Strategy:
- What you want to achieve
happiness - derived from finding meaning in what you do
- How you will get there
- Execution
Beware of allocating resources based on who screams the loudest
What you want to achieve
- Define it very clearly otherwise you start expending resources acquiring things you don't want
- Watch where your resources flow
beware of lifestyle expansion trap
- lagging awareness your time and resources get locked up maintaining an ever expanding life style that you don't want
- make sure resources are flowing in the direction of where you want to go
- be frugal - preserve optionality
Hygiene factor versus motivation factor
- hygiene factor -
to see it as a by-product of being happy with a job rather than because of the job
- types
money
- status
- compensation
- job security
- don't optimize decisions based solely on just hygiene factor
Deliberate strategy versus emergent strategy
- deliberate strategy - The original intended approach
- emergent strategy - Unanticipated opportunities presented by the environment
- a process rather than an event - a constant juggle between these two
- To be conscious about not sabotaging the exploration of new opportunities
Testing Assumptions
- When presented with a strategy consider the critical success factor for it to work
what is your current center of gravity
- what need to be done
- what resources need to be available
Good money versus Bad money
- initial business when landscape is unclear
be impatient for profit
- be patient with growth
- be a cockroach
- once viable strategy becomes visible
be impatient for growth
- scale up
Investing in Friendship
- don't take for granted the bonds of friendship and family will endure without investment of time
- 3 things to do
Be available
- Be in interested
- Don't flakeout
Investing in Family
- be waring of sequencing life investments
- neglecting a child when he is young and hoping to make it up latter when he grows up - he might already have moved out of the house by then
- talking to young kids like an adult help simulate brain neurons connections - language dancing
growth of kid has less to do with wealth in family then depth of verbal interaction
Product
- people don't buy a product
- people buy a task that can be done by the product
- understand what is the task
Happiness
- The path is to find someone whom you want to devote to making happy
- understand what job he/she needs done not what you want to do
Capabilities
- types
resources
people - don't just focus on nice looking CVs but on where they want to go
- invest in building out their experience before people need to utilize them
- processes
need to have them in place so less experienced people can still function when experienced people are not there to guide them
- priorities
- key points
Need to make sure all staff understands what is the following to ensure alignment
- know where you want to land up in and make sure to consistently invest in that direction
- make sure to have these stay in house
Culture
- Definition: A way of working together toward common goals that have been followed so frequently and so successfully that people don't even think about trying to do it differently
- make decisions aligned with the culture
- A result of shared learning from solving problems
- make sure to share successes as often as possible
- causes organization to become self-managing
- family culture - raise the kind of child that know will make the right choices
marginal cost trap
- marginal cost thinking leads to incremental expenditure without eventually owning the new equipment
- future might not be the same as the pass
- cannibalization is challenging
Further readings
- Disrupting class