Wednesday, September 03, 2008

Chop Book Suey - Flip by Peter Sheehan

Nieces celebrating their birthdays

Excerpts I found useful from the book

Points :
Four Forces of change :
1.increasing compression of time and space
2.increasing complexity
3.increasing transparency and accountability
4.increasing expectations on the part of everyone for everything.

Fast Good Cheap pg 37
In today's demanding market of global oversupply, global underdemand and nonstop technological change business need to offer "fast,good,cheap" plus something above these three necessities to have a genuine competitive advantage.

- to sustain a competitive advantage, you must commit to a perpetual cycle of innovation.

Design as a competitive advantage in the case of Samsung which came from a commodity manufacturer 20 years ago to being recognised as a "poster child for using design to increase brand value and market share"

In every category of product and service, the winning providers who have the highest profit margins in their fees and prices, are the ones that create a distinctive mind blowing customer experience e.g Harley Davidson, Apple

Crowds don't create innovation, they validate them.
In the global market place, the crowd will recognise and celebrate the best innovations. However these innovations don't come from the centre of the crowd, they come from the fringe. From bold companies and individuals who are willing to risk doing something different from what competitors are doing and off erring something different from what the crowds are currently embracing.
The best way to differentiate your offerings from the competition is therefore always to take the route least travelled.

Case for lead-user development
BRW article cites that products using the lead-user approach generated returns that were on average eight times greater than products developed the conventional way.
Eric von Hippel from 3M "This is not about traditional market research - asking what customers want. This is identifying what your most advanced users are already doing and understanding what their innovations mean for the future of your business."

Business is personal pg 169
2 things that attract and retain talent
1. the work that you do
2. the relationships that you build with your people

Relationships are simple but not easy:
most important key is to shift your mindset in believing that building great relationships will truly get you the best results.

ensure competence, deliver on what you promise, build trust via three previous steps and also the ability to listen, attentive and tone of voice. Have good manners

Using Wikis to spread useful and up to-date information e.g Geek Squad
Wikinomic: How mass collaboration changes everything by Don Tapscott and Anthony D. William

Action Precedes Clarity pg273
When we delay our action we deny ourselves the intensely valuable feedback that comes from putting the product to the test in front of a real consumer (or employee), who spent real money and is using it in a real-life situation.
Life and business move and change so fast that we put ourselves at a competitive disadvantage the longer we procrastinate.

Your best work does not happen when you are planning. Your best work happens when you are in the flow.
What decision have you been putting off? Make a decision now! Trust your instincts and go with it.

Photography and the opportunity to be a partner and mentor for customers as they capture the memories of their lives. Traditional photography printers offering digital photography lessons, digital photo frames, online services and scrap book design.

pg 293 Ask yourself: what opportunities are open to me, my career, my life, my business that are potential 'if onlys' tomorrow? What path of action do you think is worth taking a bet on now? Take it!

You want to say 'if only' less and less, as you become smarter, more confident and more successful. And the only way to do that is by getting comfortable with risk.

'In the long run, people of every age and in every walk of life seem to regret not having done more things more than regret things that they did'

Look Listen and UnLearn
pg 309
1. Keep moving - look to what your competitors have done that has worked and not worked. Look to other industries for what they have done, can you do something similar.
2. Make up your own mind -
* Decisions leads to action
* Decisions create momentum - The action that follows your decision will give clarity that was preventing you from making another decision in the first place, and now you are off on a positive spiral. Action, clarity, confidence, decision, action, and so on.
* Decisions create confidence - The decision does not only just give you a sense of confidence but also those around you.

To be a flipster you will need some degree of delusional self-confidence, a willingness to believe in your opinions and ideas even if the whole world says you are crazy. An air of certainty must surround a leader.

"It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by the dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcomings, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
Theodore Roosevelt

further reading "Blue Ocean Strategy"

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