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In this article, renowned management experts Gary Hamel and C. K. Prahalad introduce their approach to strategic planning in the face of tough competition. With advice on tailoring your company's strategy and developing the will to win within your firm, this article helps you define a long-term strategy for your organization that captures employees' imaginations and creates a clear path to success.

Judging by all the hoopla surrounding business plans, you'd think the only things standing between would-be entrepreneurs and spectacular success are glossy five-color charts, bundles of meticulous-looking spreadsheets, and decades of month-by-month financial projections. Yet nothing could be further from the truth. In fact, often the more elaborately crafted a business plan, the more likely the venture is to flop. Why? Most plans waste too much ink on numbers and devote too little to information that really matters to investors. The result? Investors discount them. In "How to Write a Great Business Plan," William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture: - The people--the individuals launching and leading the venture and outside parties providing key services or important resources - The opportunity--what the business will sell and to whom, and whether the venture can grow and how fast - The context--the regulatory environment, interest rates, demographic trends, and other forces shaping the venture's fate - Risk and reward--what can go wrong and right, and how the entrepreneurial team will respond Timely in this age of innovation, "How to Write a Great Business Plan" helps you give your new venture the best possible chances for success.

In the spring of 2010, Harvard Business School's graduating class asked HBS professor Clay Christensen to address them--but not on how to apply his principles and thinking to their post-HBS careers. The students wanted to know how to apply his wisdom to their personal lives. He shared with them a set of guidelines that have helped him find meaning in his own life, which led to this now-classic article. Although Christensen's thinking is rooted in his deep religious faith, these are strategies anyone can use.Since 1922, Harvard Business Review has been a leading source of breakthrough ideas in management practice. The Harvard Business Review Classics series now offers you the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world.