avert the failure? 2. What does this case suggest about leadership and the extent to which one’s performance does or does not generalize across different organizational contexts over time? 17
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D R A F T - The University of Chicago Booth School of Business

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