Richard Rumelt, strategy expert, discusses the elements of good strategy, emphasizing action agendas over abstract plans. He highlights diagnosis of key challenges, guiding policies, and coherent actions as crucial components. Bad strategies often lack diagnosis, feature incoherent actions, or mistake goals for strategy. Rumelt stresses the importance of identifying and leveraging power asymmetries for competitive advantage, advocating for focused action on achievable goals. Organizational dynamics and internal politics often hinder effective strategy implementation. He advises founders to focus on important, addressable problems, iteratively adapting as needed.