Forty-seven percent of mutual fund mangers do not personally own any of their own fund, according to Morningstar. That’s shocking. But I suspect something similar happens across most businesses.
What percentage of McDonald’s executives frequent their own restaurant as a legitimate customer interested in the chain’s food, rather than a fact-finding mission? Few, I imagine. How many times has the CEO of Delta Airlines been bumped from a flight, or had his bags lost by the airline? Never, I assume.
The inability to understand how your customers experience your product almost guarantees an eventual drift between the problems a business tries to solve and the problems customers need solved. Here again, a person with a lower IQ who can empathize with customers will almost always beat someone with a higher IQ who can’t put themselves in customers’ shoes.
“At some point you will have to decide if you want to be somebody or do something, because you can’t have both.”
“If your boss asks for your loyalty, give them integrity. If your boss asks for your integrity, give them loyalty”
-John Boyd, military strategist
His biography on Amazon
I would be excited to facilitate a innovation workshop for your team or organization. The material can be customized around your industry and challenges. We will work together to explore multiple innovation techniques and add them to your strategy toolbox:
- The subtraction technique
- Big unsolved problems
- Disruptive innovation
Check out my Innovation Strategy Deck and feel free to send any questions or requests to firstname.lastname@example.org
Good strategy is not just “what” you are trying to do. It is also “why” and “how” you are doing it. … Good strategy requires leaders who are willing and able to say no to a wide variety of actions and interests. Strategy is at least as much about what an organization does not do as it is about what it does.
From Farnam Street.
Only when the tide goes out do you discover who’s been swimming naked.
From Farnam Street.
Our main business is not to see what lies dimly at a distance, but to do what lies clearly at hand.
From Farnam Street
The only valid purpose of a business is to create a customer.