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All You Need to Know* *more or less Tom Peters/21June2006. 25. All You Need to Know* *more or less. Slides at … tompeters.com. Astounding Tales. THREE BILLION NEW CAPITALISTS —Clyde Prestowitz.
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“The corporation as we know it, which is now 120 years old, is not likely to survive the next 25 years.Legally and financially, yes, but not structurally and economically.”—Peter Drucker
“This is a dangerous world and it is going to become more dangerous.”“We may not be interested in chaos but chaos is interested in us.”Source: Robert Cooper, The Breaking of Nations: Order and Chaos in the Twenty-first Century
“the metabolically dominant soldier”Source: Radical Evolution: The Promise and Peril of Enhancing Our Minds, Our Bodies—and What It Means to Be Human, Joel Garreau
“People want to be part of something larger than themselves. They want to be part of something they’re really proud of, that they’ll fight for, sacrifice for , trust.”—Howard Schultz, Starbucks (IBD/09.05)
“Management has a lot to do with answers. Leadership is a function of questions. And the first question for a leader always is:‘Whodowe intendtobe?’Not ‘What are we going to do?’ but ‘Who do we intend to be?’”—Max De Pree, Herman Miller
“Groups become great only when everyone in them, leaders and members alike, is free to do his or her absolute best.”“The best thing a leader can do for a Great Group is to allow its members to discover their greatness.”Source: Organizing Genius/Warren Bennis & Patricia Ward Biederman
“The role of the Director is to create a space where the actor or actress can become more than they’ve ever been before, more than they’ve dreamed of being.” —Robert Altman, Oscar acceptance
Did We Say “Talent Matters”?“The top software developers are more productive than average software developers not by a factor of 10X or 100X, or even 1,000X, but10,000X.”—Nathan Myhrvold, former Chief Scientist, Microsoft
“We believe companies can increase their market cap 50 percent in 3 years. Steve Macadam at Georgia-Pacificchanged 20 of his 40 box plant managers to put more talented, higher paid managers in charge.He increased profitability from $25 million to $80 million in 2 years.”—Ed Michaels, War for Talent
Our MissionTo develop and manage talent;to apply that talent,throughout the world, for the benefit of clients;to do so in partnership; to do so with profit.WPP
A review of Jack and Suzy Welch’s Winning claims there are but two key differentiators that set GE “culture” apart from the herd:
First:Separating financial forecasting and performance measurement.Performance measurement based, as it usually is, on budgeting leads to an epidemic of gaming the system. GE’s performance measurement is divorced from budgeting—and instead reflects how you do relative to your past performance and relative to competitors’ performance; ie it’s about how you actually do in the context of what happened in the real world, not as compared to a gamed-abstract plan developed last year.
Second:Putting HR on a par with finance and marketing.
“It was much later that I realized Dad’s secret. He gained respect by giving it. He talked and listened to the fourth-grade kids in Spring Valley who shined shoes the same way he talked and listened to a bishop or a college president. He was seriously interested in who you were and what you had to say.”
—Sara Lawrence-Lightfoot, Respect
“I have always believed that the purpose of the corporation is to be a blessing to the employees.”—Boyd Clarke
Message: Leadership is all about love! [Passion, Enthusiasms, Appetite for Life, Engagement, Commitment, Great Causes & Determination to Make a Damn Difference, Shared Adventures, Bizarre Failures, Growth, Insatiable Appetite for Change.] [Otherwise, why bother? Just read Dilbert. TP’s final words: CYNICISM STINKS.]
OFTEN AS NOT/MORE OFTEN THAN NOT THE UNDERLYING PROBLEM IS IN FACT NOT MUCH OF A PROBLEM.
*From Whole Foods to IBM to the corner deli
Relationships(of all varieties): THERE ONCE WAS A TIME WHEN A THREE-MINUTE PHONE CALL WOULD HAVE AVOIDED SETTING OFF THE DOWNWARD SPIRAL THAT RESULTED IN A COMPLETE RUPTURE.
“The first and greatest imperative of command is to be present in person. Those who impose risk must be seen to share it.”—John Keegan, The Mask of Command
“To change minds effectively, leaders make particular use of two tools: the stories that they tell and the lives that they lead.”—Howard Gardner, Changing Minds
“While everything may be better, it is also increasingly the same.”—Paul Goldberger on retail, “The Sameness of Things,” The New York Times
“To grow, companies need to break out of a vicious cycle of competitive benchmarking and imitation.”—W. Chan Kim & René Mauborgne, “Think for Yourself —Stop Copying a Rival,” Financial Times/08.11.03
“The Bottleneck is at the Top of the Bottle”“Where are you likely to find people with the least diversity of experience, the largest investment in the past, and the greatest reverence for industry dogma?Atthetop!”— Gary Hamel/“Strategy or Revolution”/Harvard Business Review
“GE has set a standard of candor. … There is no puffery. … There isn’t an ounce of denial in the place.”—Kevin Sharer, CEO Amgen, on the “GE mystique” (Fortune)
“This is so simple it sounds stupid, but it is amazing how few oil people really understand that you only find oil if you drill wells.You may think you’re finding it when you’re drawing maps and
studying logs, but you have to drill.”
Source: The Hunters, by John Masters,
Canadian O & G wildcatter (80%)
“We made mistakes. Most of them were omissions we didn’t think of when we initially wrote the software. We fixed them by doing it over and over, again and again. We do the same today: While our competitors are still sucking their thumbs trying to make the design perfect, we’re already on prototype version No. 5. By the time our rivals are ready with wires and screws, we are on version No. 10.It gets back to planning versus acting: We
act from day one; others plan how to plan—for months.”
—Bloomberg by Bloomberg
Culture of Prototyping“Effective prototyping may be the most valuable core competence an innovative organization can hope to have.”Michael Schrage
“Tom, very simple. Sam was not afraid to fail.”—David Glass to TP, on the occasion of Sam’s induction into The Sales & Marketing Hall of Fame
“[Immelt] is now identifying technologies with which GE will …systematically set out to build entirely new industries”—Strategy+Business, Fall 2005
*Niche-aimed. (Never, ever “all things for all people,” a “mini-Wal*Mart.)
*Never attack the monsters head on! (Instead steal niche business and lukewarm customers.)
*“Dramatically Different” (La Difference ... within our community, our industry regionally, etc … is as obvious as the end of one’s nose!) (THIS IS WHERE MOST MIDGETS COME UP SHORT.)
*Compete on value/experience/intimacy, not price. (You ain’t gonna beat the behemoths on cost-price in 9.99 out of 10 cases.)
*Emotional bond with Clients, Vendors. (BEAT THE BIGGIES ON EMOTION/CONNECTION!!)
AGENDA SETTERS: “Set the Table”/ Pioneers/ Questors/ AdventurersUS Steel … Ford … Toyota … Sears … GM … ITT …The Gap …Limited …Wal*Mart…Tesco…P&G … 3M …Intel… IBM …Apple…Nokia…Cisco… Dell… MCI … Sun …Microsoft…Google… Enron …Schwab…GE… Laker … Southwest … People Express …Ogilvy…Virgin…eBay…Amazon… Sony…Amgen…BMW… CNN … Nike
“But what if [former head of strategic planning at Royal Dutch Shell] Arie De Geus is wrong in suggesting, in The Living Company, that firms should aspire to live forever? Greatness is fleeting and, for corporations, it will become ever more fleeting.The ultimate aim of a business organization, an artist, an athlete or a stockbroker may be to explode in a dramatic frenzy of value creation during a short space of time, rather than to live forever.”—Kjell Nordström and Jonas Ridderstråle, Funky Business
“A focus on cost-cutting and efficiency has helped many organizations weather the downturn, but this approach will ultimately render them obsolete.Only the constant pursuit of innovation can ensure long-term success.”—Daniel Muzyka, Dean, Sauder School of Business, Univ of British Columbia (FT/09.17.04)
“Analysts … preferred cost cutting,as long as they could see two or three years of EPS growth. I preached revenue and the analysts’ eyes would glaze over. Now revenue is ‘in’ because so many got caught, and earnings went to hell.They said, ‘Oh mygosh, you need revenues to grow earnings over time.’ Well, Duh!”—Dick Kovacevich, Wells Fargo
Top Line, Anyone?Point (Advertising Age), to Phil Kotler: “Who should the CMO [Chief Marketing Officer] report to?”Kotler: “Maybe aChief Revenue Officer—the cost side has been squeezed, now companies have to focus on top-line growth—or maybe aChief Customer Officer. (TP: Or maybe both!)
– Robert Louis Stevenson
“TAKE THIS QUICK QUIZ: Who manages more things at once?Who puts more effort into their appearance?Who usually takes care of the details?Who finds it easier to meet new people?Who asks more questions in a conversation?Who is a better listener?Who has more interest in communication skills?Who is more inclined to get involved?Who encourages harmony and agreement?Who has better intuition?Who works with a longer ‘to do’ list?Who enjoys a recap to the day’s events?Who is better at keeping in touch with others?”Source: Selling Is a Woman’s Game: 15 POWERFUL REASONS WHY WOMEN CAN OUTSELL MEN, Nicki Joy & Susan Kane-Benson
Out-prepare!! (huge time commitment!)Learn the “culture”Practice!Care-EmpathyListen-Empathetic listening (SC)“Listen”-Body languageK.I.S.S. (1-page summary. 1 = 1.)Enthusiasm-ENERGY-“Authenticity”!!OBVIOUS belief in productSelling: Solution-Success-Experience-Dream come true-Love-Dramatic DifferenceSelling: Better STORY! (“Best story wins”)Selling: Yourself! (Brand you)“Obvious” Wow!No exaggeration!Spell out commitments!SIMPLE timelineSell “inside”-First! Thorough!Relationships-“Way down”!!Time!!!! (Eg, build trust)Ooze integrityIntroduce to rest of team, esp “mechanics”SBWA (5K for 5M)Remember: Close!Gotta-make-a-profit (be ready to walk away!)“Good loss”Don’t dis competitors!!Make her-him-target SUCCESSFUL (in a personal way)
1. Men and women are different.2. Very different.3. VERY, VERY DIFFERENT.4. Women & Men have a-b-s-o-l-u-t-e-l-y nothing in common.5. Women buy lotsa stuff.6. WOMEN BUY A-L-L THE STUFF.7. Women’s Market = Opportunity No. 1.8. Men are (STILL) in charge.9. MEN ARE … TOTALLY, HOPELESSLY CLUELESS ABOUT WOMEN.10. Women’s Market = Opportunity No. 1.
Jill and Jack buy slacks in black…
“AS LEADERS, WOMEN RULE:New Studies find that female managers outshine their male counterparts in almost every measure”Title, Special Report/BusinessWeek
“Forget China, India and the Internet: Economic Growth Is Driven by Women.” —Headline, Economist,
April 15, 2006, Leader, page 14
And the “M” Stands for … ?Gerstner’s IBM:“Systems Integrator of choice.”/BW(“Lou, help us turn ‘all this’ into that long-promised ‘revolution.’ ” )IBM Global Services*(*Integrated Systems Services Corp.):$55B
“ ‘Disintermediation’ is overrated. Those who fear disintermediation should in fact be afraid of irrelevance—disintermediation is just another way of saying that …you’ve become irrelevant to your customers.”—John Battelle/Point/AdvertisingAge/07.05
“Game-changing Solutions”:Core MechanismPSF(Professional Service Firm “model”)+Wow Projects (“Different” vs “Better”)+Brand You(“Distinct” or “Extinct”)
Experience: “Rebel Lifestyle!”“What we sell is the ability for a 43-year-old accountant to dress in black leather, ride through small towns and have people be afraid of him.”—Harley exec, quoted in Results-Based Leadership
Q: “Why did you buy Jordan’s Furniture?”A: “Jordan’s is spectacular.It’s all showmanship.Source: Warren Buffet interview/Boston Sunday Globe
Top 10 “Tattoo Brands”*Harley .… 18.9%Disney .... 14.8Coke …. 7.7Google .... 6.6Pepsi .... 6.1Rolex …. 5.6Nike …. 4.6Adidas …. 3.1Absolut …. 2.6Nintendo …. 1.5*BRANDsense: Build Powerful Brands through Touch, Taste, Smell, Sight, and Sound, Martin Lindstrom
“We don’t have a good language to talk about this kind of thing. In most people’s vocabularies, design means veneer. … But to me, nothing could be further from the meaning of design. Design is the fundamentalsoul of a man-made creation.”Steve Jobs
“I used to have a rule for myself that at any point in time I wanted to have in mind — as it so happens, also in writing, on a little card I carried around with me — the three big things I was trying to get done.Three. Not two. Not four. Not five. Not ten. Three.”— Richard Haass, The Power to Persuade
“I wanted GE to operate with the speed, informality, and open communication of a corner store. Corner stores often have strategy right. With their limited resources, they have to rely on laser-like focus on doing one thing very well.”—Jack Welch/Fortune/04.05
“This [adolescent] incident [of getting from point A to point B] is notable not only because it underlines Grant’s fearless horsemanship and his determination, but also it is the first known example of a very important peculiarity of his character:Grant had an extreme, almost phobic dislike of turning back and retracing his steps.If he set out for somewhere, he would get there somehow, whatever the difficulties that lay in his way. This idiosyncrasy would turn out to be one the factors that made him such a formidable general. Grant would always, always press on—turning back was not an option for him.”—Michael Korda, Ulysses Grant
Measure “Strangeness”/Portfolio QualityStaffConsultantsVendorsOut-sourcing Partners (#, Quality)Innovation Alliance PartnersCustomersCompetitors (who we “benchmark” against)Strategic Initiatives Product Portfolio (LineEx v. Leap)IS/IT ProjectsHQ LocationLunch MatesLanguageBoard
“Beware of the tyranny of making SmallChanges to SmallThings. Rather, make BigChanges toBigThings.”—Roger Enrico, former Chairman, PepsiCo
Five MYTHS About Changing Behavior*Crisis is a powerful impetus for change*Change is motivated by fear*The facts will set us free*Small, gradual changes are always easier to make and sustain*We can’t change because our brains become “hardwired” early in lifeSource: Fast Company/05.2005
“I don’t believe in economies of scale.You don’t get better by being bigger. You get worse.”—Dick Kovacevich/Wells Fargo/Forbes/08.04 (ROA: Wells, 1.7%; Citi, 1.5%; BofA, 1.3%; J.P. Morgan Chase, 0.9%)
“Forbes100” from 1917 to 1987: 39 members of the Class of ’17 were alive in ’87; 18 in ’87 F100; 18 F100 “survivors” underperformed the market by 20%; just 2 (2%), GE & Kodak, outperformed the market 1917 to 1987.S&P 500 from 1957 to 1997: 74 members of the Class of ’57 were alive in ’97; 12 (2.4%) of 500 outperformed the market from 1957 to 1997.Source: Dick Foster & Sarah Kaplan, Creative Destruction: Why Companies That Are Built to Last Underperform the Market
“I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The answer seems obvious:Buy a very large one and just wait.”—Paul Ormerod, Why Most Things Fail: Evolution, Extinction and Economics
Nelson’s secret:“[Other] admirals more frightened of losing than anxious to win”
Kevin Roberts’ Credo1. Ready. Fire! Aim.2. If it ain’t broke ... Break it!3. Hire crazies.4. Ask dumb questions.5. Pursue failure.6. Lead, follow ... or get out of the way!7. Spread confusion.8. Ditch your office.9. Read odd stuff.10. Avoid moderation!
“Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe.”—Winston Churchill
HTSH: Engage!*Commit! Engage! Try! Fail! Get up! Try again! Fail again! Try again! But never, ever stop moving on! Progress for humanity is engendered by those who join and savor the fray by giving one hundred percent of themselves to their dreams! Not by those timid souls who remain glued to the sidelines, stifled by tradition, and fearful of losing face or giving offense to the reigning authorities.Keywords: Commit! Engage! Try! Fail! Persist!*HTST/Hands That Shape Humanity, Tom Peters’ contribution to a Bishop Tutu Foundation travelling exhibit