Going, going…
July 20, 2010 by Ed McLaughlin
Gone! A grand slam!
My son’s first baseball game was more exciting than expected. After spending the first four innings watching a back-and-forth struggle, one of his favorite players hit a grand slam – the giant home run that changes the outcome of a game.
Not surprisingly, the media coverage that evening focused almost exclusively on this particular moment in the game. Apparently, the little things that occurred earlier in the contest weren’t as fun to talk about.
But sports teams that rely on the home run cannot win over the long term. Neither can entrepreneurs and business owners.
That sure hasn’t stopped them from trying. Companies love to develop business plans that are little more than a series of attempted home runs. And while occasionally someone hits one, this approach doesn’t lead to sustainable growth.
A better strategy is to concentrate on hitting singles. It may be less exciting, but think about it this way: if you try for home runs and miss, you’ve accomplished nothing. Modest wins, on the other hand, mean that you’re always growing. And over time, steady growth will transform even the smallest of firms into a powerhouse.
Which is a lot better than the occasional big inning.
Shake It Up
June 8, 2010 by Ed McLaughlin
My friend Shawn Murphy doesn’t follow. He leads.
Shawn (@shawmu on Twitter) just launched the Wake Up and Shake It Up blog series. Need a push to think bigger than you have before? Here it is.
The first post, Big versus Small, went live this morning. I think you know the author – check it out.
Don’t Change Your Story
May 23, 2010 by Ed McLaughlin
It’s frustrating to listen to people, companies, and politicians say they stand for something while at the same time they try to please everyone. It doesn’t work that way, no matter how hard they try to convince us otherwise.
A company’s story can’t be about convenience, low-cost, premium-value, and great selection.
A politician can’t talk about lowering taxes, increasing services, attacking bureaucracy, and reducing the deficit.
A Little League coach can’t preach health and fitness to his team and then sneak a cigarette while the kids are running laps.
I realize that it’s hard to take a stand, to tell people what they don’t want to hear. But it does no good to change your story to suit your audience. Sooner or later people will figure out that you don’t stand for anything at all, which means you’ll be gone tomorrow.
Solve the Right Problem
September 10, 2009 by Ed McLaughlin
The way I see it, most big companies have two problems. The first is the problem itself – poor customer service, me-too products and services, uninspired marketing, miserable employees, and layers of bureaucracy.
The second problem is that they solve the wrong problems.
More often than not, companies focus their energy on improving the current situation. This is a natural response. And if things seem to get better as a result of their actions, they feel as though something has been accomplished.
Unfortunately, doing what you’ve done before – only better – doesn’t necessarily solve the problem. At best, it keeps you on par with your competition. But it certainly won’t do anything to help you grow.
A better route is to solve a different problem. ING Direct solves a different problem than Wells Fargo. Freshbooks solves a different problem than QuickBooks, Word, or Excel. Zipcar solves a different problem than Hertz.
Solving a different problem often leads to an industry revolution. What problem are you solving?
Problem Solving 101
September 8, 2009 by Ed McLaughlin
Abraham Lincoln was fond of riddles. One of his favorites: “How many legs will a dog have if you call the tail a leg?”
Most people, of course, thought that the answer was five.
Lincoln always replied that the answer was four, not five, because calling a tail a leg doesn’t make it a leg.
You can’t solve a problem by simply changing a word or a name.
Don't Settle
August 12, 2009 by Ed McLaughlin
Not that long ago, I worked with someone who decided he no longer liked his circumstances. In what seemed like an instant, he opted to change the direction of his career.
I was impressed with the speed of his decision. “Why wait?” he said. “I’d rather do work that matters.”
He looked at me. “You can do the same thing.”
I knew what he was about to say.
“You don’t have to settle.”
He was right. And I didn’t. But far too many of us do. We decide to accept careers, projects, companies, and relationships that are “good enough.”
How do you avoid settling? Simple. It’s a choice.
Naive and Positive
August 5, 2009 by Ed McLaughlin
Entrepreneurs regularly approach me with business ideas. Too often their plans, while filled with energy and enthusiasm, have little substance. Wishful thinking without a map.
Like most entrepreneurs, I believe in thinking big. But there is a difference between a naïve entrepreneur and one that is relentlessly positive for the right reasons. Positive has a well-thought out plan. Positive knows when to tweak that plan in order to deal with inevitable setbacks. Positive balances wishful thinking with reality.
Naïve doesn’t. Naïve uses optimism to mask reality. And optimism is not enough to achieve the impossible.
If you’re a goal-oriented person and regularly push your limits, no doubt that you regularly run into obstacles. When you do, make sure that you know the difference between Naïve and Positive.
One often leads to very unexpected outcomes.
Paul vs. Brad
July 30, 2009 by Ed McLaughlin
Paul Giamatti is one of the great leading men in Hollywood. And while he doesn’t look like the person we generally think of as a movie star, that doesn’t change the fact that he is one.
Brad Pitt, on the other hand, looks like a leading man. Every budding star wants to be just like him. That way they’ll get the parts written for Brad Pitt. Very few come to Hollywood looking for Paul Giamatti roles.
Actors are reluctant to pursue a niche.
This sounds a lot like any other business. Big companies go after the Brad Pitt markets; smart small firms chase the niche. Here’s the thing – with so many pursuing the obvious markets, there are a lot more opportunities for small companies.
I’d bet on Paul Giamatti every single time.
Foolproof
July 28, 2009 by Ed McLaughlin
Everyone wants the foolproof formula. Something that’s been done before. Proven to work.
That’s ridiculous.
Great success stories usually begin with “no one thought it would work.” They never start with “they copied something that’s been done before.” If that were true, weekend karaoke singers who could carry a tune would make it big.
It’s not enough to imitate what’s already been done. Not anymore. The world changes too fast for that to work.
Why then, do so many people push old ideas and tactics that are largely ineffective? They’re familiar with them. And the more familiar you are with something, the less risky it seems.
It doesn’t matter if you’re writing a book or building a sales team – you shouldn’t strive to do it the same way it’s been done before. Which means you’ll need to stay away from publishers that are looking for the next Harry Potter. Or you’ll have to persuade your manager that direct mail, cold calling, and banner ads will not lead to meaningful sales growth.
Looking for foolproof? Don’t bother. The best path to success is to create your own.
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