A Consultant's Chronicles

Learning From Failure

Here we are in a new year so recently when I heard probably one of the best quotes for this time of year I just had to share it because it immediately rings true. As we all know, the new year is all about the perennial "clean slate" which we all frequently talk about in terms of our personal & business lives. Typically this is done by making new year's resolutions... resolutions that get broken quickly. However, listening to an interview with veteran sportswriter John Feinman, he shared a quote from one of my favorite figures in sports today, Duke basketball coach Mike Krzyzewski [better known as Coach K].

Why Failure Can Be An Important Tool For Success

According to Feinman because Coach K learned from failure, he has become the coach with the most wins in the college game surpassing some very big names. Feinman recalled sitting  in a local Denny's with the coach after a particularly bad loss early in his tenure at Duke & raised his water glass & said "here's to forgetting that game". What was Coach K's response?

"...Here's to NEVER FORGETTING that game...!!"

Why? Only by never forgetting failure can you learn from past mistakes & change the trajectory of experience in the future. Moreover, unless you pay attention to those less than stellar times, you will more likely than not, repeat the same mistakes.

 

In the interest of full disclosure, Ellen Gunty is a graduate of Duke University.

A Recipe For Sinking A New Business: 'It's Philosophy Stupid'

The political "silly season" of electoral politics is upon us again & something that's always displayed front & center especially in the primaries is "philosophy."  For example there are clear philosophical differences between the Democrats & the GOP when it comes to the role of government. Although it doesn't get nearly enough play, one's business philosophy is just as important. For this reason I find myself once again in disagreement with business blogger Penelope Trunk…well, sort of. She recently wrote a blog post asserting that the best way to launch a successful startup is for it to remain single-gender during this initial phase because not doing so is almost a guarantee of failure. I disagree. While I think gender issues &/or sexual conflict can certainly occur in mixed gender enterprises, I think the bigger problem is one of business philosophy. Why? The former can be overcome [nothing breeds forgiveness like the smell of success; i.e. money] but the latter can prove to be a tougher foe.

A Case Of Misplaced Political 'Incorrectness'

While I understand [& agree with] the larger point that she is making which is at this early phase of a business, what is needed is "relentless drive & laser beam like focus without distraction," I think the target of the problem she describes is "off the mark" & a weird case of misplaced "political incorrectness" run amok. By this I mean that there are a whole host of ways to dilute focus & sabotage a new business without pointing the finger solely at gender differences [which she maintains creates sexual friction &/or behavioral differences because men & women behave differently at work when stressed]. Now while I am the first to admit that this stuff happens, I think that when it comes to business, ambitious, driven, like-minded people can deal with it. Also, in the age of single-sex relationships & marriage, isn't it just logical to conclude that related problems could arise in a single gender business [at least insofar as sexual conflict is concerned]? It is the new millennium 'thing'; just sayin'. Now before someone's PC feathers get ruffled, I am not saying it would happen, just that it could. What I am saying is that I don't think that as Trunk maintains, mixed gender conflict is the new entrepreneur's biggest concern [quite aside from core things like having enough money which is probably the #1 concern of every new business].

When It Comes To Launching A New Business There Are Bigger Problems Than Gender

Based on my observations as a consultant, a lack of adequate drive on the part of just a few, or differences in business philosophy not properly vetted & aired at the outset, are much bigger problems. Basically these issues nearly guarantee failure if they are not resolved before "birthing" a new business. Instead of “fingering” gender differences, & conceding that anything diluting the essential focus on actual business is a problem, I think the better argument to make is that in the early phase of a business, all parties [regardless of gender] not only have to have relentless focus but they must be of one mind [the latter can be viewed as an umbrella term for a LOT of “real estate”]. Gender differences don’t necessarily have to be the “fly in the ointment” & can be overcome while intractable business philosophy & insufficient drive or ambition is much "higher mountain to climb." What do you think?

 

Reprise: 'It's The Economy Stupid' All Over Again

On the eve of the GOP debates followed by a long awaited speech on jobs & the economy by the president, I thought it appropriate to run a reprise of a post from 3/10/2009. Why does it seem appropriate to re-run a 2 year old post? In it I [like so many others] reminded the president that once again, "it's the economy stupid." I also said that all other topics on his agenda had to be tabled or passed along with perhaps the lone exception of healthcare because it's part of the same piece.Unfortunately, the president forgot to frame the debate on healthcare that way using much of his political capital on things the nation can't see or hear when they are out of work. This March post has proved to be prescient as things stand now; will anything change by week's end. This time, not only will the president have to answer questions about jobs & the economy but so will those who want to take his place.

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Immediately after Bill Clinton was elected to his first term, he gave an in depth interview to Ted Koppel on Nightline. The one & only thing I remember from that interview was when he said, "I'm going to focus like a lasar beam on the economy." Whether you are the president of a country, the CEO of a large corporation, or own a small business, it is always all about the economy. Clinton's campaign mantra of the 90's "it's the economy stupid" is back with a vengeance.

A Political Chef's Salad When We Want An Entree

Unfortunately, our current president is not communicating this message well. He has many big initiatives out on the table: the economy, healthcare, energy, education; it's a chef's salad when the nation is hungering for an entree. I understand that they are all critical issues but the net result is a diffuse message which is doing nothing to calm the frazzled nerves of the nation [& the markets] right now. With the singular exception of healthcare, perhaps all of the other issues need to be handed off to their respective cabinet members because we need the president's focus on the economy.  Why is healthcare the lone caveat? That's because healthcare costs are crippling business & their abilities to compete in the interbational marketplace so while it's a colossal issue, it is also related. We need lasar-like focus from this president & so does the rest of the world. It's called leadership in a crisis. That's my opinion, what's yours?

When Leadership Is M.I.A.

In the face of very tough economic times, real leadership is more important ever. Big business may be sitting on mountains of cash but small businesses are floundering in a "sea of red ink," in many cases, clawing & scratching to stay alive until things improve while Wall St. watches & waits. That lack of clarity has given "the Street" a wild ride of late. However, right now holding out for such clarity seems akin to "waiting for Godot."  In a time when most employees feel lucky to have a job & live in fear of losing it, they look to the leaders of their companies in new & more compelling ways. New York Times columnist Maureen Dowd put her finger on the phenomenon when writing about Barack Obama this summer but what she wrote applies to anyone in a leadership position today. About him [& leadership] she said:

"...you can't look like you are 'phoning it in' when the nation is dialing 911..."

'What's Good For Barack Obama Is Good For 'Business USA'

What's true about Obama is true about business CEO's. CNBC's Wall St reporter Maria Bartiromo summed it all perfectly when she said  something I am always telling my clients, which is that in order to drive change, people need to understand your vision [read: see a real plan] about where you want to take them. While everyone is busy complaining about Obama, I am also waiting for those business leaders who appear on the talk show circuit, "to stop phoning it in" as well. There is nothing that will positively impact our financial status more than an effective jobs plan & for that we need the public & private sectors working together. Right now while the public sector is in the process of being pared to the bone, the private sector is simply nowhere to be found. Still dialing....

 

Is It The End of An Era: Sayng Goodbye To Jobs This Month

Sources close to his family report that May will be a cruel month for Steve Jobs & Apple.It is said that he may not even last the week. As it has been written many times, Jobs has been battling cancer for several years & has been on medical leave from the company for the second time. The first time was to have a life extending liver transplant. Apple will be a different company without the leadership of its iconic, taste-making founder, visionary, & marketing whiz who has single-handedly set the "gold standard" for computers & handheld devices as well as changing how we consume music & other media. However, it is well known that he has done so "leaving a trail of bodies in his wake" in his attempt to create the perfect product each & every time.  Whether the current acting CEO Tim Cook will become permanent remains to be seen. While  Apple's board of directors as well as Wall St "wait & watch," this blog can only wish the best to the Jobs & Apple family during this very difficult time.

Line of the Week 8-29-2010

This week's line of the week belongs to widely respected Lauren Zalaznick who is the head of NBC Universal Women & Lifestyle Entertainment. Talking about the tough demands when you are at the top she said:

"...Every day is a thousand decisions, and you've got to own each one...that's what makes you an operator instead of a consultant..."

She's got that right! It's also a part of what leadership is all about.

 

 

 

 

Line of the Week 8-22-2010

This week's line of the week belongs to the late NY Senator, Daniel Patrick Moynihan as cited by NYT pundit Maureen Dowd. In her piece [rightfully] bemoaning the Islamaphobia that has suddenly surfaced in this country as well as the perpetual drumbeat of misinformation about president Obama who is a Christian & not a Muslim, she cites the NY Senator who once said:

"...Everyone is entitled to his own opinion, but not his own facts..."

A moment of neutrality & reflection seems to be badly needed here. A sense of mass hysteria has taken hold causing one injury to an innocent cabdriver while politicians & the media are busy playing fast & loose with the truth. My suggestion is that we start to pay a little more attention to the facts & a lot less to our collective personal fiction. Basically it's time for more leadership & much less demagoguery. What's your view?

 

Line of the Week 6-06-2010

This week's line of the week belongs to the hysterically funny Steven Colbert. After one of his "news colleagues" reported that President Obama was seen down in the Gulf wearing shirt sleeves & "very fancy" khaki pants, implying that we now desperately need forceful leadership to manage the oil crisis with BP, Colbert retorted with a touch of feigned hysteria:

"...This is NO TIME for 'fancypants'..."

Funny but also oh so true!

Line of the Week 5-30-2010

Last week's line of the week can only belong to one man, the now late Coach John Wooden who led his UCLA basketball Bruins to the most championship seasons. Like all the best coaches, he taught more than sports & helped the young men who played for him to become excellent citizens as he helped to usher them into adulthood. The fact that his funeral will contain a "who's who" list of his former players [who also enjoyed professional careers in basketball] is a testament to his teaching ability & his leadership skills. One memorable line that exemplified all that he taught these players was:

"...Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are..."

It couldn't be more "spot on." Although I'm a Duke Blue Devil through & through, today I will fly the UCLA Bruins flag out of respect and to celebrate the life of this extraordinary man. May he rest in peace.

Where 'The Streets' Meet

Right now we are in the middle of May but before you know it, Memorial Weekend will be here which means honoring our military & kicking off the new beach season. In years past, this weekend was one I looked forward to-usually a warm 3-day weekend that always included the beach even if the water was still too cold. Basically at some point the beach is where most people go in the summer; you might say it's where Main Street meets Wall St. Of course some beaches are more exclusive than others but we won't go there because this year, it won't matter, at least not on the east coast. Why not? This year an interloper is in our midst spoiling the fun; call it 'Oil Street.' If companies like BP & Halliburton have their way, there will be no beach to go to from LA to FL straight on up to the north east coast as the gulf stream carries that black muck flowing from the broken rig polluting our seas, killing wildlife, & destroying businesses in its wake. The companies responsible are too busy pointing fingers at each other to fix the problem they said would never happen. Where was the government? The government regulators responsible for the job were busily in bed with the oil companies of course. Now there have been those who've pointed out that the regulators were Bush's people because the Congress would not vote on Obama's people for at least the first 6 months in office & maybe that's true but the bottom line is that our government was once again "caught napping" when a crisis struck. That's funny because I always thought that Job one of government was to protect the country from danger both foreign & domestic. Hmmm, guess not!

All Talk No Action

Confronted with another domestic crisis, there appears to be a huge leadership vacuum. We hear lots of talk but there's very little action when it comes to fixing the problem. Obama has moved too slowly, too casually; there's no sense of urgency or purpose to what's happening. We just get a little periodic angry rhetoric to soothe the masses. What must we do to get this right & who is going to lead the charge to see that it gets done? So far it seems that our Democratic president will not do it fearing reprisals in the midterm elections  & sensing an opportunity, the GOP will not "take it off the table" as an issue; besides, they have been cozy with the big oil industry for a very long time. Whether or not it is wise to drill at all is now a totally separate debate. The issue currently before us is not a partisan one because it affects us all so it isn't an appropriate venue for a game of political "Chicken."  Therefore, if we the voting public of every political stripe don't send these men & women in Washington D.C. a clear message to do their job, then there will no one to blame but ourselves & there will no longer be a place where 'the Streets' can meet under the sun come beach season. Worse, it will be further proof that Tom Friedman is right-those in power are leading a Generation of Locusts eating through all the bounty left to us by the Greatest Generation. What's your opinion?