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Thursday, June 7, 2012
Quality Vs Bottom Line
Throughout our journey of entrepreneurship an interesting issue keeps
coming up. We understand investors want to make a profit. Of course,
that's why they invest in businesses. However seldom have we had
investors that are interested in the quality of our beers. Most are only
concerned with the bottom line, how much they will make and when they
will see their profit. This is not always the case, but it is in a lot
of cases. We understand that investors want to make sure the product
will make money but some investors don't even want to try our beer.
Other investors of course are all about the quality (which is of course
the best you will ever drink).
So what is your experience? Is it the bottom line, quality, or both? What really matters to you as an investor?
So what is your experience? Is it the bottom line, quality, or both? What really matters to you as an investor?
Wednesday, June 6, 2012
transform useless indes into innovation
You ideas are probably worthless because they consist of little more
than random, incomplete thoughts that exist outside a framework for
execution. The reason all your great ideas haven’t amounted to enough to
buy a cup of coffee is because you don’t understand the difference
between ideas and innovation. Disruptive innovation is rarely as simple
as raw genius that bubbles-up. Most often innovation is the culmination
of several things: a sound idea, vetted through great process, refined
by innovative application, and brought to market by outstanding
leadership. The difference between an idea and innovation is execution –
don’t be the “idea” person, be the innovator.
It is my hope to help dispel the myth that ideas are inherently good things. Let me state right from the outset that I place little value on ideas. Not only do raw ideas have little intrinsic value, but they are often very costly. While I stipulate to the fact ideas can sometimes lead to great things, I also submit it is more frequently the case that ideas lead to distraction, disappointment, and even outright disaster. Those of you familiar with my work are probably wondering if it is really me authoring this text – if you’re baffled at how a champion of innovation can simultaneously be an idea-basher, I urge you to read on, and I promise the congruity will become apparent.
I want to start by actually defining what an idea is, and is not. Ideas do not constitute a philosophy, principle, or strategy. An idea is not synonymous with a competitive advantage, an idea is not necessarily a sign of creativity, an idea does not constitute innovation, and as much as some people wish it was so, an idea is certainly not a business. To the chagrin of many reading this post, ideas in and of themselves are nothing more than unrefined, random thoughts. Ideas on their own accord are really quite useless. The truth can often times be harsh and difficult to hear, but it is nonetheless the truth.
Ideas are a dime a dozen. If you take a moment and reflect on all the ideas you’ve spawned over the years, or the many ideas that have been birthed by your friends, family, and professional associates, you’ll quickly see most of them never achieved lift-off. The problem is most ideas never get implemented, and moreover, even the best ideas when improperly implemented can cause great harm. While creativity is clearly a valuable asset, unbridled creativity where random, disparate ideas abound outside of a sound decisioning and execution framework will create distraction and chaos much more often than they will lead to innovation.
In fact, it is most often the organizations that demonstrate a “heard mentality” when rushing to adopt the latest ideas which are the farthest thing from being innovative. The net result of being a late stage trend follower is that you’ll likely experience little more than yet another in a long line of great adventures which end in frustration due to the time wasted and the investment squandered. The reality is that many businesses are quick to recognize great ideas, but they often have no plan for how to successfully integrate them into their business model.
My advice to you is not to let your business get caught up in embracing random ideas – at least not without some initial analysis being conducted to determine the likelihood of success. Failed initiatives are costly at several levels. Aside from draining financial resources, a flawed execution can cast doubt on management credibility, have a negative impact on morale, taint the brand, adversely affect external relationships, and cause a variety of other problems for your business.
Every sound business initiative begins with a vision accompanied by a solid strategic plan. However while most anyone can cobble together a high level vision , very few can author a strategy that can be successfully implemented. In order for your enterprise to turn an idea into a monetizing and/or value creating event you should develop a strategic plan that attempts to measure the idea against the following 15 elements:
1. Framework: The idea should be generated within a solid framework for decisioning. It should be developed as a solution to a problem or to exploit an opportunity. The idea should be in alignment with the overall vision and mission of the enterprise. Ideas which linger outside of a framework usually die a slow and painful death.
2. Advantage: If the idea doesn’t provide a unique competitive advantage it should at least bring you closer to an even playing field. That said, the best initiatives don’t level the field, they tilt the field in your favor.
3. Alignment: Any new idea should preferably add value to existing initiatives, and if not, it should show a significant enough return on investment to justify the dilutive effect of not keeping the main thing the main thing. Sailing into a “blue ocean” is only a good thing if you eventually reach your destination. It doesn’t matter if your ocean is blue if you remain lost at sea.
4. Assess: Put the idea through a risk/reward and cost/benefit analysis. Calculated risks are fine so long as you’ve actually done the calculations.
5. Simple: Whether the new idea is intended for your organization, vendors, suppliers, partners or customers it must easy to use. Usability drives adoptability, and therefore it pays to keep things simple.
It is my hope to help dispel the myth that ideas are inherently good things. Let me state right from the outset that I place little value on ideas. Not only do raw ideas have little intrinsic value, but they are often very costly. While I stipulate to the fact ideas can sometimes lead to great things, I also submit it is more frequently the case that ideas lead to distraction, disappointment, and even outright disaster. Those of you familiar with my work are probably wondering if it is really me authoring this text – if you’re baffled at how a champion of innovation can simultaneously be an idea-basher, I urge you to read on, and I promise the congruity will become apparent.
I want to start by actually defining what an idea is, and is not. Ideas do not constitute a philosophy, principle, or strategy. An idea is not synonymous with a competitive advantage, an idea is not necessarily a sign of creativity, an idea does not constitute innovation, and as much as some people wish it was so, an idea is certainly not a business. To the chagrin of many reading this post, ideas in and of themselves are nothing more than unrefined, random thoughts. Ideas on their own accord are really quite useless. The truth can often times be harsh and difficult to hear, but it is nonetheless the truth.
Ideas are a dime a dozen. If you take a moment and reflect on all the ideas you’ve spawned over the years, or the many ideas that have been birthed by your friends, family, and professional associates, you’ll quickly see most of them never achieved lift-off. The problem is most ideas never get implemented, and moreover, even the best ideas when improperly implemented can cause great harm. While creativity is clearly a valuable asset, unbridled creativity where random, disparate ideas abound outside of a sound decisioning and execution framework will create distraction and chaos much more often than they will lead to innovation.
In fact, it is most often the organizations that demonstrate a “heard mentality” when rushing to adopt the latest ideas which are the farthest thing from being innovative. The net result of being a late stage trend follower is that you’ll likely experience little more than yet another in a long line of great adventures which end in frustration due to the time wasted and the investment squandered. The reality is that many businesses are quick to recognize great ideas, but they often have no plan for how to successfully integrate them into their business model.
My advice to you is not to let your business get caught up in embracing random ideas – at least not without some initial analysis being conducted to determine the likelihood of success. Failed initiatives are costly at several levels. Aside from draining financial resources, a flawed execution can cast doubt on management credibility, have a negative impact on morale, taint the brand, adversely affect external relationships, and cause a variety of other problems for your business.
Every sound business initiative begins with a vision accompanied by a solid strategic plan. However while most anyone can cobble together a high level vision , very few can author a strategy that can be successfully implemented. In order for your enterprise to turn an idea into a monetizing and/or value creating event you should develop a strategic plan that attempts to measure the idea against the following 15 elements:
1. Framework: The idea should be generated within a solid framework for decisioning. It should be developed as a solution to a problem or to exploit an opportunity. The idea should be in alignment with the overall vision and mission of the enterprise. Ideas which linger outside of a framework usually die a slow and painful death.
2. Advantage: If the idea doesn’t provide a unique competitive advantage it should at least bring you closer to an even playing field. That said, the best initiatives don’t level the field, they tilt the field in your favor.
3. Alignment: Any new idea should preferably add value to existing initiatives, and if not, it should show a significant enough return on investment to justify the dilutive effect of not keeping the main thing the main thing. Sailing into a “blue ocean” is only a good thing if you eventually reach your destination. It doesn’t matter if your ocean is blue if you remain lost at sea.
4. Assess: Put the idea through a risk/reward and cost/benefit analysis. Calculated risks are fine so long as you’ve actually done the calculations.
5. Simple: Whether the new idea is intended for your organization, vendors, suppliers, partners or customers it must easy to use. Usability drives adoptability, and therefore it pays to keep things simple.
Tuesday, June 5, 2012
Prosperity and Purpose
It is important to note that the freedom the Buddha offered to become as prosperous as possible hinges on two conditions. First, one must follow certain guidelines in endeavoring to become prosperous. Second, one must use wealth properly. Unless these two conditions are met, one’s immense wealth would never gain the Buddha’s praise — thus the “boundless freedom” to become wealthy relates to the quantity of wealth, not to the means used to accumulate it. On the other hand, prosperity should never be an end in itself, but merely a means to some wholesome purpose.…prosperity should never be an end in itself, but merely a means to some wholesome purpose.
Indicating both the individual freedom to be prosperous and the importance of using that freedom correctly, the Buddha said:
What is atthi sukkha [the happiness of possessing wealth]?Individual prosperity is clearly supported, as long as the layperson employs “fair means and right effort.”
A certain person accumulates great wealth and property through fair means and rights effort and thinks, “now I have wealth; now I have properly gathered through fair means.”
In thinking so, that person experiences happiness and satisfaction. This is what I call atthi sukkha.
Monday, June 4, 2012
5 Leadership Behaviors Loyal Employees Trust
All great leaders know getting there is the challenge, of course.
Here are 5 behaviors for leaders and hiring managers to adopt when
struggling to keep employees happy and loyal:
1) Tell the truth. Not everyone is a star. Pick out those with leadership or other valued talent potential and nurture them. This will come back to the business as these individuals, in turn, nurture other workers.
2) Communicate roles and responsibilities. Provide a path to success not only for those with leadership promise but for all employees. Sometimes this will mean difficult changes, but remember the most important skill of a leader: never surprise an employee with bad news. Have a development plan for all, and a get-well plan for those whose performance lags. Make sure everyone knows the plan.
3) Create a workplace culture that values real people relationships. For many employees, workgroup relationships and relationships between managers and workers drive engagement and loyalty more effectively than foosball machines, logo T-shirts, and Thirsty Thursday gatherings.
4) Be fair and open. This does not mean treat everyone equally – it means have transparent processes for managing and leading. Employees are more likely to respond positively to change when the process used to manage change is fair.
5) Model the behaviors you seek. Just as the headmaster at the high school did, accept your responsibility as a leader and act with engagement, commitment and responsibility. Do this every day.
Each of us possesses skills, strengths, talents and flaws. Each of us seeks to belong, to be engaged, to relate to those around us. Loyalty is built on relationships, shared understanding and trust. Engagement and commitment require loyalty, shared goals and fair treatment. Don’t take loyalty and engagement for granted – create a remarkable culture where there are possible and rewarding outcomes of the workplace.
We are only human after all – Every one of us. Every leader. Every brand. Every workplace. Every person.
1) Tell the truth. Not everyone is a star. Pick out those with leadership or other valued talent potential and nurture them. This will come back to the business as these individuals, in turn, nurture other workers.
2) Communicate roles and responsibilities. Provide a path to success not only for those with leadership promise but for all employees. Sometimes this will mean difficult changes, but remember the most important skill of a leader: never surprise an employee with bad news. Have a development plan for all, and a get-well plan for those whose performance lags. Make sure everyone knows the plan.
3) Create a workplace culture that values real people relationships. For many employees, workgroup relationships and relationships between managers and workers drive engagement and loyalty more effectively than foosball machines, logo T-shirts, and Thirsty Thursday gatherings.
4) Be fair and open. This does not mean treat everyone equally – it means have transparent processes for managing and leading. Employees are more likely to respond positively to change when the process used to manage change is fair.
5) Model the behaviors you seek. Just as the headmaster at the high school did, accept your responsibility as a leader and act with engagement, commitment and responsibility. Do this every day.
Each of us possesses skills, strengths, talents and flaws. Each of us seeks to belong, to be engaged, to relate to those around us. Loyalty is built on relationships, shared understanding and trust. Engagement and commitment require loyalty, shared goals and fair treatment. Don’t take loyalty and engagement for granted – create a remarkable culture where there are possible and rewarding outcomes of the workplace.
We are only human after all – Every one of us. Every leader. Every brand. Every workplace. Every person.
Friday, June 1, 2012
Enjoy Your Friday!
Everything in the universe dances in rhythm with deep purpose: One invisible intelligence flowing through all & connecting all purposefully!
View all problems as challenges.
Look upon negativities that arise as opportunities to learn and to grow.
Don't run from them, condemn yourself, or bury your burden in saintly silence.
You have a problem? Great.
More grist for the mill. Rejoice, dive in, and investigate.
Bhante Henepola Gunaratana, "Mindfulness in Plain English"
Wednesday, May 30, 2012
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