What we actually get paid for is all the work we did yesterday, and the day before that, and the year before that. In fact, what we get paid for is the work we did when no one was watching and no one was paying.
While success is in the eye of the beholder, I heard an interesting fact recently about intelligence and financial independence. And that fact was that the vast majority of financially independent people have average or below average intelligence. We are talking here about raw intellectual capability. This would seem counter intuitive to everything we are taught to believe in school, the corporate world and life. That we have to be ‘smart’ to accumulate financial advantage. Turns out the opposite is true and social researchers put it down to one simple thing:
“People of average intelligence are not overly impressed with how clever they are.”
Sounds like a silly thing to say, but it gives average people like you and me a big advantage. It means that we know we have to work hard, and maybe even a bit harder. And it also means that we don’t think we know everything already and so we have on open mind to learn new things and methods.
Turns out that some of the key factors in the success equation are about being average.
I recently did I podcast with a friend Murray Galbraith who runs Dads.co – a place for dads to share and celebrate being a rad dad. I was particularly happy with the chat we had as it covered many of the important parts of being a dad, and being independent economically. I really think it’s some good ear candy. You can listen to it here.
Also, this Wednesday night I’ll giving a talk at the Entrepreneurs Club in Melbourne, about how to transition from employee to entrepreneur. I’m really excited about this one as I’ll be sharing my top 10 “Hacks of Independence” to help you escape the drudgery of corporate cubicle life. It’s free and you should totally come and share some ideas with other like minded individuals. Details are here.
I’m going to tell you quite a personal story about how changing one simple thing last year changed my earnings and work life dramatically. It starts with a story I heard from an old 1960’s business coach called Bob Proctor. I was listening to a podcast of his where he described the following situation. A gentleman was the owner of a medium sized, $10 million dollar enterprise. He was the sole owner of the business and employed a large number of staff for the time. It was during the 1980’s. Unfortunately he passed away unexpectedly and all of the staff members and senior management were worried about what his wife (who inherited the business) would do now that the founder and CEO was gone. Some thought they’d lose their jobs, some thought she’d sell the company, some even rubbed their hands together and hoped for a management buyout. What she did do, no one expected. She had never had anything to do with the business before his death, but came in for the first official meeting to tell the staff and board of directors what was going to happen. This is what she did.
She asked all of the Directors to tell her the following 3 things:
- What are you doing in your division at the moment.
- What is working well.
- What is not working well.
She went around the room and let all of them tell those 3 simple stories. After that was done she gave them all a very simple instruction. She said. “I want you to stop doing all of the things that are not working. I don’t care if we lose revenue, or what happens as a result of this. I want you to only do the things that are working. Anyone who doesn’t follow this rule when I come back and ask the same questions in three months, will be dismissed.” She then told them she wasn’t selling the business, and the benefits of any growth will be shared accordingly.
One year after she undertook this strategy the business had grown from a $10 million enterprise to a $30 million enterprise.
It got me thinking at the time I heard this about what I was doing with work. What parts was I doing that were actually working well, and which bits were not working out so well. I came to the conclusion that the things that always worked out best for me were Writing and Speaking. I was doing a portion of that as part of my work at the time. I was working in advertising and in some startups on the side. Whenever I did a keynote speech or did a pitch I smashed it. My writing for journals and blogs was getting good credence. It was probably about 20% of my time on the average week. So I wondered what would happen if I only did those two things. Even for the startups I work with – only write and speak about them to help them grow. I wondered what kind of an income I would earn as a kind of ‘thought freelancer’ on technology, startups and business strategy. So instead of just wondering about it, I decided to do it. My new mantra would be to ‘Think, Write and Speak’ for a living.
Since this decision – which was around a year ago – I’ve published a book and started doing keynote speeches through an agent. And this is the personal bit. After about some months getting organised (pitching the book & getting an agent for speaking), I’ve earned well over what I earned for the entire previous year in just 5 months. What is super cool about this, is that I’m managing to do this in only a small portion of my week. It then forms a kind of underwriting strategy, so that I can invest more time in some killer startup ideas I’ve got, but haven’t had the capacity to get done. I say this not to impress you, but to impress upon you. I’m pretty sure all of us have a muse like this. That small portion of what we do in our company, job or startup which we excel in. A muse we have natural talent for, and naturally put more effort into. I’m pretty sure if we all focused on this, we’d get the same results that I am seeing. Remembering of course that this is not some passion fantasy, but real work we already get paid to do.
Another thing which is really telling with this story is this simple fact: I am no better at these things than I was 1 year ago or even 3 years ago. I am the same person, with the same capacity. I simply sowed my seed in more fertile soil. Which also makes me wonder why we all act like trees, waiting for the environment around us to change and help us flourish. When we can instead choose to change our environment. Unlike trees, we don’t have roots, we have legs, we can use them to go elsewhere and change where we do our work for a more fruitful return. I think the biggest determinant of our income is taking the work we do to a place where that is valued at its highest.
Maybe the thing we need to change, isn’t ourselves, but where we do our work.
While I’m a firm believer we can achieve more as entrepreneurs than we can as employees, there are some damn good lessons we can learn from corporates. One such thing that large companies tend to do is strategy planning. Annual or quarterly events, where time is taken out to sit down and plan the future. So my question is this:
When is the last time you did this for your most important startup: Your household?
Yes, the startup that is the people who live in your home. It seems ever so weird that we spend an inordinate amount of time doing strategy for the companies we work for, and yet fail to do it for ourselves and our family. My household is a 5 year old startup which is clearly the most important in my portfolio – the capstone of all the matters to me. Within it, we have two other startups, otherwise known as children. So my wife and I are investing a few days where our entire focus is what we want out of life for our family, and how we might go about achieving it.
So what might we include in such a day? Our approach to health, loving, learning, sharing, housing, career, finance and our community. We’ll ratify our guiding philosophy on how we invest the 24 hours in each day. We’ll decide how we allocate our resources to maximise happiness. We know that the major asset in life is time, and the people we love. The financial part of our strategy day – our plans for income and investing – is last on the agenda. This should serve what we want as people, and so setting numbers before we know what we need, would be back to front. The outcome will be an operations plan for a happy home.
We often go through life thinking that if we earn enough money, and do well in our career, the other life stuff will be ok. Turns out the opposite of this is true.
I remember growing up having people tell me it’s all about who you know in life and business. I always thought it was kinda weird that it could work in your favour by just knowing people who could help you, especially if you happened to be a fool. Surely domain knowledge mattered more? And here is what I found out, they both have value.
But what has even more value is when we use which ever we have more of to improve on the other. This tends to happen when we learn from those we’re lucky enough to know, or use our knowledge to help whoever we meet.
As soon as we think of an amazing startup idea the first thing we often do is trawl the internet to see if someone has already built the app, the service ,the hardware device. We want to know if it has already been done. Oft times, we are deflated to find out it has been. But if we have to search, has it really been done? If no one knows about a concept in market it raises a lot of interesting questions:
Did they execute well against the idea?
Is their product good, but the distribution poor?
If the distribution is poor, does that mean the product is actually bad?
If the distribution is poor, does that mean it’s not solving a real problem?
If the distribution and product are both good, are the switching costs too high?
Did the team have the right funding?
If they had the funding is the timing too soon – is the market ready?
The truth is we’ll never be able to answer these and other questions. And so it brings us back to the very first moment of inspiration. We thought it was a great concept and maybe that is enough. We know most things change their shape in the development process anyway. Maybe we should build it regardless of what is out there. Build our version of how things could be. Remembering of course that most fortunes are made with old ideas done better. Property is the oldest business in the world and still to this day creates the most millionaires. Even Youtube, a new kinda business, arrived when there were already over 400 video sharing websites (that we know of).
It’s another reminder our world is big on ideas and small on execution.
I spend a fair amount of time in large corporations – helping them transition from the industrial era to the technology era. I’ve come to the conclusion that sometimes you can see the future of the organisation based on subtle hints in the physical environment. And hence the title of this post. Two different organisations I visited had signs on their bathroom cubicle walls which told me all I needed to know about these companies and their prospects.
“Did you bring your best self to work today? Can you show us something new and amazing we haven’t thought of?”
“Please leave the toilet the way you found it.”
Both of these signs tell me so much about the culture of the organisations in question. Whether or not an opinion is valued, whether contributions should be original, what they think about rules and following instructions. But most of all whether they regard their staff as adults or children. The second is interesting, because it also infers that if there’s a problem, you should definitely not take any responsibility to improve things.
Let’s also remember that someone had to think of these, decide it was what the company valued, print them and put them up…. this isn’t just a slight office quirk, it’s a public display of deep corporate values. The reason I decided to point this out is because if there has ever been a time in business when doing things as they were done before is a dangerous tactic, that time is now.
Tonight I’ll be doing a presentation at the amazing building above. The new Docklands Library – a library…. the original internet of knowledge transfer. It’s for the Future Crunch event, and I’ll be doing a talk I’ve never done before: The Autonomous Corporation: It’s kinda Star Trek. A short 20 minute presentation which will cover a few of these thought jams:
Language is a technology
Corporations are a form of technology
Technology removes human labour
Technology is designed to serve humans
Technology is a form of biology
Corporations need to serve humans… again
I’ll leave it at that for now. After the talk we’ll have a Q and A session and chat. But join me tonight for some thinking time on how to build better commercial ecosystem for living. Meet some interesting people, leave the TV and chores at home and explore your mind. It should be fun.
It won’t be your phone, laptop, television, car, your micro electricity storage grid, your thermostat or your fridge. It will be your toilet.
You may not have expected that. It will be a top of the technology chain looking after the most important thing in our lives – our health. Nothing is more important, and it just so happens that sensor technology is entering an inflection point where dramatic technology advances will change medicine and health as much as germ theory did.
All forms of technology in our connected world are under going rapid price deflation. Power is increasing and prices are dropping exponentially. The technology inside the technology is also benefiting from the same pattern of accelerating returns. This means that many vital sensors, like those found inside the 1.75 billion smart phones which have already been manufactured, have prices at the disposable level. Mere cents on the dollar. It’s this era of disposable technology that will drive the web of things era. But what it also means is that powerful high end technology is on the same path. Technology that would once have only had a place in a high end laboratory will very soon have a place in our bathrooms. It’s a pattern we’ve already seen with consumer and media based technology and widgets.
You’re toilet will become a a micro testing lab which will keep track of your health so that you don’t have to. It will include sensors of every type, measuring every kind of human feedback possible – all integrated and web enabled. It will have a DNA code of all of the members in a household, their health records and constantly be testing human waste for any anomalies which might not end well if left unchecked. It will know you are sick, or about to get sick long before the symptoms arrive. It will create a tracking timeline of changes in your health over long periods and provide the ultimate in quantified self.
It will weigh you every time you sit down, and use micro sweat to determine your daily levels of body fat and blood sugars.
It will talk to your doctor, and provide a much better assessment of what’s going on than you do when the doctor asks your those very important questions you can never remember the exact answers to.
It will have a convivial relationship with your fridge and cupboard and know what’s stored in it and what actually gets eaten. It will have a similar relationship with your kitchen and ovens.
It will make auto suggestions to your shopping list when you’re down on vitamin c, or protein or calcium, and post red flags with other items you’ve scheduled for delivery which are not in your best interest.
It will certainly track your movement via your smart devices (watch, phone and other wearables) and know what type and frequency of exercise you’re getting. It will update the shopping list to include the right foods for your level of movement and nutrition needs.
It will assess the health of your skin through the seat and track sun exposure. It will be linked to your shower which will take daily photos of your skin to check for dangerous sun spots.
In fact, it will do much more than this.
This then raises all sorts of important questions about which previously unrelated industries should be collaborating with each other. If Plumbing and medicine start to matter to each other and packaged groceries and white goods matter to each other, then you can be certain there’s an industry you haven’t thought twice about that will start to matter to you. And probably quicker than you think.
Our toilet will be the smartest device in the house, looking after the most important things in your life, your health and your family. It’s another reminder that technology is neither good or bad, but a tool we can choose use to make life better and even extend it.