Re-Framing As CEOs and business owners gain knowledge and experience, they find their problem-solving skills growing. We gain confidence and make decisions with less stress and greater speed. Then we encounter a particularly vexing problem where our knowledge seems inadequate. When this occurs, it often helps to re-frame the problem. Let’s look at an example. WeWork [...]
Business is a dangerous environment
Speed Preston: Brian, in our last exchange you talked about how the internet has enabled us to do things faster, cheaper and more efficiently. We discussed this in the specific application of developing a minimally viable product. I want to focus on the “faster” element whether enabled by the internet or not. Speed, in [...]
Decentralize “How is [Berkshire] organized? I don’t think in [the] history of the world has anything Berkshire’s size [been] organized in so decentralized a fashion.” -Charlie Munger Berkshire Hathaway had revenue of $242 billion in 2017. Their headquarters staff is about 25 people. Take a look at your organization. Are you too centralized?
Audacity "In a time when computers are replacing many basic human functions, it will eventually come to be that audaciousness, vision, courage, creativity, a sense of justice – these will be the only tasks left to us." -Ryan Holiday Artificial Intelligence (AI) may be the great equalizer when it comes to competitive advantage...until courage and [...]
MVP (It's not what you think) Preston: Brian, “Ready, Fire, Aim” is great advice in those situations where we feel paralyzed by a lack of information. This is the state in which many entrepreneurial companies find themselves. It is also the state any business may find itself in when developing a new product or [...]
The Problem With A Coherent Strategy A coherent strategy can get you into trouble. Coherent means all the pieces fit together in a nice package. It is the underlying assumptions that may not be valid that can cause a coherent strategy to fail. Examine those underlying assumptions carefully. Some are implicit and must be ferreted [...]
Counter-Intuitive Strategy Being "easy to do business with" can be the basis of a competitive advantage. Look at the success of IKEA. They take an opposite approach. Rather than convenience, they compete by giving their customers pride in building what they buy. Be open-minded as you create or re-create your business model. Understand psychology and [...]