Most people consider strategy to be an event, some magical moment that changes the course of a company and defines its success for generations. The tale goes, some smart people get together (or occasionally one solo genius), they decide what they are going to do, and then they start implementing that strategy. That's actually not the way the world works. Strategy is not an event, but a process. People deciding which strategy a company should follow don’t have all the information, and it’s almost impossible to predict what will work or not work without testing it. More important than knowing the right strategy is understanding how to develop that right strategy and which methods to develop such a strategy to use depending on the context you are in. In this article, we will explore two types of strategies: emergent and deliberative, as well as the concepts of good money and bad money. Emergent Strategy ![][image-1] An Emergent strategy is a type of strategy that emerges as a result of experimentation and learning. It is not pre-planned, but rather evolves, and it’s often used in complex and uncertain environments, where traditional planning is less effective. They allow for innovation and creativity, as a rigid plan does not constrain them. To develop an emergent strategy, you need to be open to experimentation and willing to learn from your experiences and should be prepared to adjust your approach based on feedback from customers, colleagues, and stakeholders. You need to be comfortable with ambiguity and uncertainty, as emergent strategies are not guaranteed to succeed. However, by embracing emergent strategy, you can typically find new and innovative ways to achieve your goals. Deliberative Strategy Deliberative strategy, on the other hand, is a more traditional approach to strategy development.

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