Link to original video by Harvard Business Review

Use Strategic Thinking to Create the Life You Want

Summary of "Use Strategic Thinking to Create the Life You Want"

Short Summary:

This video presents a framework called "Strategize Your Life" that applies strategic thinking principles used in business to personal life. It aims to help individuals create a personalized life strategy for achieving a "great life" by defining their purpose, vision, and values, and then allocating time and resources accordingly. The framework utilizes a 2x2 matrix called the "Strategic Life Portfolio" to assess the importance and satisfaction of various life areas, such as relationships, career, and health. By analyzing this portfolio, individuals can identify areas needing improvement and make informed choices to achieve a more fulfilling life.

Detailed Summary:

1. Introduction to "Strategize Your Life"

• The speaker, Rainer Strack, introduces the concept of "Strategize Your Life," which borrows principles from corporate strategy and applies them to personal life.
• He emphasizes that life is not about winning but about living a great life, and a life strategy is a set of choices that positions a person to achieve this.

2. The Seven Steps of Life Strategy

• The video outlines a seven-step process for developing a life strategy, mirroring the steps used in corporate strategy projects:
  • Step 1: Define a great life.
  • Step 2: Identify your life purpose.
  • Step 3: Define your life vision.
  • Step 4: Assess your life portfolio.
  • Step 5: Learn from best practices and benchmarks.
  • Step 6: Make life portfolio choices.
  • Step 7: Ensure successful, sustained change.

3. Defining a Great Life: PERMA-V Model

• The video discusses the limitations of traditional measures of success like money, fame, and power, highlighting the concept of hedonic adaptation and social comparison.
• It introduces the PERMA-V model from positive psychology, which defines a great life based on six elements:
  • P: Positive emotions (contentment)
  • E: Engagement (flow)
  • R: Relationships (deep connections)
  • M: Meaning (making a difference)
  • A: Achievement (goals)
  • V: Vitality (health)

4. The Strategic Life Portfolio

• The video introduces the "Strategic Life Portfolio" as a tool for assessing and managing different areas of life.
• It proposes 16 strategic life units, categorized into six areas:
  • Significant other
  • Family
  • Sports activities
  • Jobs
  • Faith
  • Other
• The portfolio uses a 2x2 matrix to plot the importance and satisfaction of each life unit, with the size of the bubble representing the time invested.

5. Analyzing the Strategic Life Portfolio

• The video explains how to analyze the portfolio to identify areas needing attention.
• It highlights the "upper left" quadrant, representing areas with high importance but low satisfaction, as a focus for improvement.
• It also emphasizes the importance of adjusting the time allocation and satisfaction levels based on personal priorities.

6. Creating a Life Strategy

• The video emphasizes that the strategic life portfolio is just one step in the seven-step process.
• It stresses the need for a life strategy that aligns with personal values, purpose, and vision.
• It encourages individuals to be open to opportunities and serendipity while also being prepared for them.

7. Conclusion

• The video concludes by reiterating the importance of strategic thinking in creating a fulfilling life.
• It quotes Seneca, emphasizing the need for direction and preparation to navigate life's uncertainties.
• The video encourages viewers to use the "Strategize Your Life" framework to take control of their lives and achieve a great life.