“Strategy is about setting yourself apart from the competition. It's not a matter of being better at what you do - it's a matter of being different at what you do.” – Michael Porter
An interviewer asked me yesterday, first time after many years, “what are your strengths?”. I really had to take a minute to figure out what my strengths were. I mentioned some of the traits which I thought were my strengths to which he answered, “Well what are your weaknesses?”. Bingo! I went blank for a second before I gathered myself. Have you been in a similar situation? I’m sure. It is quite important for us, as professionals, to keep track of our own strengths and weaknesses. What could be a better way to do this than the Porter’s 5 Forces method? I am sure many of you would know what I am talking about. Below is a sample of a 5 Force analysis I did for myself before starting to apply for positions in the management line. You might not be able to fully comprehend my 5 Forces because its tailor made to suit my fittings. Want to try it out? Here are some tips.
Rules of the game:
1. Be true to yourself. Analyze with an open mind.
2. Remember, this is a self-reflection! You don’t need to tell anyone why you are doing this and what your results are
3. Try to think from a helicopter view. This way you would be able to see your substitutes, threat of new entrants, supplier, and buyer power significantly better.
Below is a sample of how a 5 Force analysis might look like.
Let us see one after the other in a gist. First comes the supplier power. In this case, my supplier is my knowledge, my experience, and my technical and soft skills. According to me, power of this is high through the number of years of experience I have gained and the formal education I have acquired etc. But this is only for my situation and the kind of job I am looking for. This will vary for your boundary conditions. Second is the threat of new entrants. Entry barriers to get into a job is quite high due to the vast talent pool companies these days have. The competition is quite high and therefore the entry barriers are also quite high here. The buyer power, which is the third factor, is the hiring organization. In my case, the power of the buyer is high as the hiring company needs to be convinced that I am the right person they are looking for. Fourth and the last is the threat of substitution. In my case, substitutes are all the candidates with equal or better qualifications and skill sets who are applying for the same job. Using this analysis, I am clearly able to understand my chances of success and areas for improvement. This helps me stay grounded as well as to work on my weaknesses. One must first accept their strengths and weaknesses to work on it. I have identified and embraced it. What are you waiting for?
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