What do you do if you lack industry-specific knowledge when transitioning into a career in Business Strategy?

General business strategy can go a long way, though there usually requires industry-specific knowledge to really make an impact. Try these top tips! -- Assess goals and objectives -- Conduct a market analysis -- Develop a plan -- Ask those in the industry -- Follow industry news, read trade publications, and stay up to date on the latest emerging technology

Cuando abordamos una industria nueva debemos (i) entender el nivel de madurez de ella (en su ciclo de vida) y cuál es foco de la empresa que abordamos (eficiencia de costos, defender su posición de mercado o rentabilizar activos). Esta información nos permitirá centrarnos en qué debemos buscar para (ii) entender cómo funciona la industria (tamaño, competidores, proveedores, ventajas competitivas). Con este background pasamos a (iii) preguntar a expertos del sector, dejar que ellos nos cuenten y expresen libremente su apreciación de la industria. Con estos 3 pasos ya tenemos un idea para saber el porqué del funcionamiento de ella

It is okay to NOT possess industry-specific knowledge... ...as long as you are willing to observe, ask questions, and learn. Most business leaders possess powerful skills and experience, that once they take the time to observe & learn, can contribute highly effective solutions. The ineffective leader gets swallowed up by pride or position and attempts to counterfeit industry-specific knowledge. There is no shame in taking the "lifelong learner" approach to business. Take the time to Observe Ask questions learn

Transitioning into a career in Business Strategy without industry-specific knowledge can be daunting. Start by immersing yourself in relevant literature, online courses, and industry reports. Network with professionals to gain insights and mentorship. Leverage transferable skills and approach projects with curiosity, demonstrating a proactive attitude towards learning and growth.

Leveraging someone's experience is the quickest way to learn about something. Without industry-specific knowledge, I rely on transferable skills such as analytical thinking, strategic planning further seeking out industry mentors, and engaging in professional development opportunities to bridge the knowledge gap. Demonstrating my ability to learn quickly and apply strategic concepts universally helps overcome initial hurdles.

As a business strategist, I am constantly learning about new industries and even in my own career transition, I conducted research via free and accessible means first. YouTube is full of resources and there are great podcasts available for all industries. Visit the library for books to read as well. If you are transitioning you want to meet new people in the field. So attend networking events (virtual and in person), create new relationships and ask questions! Also, use social media groups and communities to learn. They are a great place to meet people, learn new terminology and see what topics are relevant that you should become familiar with.

Networking is the best and fastest way to get knowledge transfer. I find that consuming content specific to your niche is also a good way whether it be podcasts, reading or videos. But to sum up all that learnings and putting it into practice or speaking to it with people gives you different perspective. While networking you also get to understand what problems people face and maybe you will be able to resonate with them. But in all cases only take what works for you, and scrap everything else that is unnecessary. Because not everything that everyone does will suit you or your style of work.

Ao longo de minha carreira, após 10 anos no segmento financeiro, decidi diversificar minha atuação. Passei pela área da saúde, tecnologia e hoje estou no ramo de construção civil. Durante os processos de mudança, eu busquei conhecimento de mercado antes de aceitar a proposta de colaboração. Tenha sempre em mente que, no final das contas, a estratégia de qualquer negócio deve ser pautada no comportamento de seu ICP. Com o foco do cliente, para estratégia de negócios, não tem segredo para a migração.