This is a favourite saying of companies pretty much everyone whose ever given advice about anything. But as we know, advice is a form of nostalgia, and while nostalgia can conjure important and worthy emotions, it’s not something to live a life by. Personally I believe that encouraging anyone to not make the same mistake twice is bad advice. Any skill I’ve mastered, which was worth mastering involved me making the same mistake over and over again. Repeating the error until I had got it entirely out of my system.
A better version of this advice is as follows: Making the same mistake is fine, so long as you are making it on purpose.
While success is a relative term, there is a simple way to know if we’ve built something we can regard as a huge macro success. And that is when others are claiming derivative success within the platform we have created.
Examples could include:
- A top downloaded iPhone app
- X million views for a Youtube video
- A featured post about your project on Boing Boing
- Being person X on platform Y
Once someone can be regarded a success because they have used what we’ve built well, that’s when we know we’ve really changed the world.
Today is a hot day in Melbourne 34 degrees celsius or 93.2 degrees fahrenheit. It seems though it is never too hot to retail coffee in our fair city of Melbourne. Looking for a java fix I quickstepped down to the nearest caffeine haunt in docklands. I happened upon a new outfit called Cafenatics. Their coffee and food were both good. Their outdoor air conditioning was the total bomb. I freaking loved it.
They had set up a nice water misting system in both their outdoor dining area and even inside. It was just perfectly soft so that you didn’t feel wet, just cooled down. So amazing, I tweeted about it, posted in on Foursquare and even made the effort to write this and share some pictures of it (below). A simple idea I’ve never seen before.
The thing I like just as much is that this is clearly not a new technology…. the Romans probably invented it. Proving again that innovation is an attitude and there are probably a thousand low cost ways any of us could employ tomorrow to wow people. This certainly got me talking.
The curious thing is that, their coffee is what I came for, and their mist cooling system is the story I left with.
A business plan is not a user manual. It’s not a map of a defined territory and it’s not a even a vision of the future. At best it is a contention of how we may be able to get things done. Because of this, we need realise it can and should be revised as soon as it is unproven. Yes, we should give it a chance, execute against the contention, but remember it is only as valuable as the results it generates. We can throw it away, draft a new one if needed.
While important, a plan must serve us. We ought not serve it.
When selling anything we need to know where to focus our energy. Often there are two different realms we need to sell against.
- Convincing or demonstrating to the person that the product or service is good or better than the alternative.
- Convincing the person to exchange the thing in question for their money.
Most good sales people know how to do both of these tasks, but sometimes it’s tricky to know which one is the focus question of the moment. A simple way of finding out is to go ahead and ask. It’s worth remembering that selling isn’t a guessing game it’s a service game.
While the flow of jobs through history here clearly simplifies the reality, but there is no disputing the type and structure of work we do is in a constant state of flux.
Soon employers will realise they don’t actually need employees. They will work out the thing they actually need is tasks completed, projects managed and leadership provided. And in a connected world they won’t need to pay for people to do these things 5 days a week – especially when large amounts of that time paid for are unproductive. What we need to remember is that companies pay people based on the value they deliver, not by the hours they are present. If a person cost X for 5 days work, but it really only takes 3 days to do, they the company would be happy to pay the equivalent of 4 days for previous cost of the 5 days output. Especially when it reduces the overhead of carrying the employee. On average an employee costs twice their salary to carry. In a connected world roles for employees will fragment into pieces and projects purely because the balance sheet will demand it. When this does happen will happen and we will enter the age of the projecteer. And I truly believe this will be better for everyone. Projecteers we gain a greater revenue clip for their time given, and companies will save on cost for activities done. In addition to this, neither party will be chained to each other mentally providing a more creative work life ecosystem.
So the question for all of us are:
How are we building our personal brand?
What are we developing our pinch hitting expertise in?
How can we create more value by being cross fertilised, nimble value merchants?
And how can companies connect with us?
We all about to become entrepreneurs whether we like it or not, best we get ready now.
While many startups are new versions of existing ideas, in our quieter moments all entrepreneurs would freely admit they wouldn’t mind changing the world. Me included.
If we want to do this, then one of the most important things we can do is ignore the facts.
Facts specialise in yesterday. They are by definition an historical account of what we understood or what happened. Even science continues to disprove previously held scientific facts – the most recent being the quantum revolution, which among other things has proven that atoms can be in more than one place at the same time.
In startups we should start with fiction. An imagined world of what we’d like to see or create. We need to remember that the concept of ‘what works’ is by definition really, only what has worked. That ‘the way it is’, can only actually be about the way it was. And ‘the way to do it’, is really just a way in which it has been done.
Our job as entrepreneurs is really about turning today’s fiction into tomorrows facts. While this doesn’t mean we should go live with the fairies, it does mean we should sometimes ignore the so called rational.
I’m typing this on a Sunday evening. I’ve had various times in my life when I used to hate Sunday, not due to its own features and benefits, but because it was the pre-amble to Monday. Mondayitus. The dread for Monday was so deep and worrisome that it ruined the day before it which is was a free day. And what is more ironic is that I even liked Thursday more than I liked Friday, because Friday was too close to Monday. It is strange indeed how our minds can work. Sometimes it is worth listening to the strange.
Tonight, I went for a jog and I was genuinely excited about the week ahead and couldn’t even wait for Monday to get some of my projects underway. We are doing another world first for Tomcar Australia which will be global news. I’m attending the FML this Wednesday night to help jumpstart the maker movement in my fair city Melbourne. I’m working on a few Hackathons for some big corporates. I’m doing a new talk on the ‘future of work’, which I will deliver at the co-work in the lane way for the Hub Melbourne. Working on a new technology related property development. Shipping the Super Awesome thing & person from Romania. Working on my new book and might even be launching my new startup by the end of the week. I can’t wait.
I’ve decided that Monday is our best friend. There is nothing more telling in life than how we feel about it. Monday knows all. It is about time we started listening to our internal mental Monday sermon and tried and create a Monday that Monday actually appreciates. I ignored Monday for a while, but now I’m listening to it again and it is helping me smile.
As far as I can tell our Mondays are the ultimate arbiter of happiness.
Now that we all have reading devices permanently placed in our pockets we can catch up on our reading at any time. For me this presents an interesting set of considerations we should be aware of:
- Does it increase the amount of reading we do, or just change when we do our reading?
- Are there only so many words we want to read each day?
- What do we read during our ‘mobile’ reading times: Social media, news, articles, books or all of them – versus our home reading time?
- Are we in a space for which quiet consideration and reflection is even possible when we read?
It got me thinking that much of the reading we do now is more disposable than ever. A type of mind junk food for which there is often little intellectual nutrition. I’ve been as guilty as anyone wanting to know the latest business, technology and startup news. The type of stuff which is interesting to know but wont compound our knowledge.
I feel like reading has now split into two categories much like food has:
- Fast Reading – The latest stuff, a quick mind fix, but with little long term value. Disposble.
- Slow reading – Tome orientation which has a longer term perspective, directional postulations and philosophical musings. Timeless
I’m trying to focus on the latter, because if we have a foundation of thought we can easily digest the latest trends or factoids. But more importantly, add a rounded perspective which instigates a personal opinion. We go beyond regurgitation and develop thought leadership.
The key question I now ask myself is this: Will what I am reading be relevant 5 years from now? In truth it doesn’t matter where, how or with what device we consume it, but the reality is our immediate environment often shapes our consumption behaviour. We need new habit awareness during times of technology transition.
At the end of the day, it becomes a choice between knowing the latest news or tactics, or having understanding of the larger shifts and building a philosophy. I know which one I’d rather choose.
The pace of change is overwhelming. Many established companies have finally realised that this change isn’t just a little blip in the way things are done, but an entire business eco system reorganisation. It’s fair to say that the level of corporate anxiety is at an all time high, and with good reason. Only 57 companies still remain on the inaugural Fortune 500 list from 1955, while more than half of the Fortune 500 companies were not in it just 10 years ago. And while the cost of not adapting to the digital era is likely to be extinction, it seems as though every day I see yet another story of a large legacy market leader who is, to put it bluntly, Kodaking.
Kodaking is the term I now use to explain a company implementing strategies which are fundamentally flawed in the new business infrastructure. But before I go through the signs of a firm who is Kodaking, I’ll recap some of the terrible decisions made by the once revered imaging company.
Kodak’s Digital Camera from 1975:
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Kodak had over $16B in revenue in the late 1990’s – yet is bankrupt today. In fact they recently sold 1,100 of their remaining valuable digital imagery patents to a consortium of Apple, Samsung, Google and others for the sum of $527 million in a bid to restructure and salvage something. They ironically invented the digital camera in 1975, but had little incentive to facilitate its mass marketing as it disrupted their highly profitable film sale and processing business. As late as 2004 Kodak in their
wisdom stupidity attempted to sell digital cameras which plugged onto home based printers so they could continue with their old model of selling chemical film for profit. Here’s the kicker though…. What they did do, share memories, ‘Kodak moments’, has never been in stronger demand than it is today. Twice as many photos have been shared in the first half of this year as were shared in all of last year. What is facebook other than a Kodak moment 2.0? Facebook’s market capitalisation is (as of today) $122b while Kodak had a market value of only $28b at its peak. In fact there is no limit of new and large brands who took what Kodak resisted – Flickr, Instagram, Smartphones, GoPro, parts of Google, elements of Apple…. the list is long. Kodak could obviously see the future, because they invented most of it. But they were greedy. What they really failed to do was connect people, the way the people wanted to connect. They tried to dictate the methods of visual connection with people. As we know technology has no respect for the past, and our strategy must always be defined by our audience’s desires. They recognised the technology, but failed to open their mind to the revenue possibilities of it, and play the long game.
So how do we avoid Kodaking? Here are some things to look out for:
- Shelving technology which is less profitable, but highly probable to redefine a market.
- Defining the company by product portfolio instead of human needs underneath them (see the Marketing Myopia).
- Trying to find new ways to keep old revenue models alive.
- Not asking these core questions often enough: What business are we in? What business do we need to be in?
- Internal talk about the advantages of scale and infrastructure, when the opposite is true.
- Ignoring the potential of disruptive startups in adjacent industries.
- Trying to charge a fee for what can now be found elsewhere for free.
- Competing for market share in an existential pie (Kodak vs Fuji vs Agfa). The future is often in baking a new market share pie.
- Not entirely embracing technology as a mandatory company focus.
Startup blog says: Don’t be Kodaking.