0:01 [Music]
0:03 About the author
0:07 Jason Baron MBA is a creative leader
0:09 focused on digital product strategy and
0:11 user experience.
0:13 He is a founding partner of the startup
0:16 lowest med that was acquired by retail
0:19 me not in 2018 and currently works for a
0:22 large nonprofit organization on digital
0:23 products that serve millions of users
0:26 around the world.
0:28 Jason's grandparents, Donald and Dorothy
0:31 Collie, both attended Harvard University
0:33 and instilled in him the importance of
0:36 education at a young age.
0:38 He received his master's of business
0:39 administration from Brigham Y Young
0:42 University in 2017 and his bachelor's
0:45 degree from Southern Virginia University
0:47 in 2007.
0:50 Jason has the unique ability to simplify
0:52 complexity and infuse creativity in
0:55 business strategy. His Kickstarter for
0:56 the original rendition of this book
1:00 raised over 1,000% of his goal in 28
1:02 days from over 30 countries around the world.
1:04 world.
1:07 Jason is known to set stretch goals,
1:08 never having been able to touch his
1:11 toes, he filmed the journey and met his
1:14 goal after 41 days.
1:16 His video has since received several
1:18 million views after being shared by
1:20 George Take as well as Yahoo and MSN
1:23 News. Jason currently lives in Salt Lake
1:25 City, Utah with his wife and five
1:30 children. Find out more about Jason at
1:34 to Jackie, Josh, James, Jonah, Josie,
1:36 and Juny. Preface.
1:38 Preface.
1:40 In short, this book contains two long
1:43 years of business school, all neatly
1:45 packaged into one highly illustrated volume.
1:46 volume.
1:49 Experts tell us that 60% of people are
1:51 visual learners. And let's face it,
1:54 beyond that, 100% of people don't want
1:57 to read boring stuff.
1:59 Now, with this book, you can understand
2:01 faster, absorb better, and recall
2:03 quicker the biggest and most useful
2:05 ideas that you would learn from studying
2:06 for a master's of business
2:09 administration degree. A quick word
2:12 about the illustrations that follow.
2:14 Years ago, Mike Road coined the term
2:17 sketch notes, and I've been a fan ever since.
2:18 since.
2:20 Rather than taking extensive linear
2:23 notes that no one will ever read again,
2:25 I felt that simply capturing the main
2:27 points visually would create a much more
2:29 interesting and useful resource for
2:31 later consumption.
2:34 As they say, a picture is worth 1,000
2:37 words. At the beginning of my MBA
2:39 studies, I took on the crazy goal to try
2:41 and create sketch notes throughout the
2:44 entire program. And something unexpected happened.
2:46 happened.
2:48 for a class full of extremely smart
2:51 people. I was surprised at the high
2:52 level of interest they had in my visual
2:55 notes as I went along.
2:57 What you have in front of you is the end
2:59 product of all my sketch notes as I
3:01 attended the BYU Marriott School of Business.
3:03 Business.
3:05 Whether you've never been to business
3:07 school or have already attended or are
3:10 in a current MBA program yourself, I
3:13 created this book with you in mind.
3:15 Each chapter is based upon traditional
3:18 business school classes and is packed
3:20 with concepts that are accompanied with
3:21 a written narrative to help you better
3:24 understand it all.
3:27 Feel free to skim, jump, or dive through
3:30 the content any way you want. The only
3:33 rules are to have fun, to be curious,
3:36 and to discover on your own. You will be
3:40 glad you did. Now sit back, relax, and
3:42 enjoy all the knowledge soaking into your
3:43 your brain.
3:45 brain.
3:47 Author's note:
3:50 You're smart. I just spent 86 class
3:54 days, endured 516 hours of various
3:56 lectures, completed mountains of
3:58 homework, and shelled out tens of
4:01 thousands of dollars in tuition fees.
4:02 And you can benefit from it all with
4:04 this book at a fraction of the cost in
4:07 the comfort of your own home.
4:10 Nice business decision. My name is Jason
4:14 Baron and I'm a designer. I've always
4:16 been doodling sometimes when I shouldn't
4:19 te like in class as a kid. Fast forward
4:23 20 years and not much has changed
4:25 except that I decided to put my lifelong
4:27 doodling habit to work when I received
4:30 an MBA from a top 40 business school,
4:33 Brigham Y Young University.
4:35 Each class period, I would sketch note
4:37 what the professor was saying, including
4:39 key thoughts during class and from
4:41 reading assignments.
4:43 I would capture the essence of what was
4:45 being taught and then I would distill
4:47 the complex lectures into simplified
4:50 concepts. The end result is this book
4:53 which is worth more than gold.
4:55 It is the goose that keeps on giving
4:57 luscious golden eggs in the form of
4:59 paper pages.
5:01 Save yourself countless hours and read
5:04 this book in a fun, fast, and memorable
5:08 way. You ready to get smarter? Let's get
5:10 to it.
5:13 Leadership is more than management. It's
5:15 about inspiring change and improving
5:16 results through who you are and how you
5:19 motivate others.
5:22 Fundamentals. One, strategy.
5:24 strategy.
5:25 Creating the future vision and
5:27 positioning the company for ongoing success.
5:29 success. Execution.
5:31 Execution.
5:33 Building organizational systems to
5:37 deliver results based on the strategy.
5:39 Talent management.
5:42 Motivating. Engaging and communicating
5:44 with employees.
5:46 Talent development.
5:48 Grooming employees for future leadership.
5:50 leadership.
5:53 Personal proficiency.
5:56 Acting with integrity. Exercising social
5:59 and emotional intelligence, making bold
6:02 decisions, and engendering trust.
6:05 What is your leadership?
6:07 Brand brand.
6:10 When people see you, what do they think/
6:14 feel about you? That's your brand.
6:16 Five steps
6:19 to building a brand that
6:21 gets results.
6:24 One, nail down the results you want to
6:26 achieve over the next 12 months. Make
6:27 sure to consider the interests of your
6:30 customers, investors, employees, and the
6:33 organization as a whole.
6:35 Two, decide what you want to be known
6:38 for looking at your results. How do you
6:40 want to be perceived? Pick six
6:42 descriptors that you want to be known
6:46 for. Example, humble, optimistic,
6:49 dedicated, etc.
6:52 Three, combine to define. Combine your
6:54 six descriptors into three two-word
6:58 phrases. Example, humbly optimistic,
7:02 selflessly dedicated, etc.
7:04 Four, create your leadership brand
7:06 statement and test it. I want to be
7:08 known for being so that I can deliver.
7:12 Then ask, does this best represent me?
7:14 Does it create value for my stakeholders?
7:15 stakeholders?
7:18 Are there any risks?
7:20 Five, make it real. Share your brand
7:22 with others and ask if they feel it
7:25 aligns with how you truly behave. Make adjustments.
7:27 adjustments.
7:30 Most importantly, your brand is a
7:34 promise. So, make it real and deliver.
7:36 Pre-adjust your attitude.
7:39 Adjust your posture. Smile.
7:41 Smile.
7:43 Make eye contact.
7:46 Raise your eyebrows.
7:48 Shake hands.
7:50 Lean in.
7:52 Move your employees from being
7:54 disengaged to engaged with autonomy,
7:57 mastery, and purpose. Give them the
7:59 freedom to be creative, to be good at
8:01 what they do, and to have a purpose
8:03 behind their work.
8:05 If you want to be happy in your job, you
8:08 need to hit the sweet spot. You need a
8:10 balance of competence, passion, and opportunity.
8:12 opportunity.
8:15 Change the context of where people work
8:17 and people will change.
8:20 What is the smell of the place?
8:22 Although it is hard to change people,
8:24 nothing changes people faster than
8:27 changing their environment. Their
8:30 environment then shapes the culture.
8:33 Look around. What is the smell of the
8:36 place they work? Is it stuffy,
8:40 compliance driven? Is it quiet? Are
8:41 there cubicles that block them from
8:45 others? Does it feel dead? That is your
8:48 culture. Change that and people change
8:50 along with your culture.
8:54 Manage your energy, not your time.
8:56 Some stress is helpful to increase
8:57 performance. But there comes a point
9:00 where performance drops. Make sure to
9:03 take breaks, exercise, and relax to
9:06 maintain performance. Context includes
9:09 the reward system, goals, culture, tone,
9:11 and environment that the team will be
9:13 working in.
9:15 Composition includes who is on the team
9:17 and their skills and personalities to
9:20 get the job done. This is where hiring
9:21 the right people who mesh with the team
9:24 is critical.
9:25 Competencies includes having the right
9:27 people whose combined skill can solve
9:30 the problem. It's about setting the
9:32 right goal and leveraging
9:35 the team's skill to achieve it.
9:37 Change includes the team's ability to
9:40 adapt to rapidly changing circumstances
9:43 while working towards the goal.
9:45 Accounting is the language of business.
9:47 Unless you are keeping track of how your
9:50 company is doing, you won't know how to
9:52 improve it. Everything in this course
9:54 revolves around these three financial statements.
9:56 statements.
10:00 You are the new CEO of a lemonade stand.
10:03 You need a loan of $50 to buy some
10:06 assets. You purchase a stand for $20 and
10:09 have $30 left over.
10:13 Snapshot in time comprised of
10:16 Okay, so at any given point in time, you
10:20 have assets, liabilities, and equity.
10:23 The secret is assets equals liabilities
10:25 plus equity. That's called the
10:29 accounting equation. Your loan was $50.
10:32 You used it to buy a stand for
10:37 $20 and have $30 cash. You have $50 debt and
10:39 and
10:44 $50 of assets. A= L + E.
10:47 Accounting equation.
10:50 A= L + E. assets,
10:52 assets, liabilities,
10:54 liabilities, equity.
10:56 equity.
10:59 Bam, you just sold $90 worth of
11:03 lemonade. Nicely done. Your balance
11:06 sheet looks something like this. Now, a
11:08 balance sheet is a snapshot in time and
11:10 is a good indicator of your net worth as
11:13 a business. Now, let's jump into your
11:15 income statement.
11:19 Revenue expenses equals net profit. Revenue
11:21 Revenue sales
11:23 sales
11:27 $90. Cost of goods sold $20.
11:29 $20.
11:31 Gross profit $70
11:34 $70 $1.70/doll
11:36 $1.70/doll
11:39 90= 77%.
11:42 Operating expenses administrative
11:44 administrative $3.
11:46 $3.
11:49 Operating income $67
11:52 $67 $167/doll
11:54 $167/doll
11:57 90 equals 74%.
12:00 Remaining expenses taxes
12:02 taxes
12:05 $2 interest $1.
12:07 $1.
12:09 Net profit $64
12:12 $64 $164/doll
12:14 $164/doll
12:17 90 equals 71%.
12:21 Sure, you sold $90, but the cups, sugar,
12:24 and lemons cost $20.
12:27 Your gross profit is $70.
12:29 You also had to pay for some
12:32 administrative overhead. That left you
12:36 with $67 operating income or EBIT.
12:38 You then need to take out interest and
12:40 taxes, which leaves you with a net
12:43 profit of $64.
12:46 Common-sized financial statements are a
12:47 great way to figure out how you are
12:50 doing over time or to compare one
12:51 company in a similar industry with
12:54 another. All you do is divide everything
12:56 by sales to see where any differences are.
12:58 are. Revenue
13:00 Revenue
13:03 yearto-year 1 sales
13:09 dollar 90010 0% 67% cost of goods sold $20
13:12 $20
13:14 gross profit
13:18 $1.70 78% 33%.
13:21 Operating expenses administrative
13:24 administrative $3
13:26 $3
13:29 operating income $1674% 31%.
13:32 31%.
13:35 Remaining expenses taxes
13:37 taxes
13:39 $2 interest $1.
13:41 $1.
13:44 Net profit $16471%
13:46 $16471% 28%.
13:49 28%.
13:51 Proforma is just a fancy way of saying
13:54 what the future could look like.
13:56 It is forecasting based on an increase
13:59 in sales. Look at your financial
14:00 statement and everything on it that is
14:04 dependent on sales. In this case, let's
14:05 say cost of goods sold and
14:08 administrative expenses both increase
14:10 with sales.
14:13 If sales increased by 20%, what would
14:16 our net profit be? Look at the previous
14:19 page and see that COGS was 22% of sales
14:23 and your administrative expense was 3%.
14:26 When increasing $90 by 20%, you then
14:31 figure out what 22% and 3% of $18 are.
14:33 are. Revenue
14:35 Revenue
14:37 Pro for sales
14:39 sales
14:43 $190 108 cost of goods sold $1203.76
14:50 Gross profit $17084.24
14:57 operating expenses administrative
15:00 administrative
15:03 dollar $33.24 24
15:11 remaining expenses taxes
15:13 taxes
15:16 dollar2 interest $1
15:18 $1 $1
15:20 $1
15:22 net profit $164.78
15:28 financial ratios are a great way to
15:31 compare how you are doing over time to
15:33 diet diagnose any issues or to see how
15:35 one company in a similar industry stacks
15:38 up against another. Here are some of the
15:40 most common
15:43 debt to equity financial leverage. How
15:45 much debt is used to finance your assets.
15:47 assets.
15:49 Total liabilities/shareholder equity.
15:51 equity.
15:53 Current ratio liquidity. Your company's
15:55 ability to pay back short-term obligations.
15:57 obligations.
15:59 The higher the ratio, the higher the capability.
16:01 capability.
16:05 Current assets/current liabilities.
16:07 Return on equity profit generated with
16:10 money invested by shareholders.
16:12 Net income/shareholders equity.
16:14 equity.
16:16 Net profit margin efficiency at cost
16:18 control in converting revenue into
16:21 profit. The higher the number, the better.
16:23 better.
16:26 Net profit/net sales.
16:30 DuPont framework. Dupont framework.
16:32 This is a combo equation that shows some
16:33 of the strengths and weaknesses of the
16:35 company and how they affect the return
16:37 on equity.
16:40 Row equals net income sales X sales
16:43 assets X assets equity.
16:45 How shares work?
16:47 When starting your lemonade stand, you
16:49 established that there would be 100
16:52 shares. You took on a business partner
16:55 and now each of you owns 20 shares.
16:57 where the business stands. You now both
17:01 own 20% of the business. Your company is
17:04 worth $24 now. So, how much is each
17:06 share worth?
17:11 Company worth $24. $120/100=
17:13 $120/100=
17:17 $24 per share.
17:19 Each owns 20x24
17:25 Entrepreneurial management is about
17:27 solving unknown problems with unknown
17:30 solutions. The key to solving
17:32 uncertainty is by identifying pain and
17:34 the key to finding the right solution is
17:37 by experimentation.
17:39 Enlightened trial and error succeeds
17:42 over the planning of the lone genius.
17:46 Peter Skilman preso
17:48 run your experiment.
17:51 Start with what you know then what is
17:54 unknown. Design your experiment,
17:57 conduct, learn, and around and around
17:59 you go until you have a successful product.
18:00 product.
18:02 Your idea needs to be desirable,
18:05 feasible, and viable. If any of those
18:08 are missing, your product is limited out
18:10 of the gate.
18:12 Pain, the essential ingredient for innovation.
18:14 innovation.
18:16 Look around for makeshift solutions that
18:18 people have created in absence of a
18:21 product. The deeper
18:25 the pain, the greater the opportunity.
18:27 Any problem or unmet need that customers
18:31 will spend their time or money to solve.
18:33 Gaining broad adoption takes a balance
18:36 of price, benefits, ease of use, and
18:39 ease of purchase. If there are strengths
18:41 in all these areas, the percentage of
18:44 adoption will be much greater.
18:46 Adoption scale.
18:48 Simplicity is the ultimate
18:51 sophistication. Steve Jobs.
18:53 When you start looking at a problem and
18:55 it seems really simple with all these
18:57 simple solutions, you don't really
18:59 understand the complexity of the
19:02 problem. Then you get into the problem
19:05 and you see it's really complicated
19:07 and you come up with all these
19:09 convoluted solutions.
19:13 That's where most people stop. But the
19:15 really great person will keep going and
19:18 find the key. The underlying principle
19:20 of the problem
19:22 and come up with a beautiful elegant
19:26 solution that works. Steve Jobs.
19:29 Spend your energy on the
19:31 most profitable.
19:33 You may have the best idea for something
19:35 that isn't all that profitable or that
19:38 big of a pain for people. Find the areas
19:40 of unresolved pain that are also as
19:43 profitable as possible.
19:46 Maximize your revenue by mapping it out.
19:48 Identify which activities and customers
19:52 it is coming from. Also look at reducing
19:54 any friction points for receiving the revenue.
19:55 revenue.
19:57 Pricing is one of the most critical
20:00 aspects of creating new products.
20:02 Priced too low and you leave money on
20:05 the table. Priced too high, you lose
20:08 customers. The trick is finding ways to
20:11 price it just right. One of the best
20:13 ways to shed light on the right price is
20:16 by surveying customers.
20:18 Ask how much would you be willing to pay
20:21 for this? How many times per would you
20:23 pay X?
20:25 Stanford's D. School came up with this
20:28 brilliant process for innovation.
20:30 This is a rapid way you can discover new
20:33 innovations and validate them.
20:35 When Walt Disney was building his theme
20:37 parks, he would get down on one knee to
20:40 see the park from a child's perspective.
20:42 Empathy is the critical first step to
20:44 understanding your customers world and
20:46 building products or experiences that
20:48 meet their needs.
20:49 Based on what you learned through
20:52 empathy, what is the problem you will
20:55 focus on solving? Craft an actionable
20:57 problem statement.
20:59 Now take what you learned with the
21:01 problem in mind and start coming up with
21:05 ideas. The more ideas, the better.
21:07 Filter your ideas down and build a
21:10 prototype. This can be out of duct tape
21:13 and paper. This prototype is only to
21:15 validate your idea and to test it with
21:19 people. It doesn't need to be fancy.
21:22 Find some people who fit your target and
21:26 test your prototype. What worked? What
21:29 didn't? What did you learn? Take those
21:31 learnings and go back to ideate
21:33 rightward arrow prototype, rightward
21:35 arrow test. Again,
21:37 managerial accounting is for internal
21:40 use in order to inform decisions unlike
21:42 corporate accounting which is for
21:44 external use.
21:46 You track fixed and variable costs
21:50 separately and don't unitize them as
21:53 they are fundamentally different. $10
21:56 rent is fixed whereas the more lemonade
21:59 you sell, the more the costs increase.
22:02 CVP analysis sounds fancy but it's simple.
22:03 simple.
22:06 You simply take what your sales price
22:09 is, subtract the per unit cost, and then
22:11 multiply it by the volume you anticipate
22:14 selling. This helps you understand how
22:16 changes in cost will affect operating
22:18 and net income.
22:22 Revenue cost equals contribution margin.
22:24 margin.
22:27 Contribution margin sounds fancy too,
22:29 but it's just what you have left over
22:31 per unit after subtracting the cost to
22:35 contribute to paying your fixed cost.
22:38 So, we sell our lemonade at $1. Sugar
22:43 and the lemons cost 75 per cup. So, we
22:45 have a 0.25 profit that can contribute
22:49 to paying our $10 fixed cost for rent.
22:52 Here is where it gets cool. You are
22:53 planning out your business and you
22:57 think, "Gee, my rent costs $10. My
23:01 lemonade sells for $1, and I make a.25
23:04 profit. How many cups do I need to sell
23:06 in order to cover rent?"
23:10 $110/ equals 40.
23:12 Cups need to be sold in order to break even.
23:14 even.
23:18 Sweet. Now you're moving. If you sold $160
23:19 $160
23:22 worth of lemonade, your variable cost
23:24 would be $120.
23:26 Apply the remainder to your fixed cost
23:30 and you just made a $30 profit. That's
23:32 how it's done.
23:34 Activity-based costing is important in
23:36 understanding the overhead costs that
23:39 happen in the normal course of business.
23:41 Analyzing these will help you know which
23:43 activities are worth continuing by
23:46 surfacing what they really cost.
23:48 The management process is fairly straightforward.
23:50 straightforward.
23:52 Planning, controlling, and evaluating
23:55 will help inform your decisions.
23:58 Suboptimal procurement, deployment, and
24:00 distribution of financial capital lead
24:02 to the suboptimal use of natural
24:05 resources, labor, and innovation in an
24:08 economy. We are focused in this course
24:10 around optimal deployment.
24:14 Go/ nogo decisions,
24:16 asset purchases and sales operational efficiencies.
24:18 efficiencies.
24:20 The capital chain starts with capital
24:22 that is used to buy assets to create
24:24 products that generate sales and
24:27 increase net income. Financial ratios
24:29 can help analyze how efficiently we are
24:32 managing the capital chain.
24:34 All goods and services are influenced by
24:38 time. The utility of cash is future cash
24:40 flows and those cash flows are
24:44 influenced by time. $100 now VS
24:47 receiving in 5 years changes the value.
24:49 Next, we will look at how this can be calculated.
24:51 calculated.
24:53 The next part seems intimidating, but
24:56 it's really cake. You know intuitively
24:58 that getting $1,000 now isn't the same
25:01 as getting it in 5 years. There is a lot
25:04 you could have done with that cash. So,
25:07 what is $1,000 in 5 years really worth
25:09 right now?
25:11 You could invest it somewhere else and
25:13 get a return, but you also need to
25:15 factor in some risks in case someone
25:18 won't pay up. Those are accounted for in
25:21 the discount rate.
25:24 Let's break this beast down. PV, that's
25:28 what you are trying to figure out. CFT,
25:30 that's just the lump sum in the future.
25:33 So, $1,000 in this case. That's just
25:36 adding 1 + 4%.
25:40 T, that's just five. Bam. Now you know
25:42 what it's worth.
25:44 Armed with this power, you can tell
25:47 whether or not a $2,000 mower is really
25:48 worth the investment when you look at
25:50 the cash flow it will bring in down the road.
25:52 road.
25:54 Marketing is about promoting products
25:57 and services. First rule, you don't try
26:00 to serve everybody. You segment the
26:03 available market. Then target a segment.
26:05 Then position the product.
26:09 Who is your customer and who
26:11 is not.
26:13 This is one of the most difficult steps
26:15 in marketing. We want to sell to
26:18 everybody. But if we try that, we end up
26:20 watering down our product messaging and
26:23 it doesn't appeal to anyone. Get focused
26:25 on who your target is and then position
26:27 it from there.
26:29 Segmentation and targeting can be
26:31 approached like this. As much as we
26:33 would love the whole world to be our
26:36 customer, it ain't going to happen.
26:38 Instead, look at the potential market,
26:41 then the actual available market.
26:43 Segment it and target the most valuable
26:46 potential customers.
26:48 Lattering is a great way to map out your
26:50 product. See how it connects with your
26:52 target and decide how to use that to
26:55 create marketing materials.
26:58 Ask your biggest fans what they like,
27:00 why they like it, why that matters, and
27:02 how that connects to a highlevel
27:05 personal value. The link between the
27:07 product and personal benefit is where
27:09 the magic happens.
27:11 Now you can position your marketing
27:13 materials through the love group's eyes
27:15 while targeting the swing group to gain
27:17 new customers.
27:19 Let's take our lemonade business and do
27:22 some love group interviews. You should
27:24 end up with a lading hierarchical value
27:27 map like the one below. When you notice
27:29 patterns of responses, you can bold
27:31 those lines and focus on the ones that
27:34 are on the personal relevance bridge.
27:36 When working through new ideas and
27:38 marketing them, make sure you can pass
27:41 the limus test above. The more of these
27:43 dimensions you have, the sharper your
27:47 angle. Also, a good way to find out if
27:49 you have a good idea is to ask if people
27:52 would buy it and for how much. Ask
27:54 Ask
27:56 on a scale of 1 to 10, how likely are
27:58 you to buy this?
28:02 Anything over a potential now?
28:04 Brands are not logos, graphics, or slogans.
28:06 slogans.
28:07 Those are artifacts that can help with
28:10 familiarity with your brand, but a brand
28:13 is much deeper. What impression is left
28:16 on your customers? What are your touch
28:18 points with them?
28:20 Branding essentials,
28:23 resonate with consumers,
28:26 differentiate from competitors,
28:29 motivate employees.
28:31 What? We bring kids happiness. How? By
28:34 making toys.
28:36 Why? Because children are out future and
28:38 each one deserves to smile in a
28:40 darkening world.
28:43 We think people care about what we do or
28:46 how we do it. Actually
28:49 they don't. People care about why we do
28:52 what we do. That is who we are at our
28:54 core and that becomes our brand mantra
28:56 which acts as guard rails on all
28:58 decisions we are considering.
29:01 Ask does this decision align with our
29:05 core. If not don't do it.
29:07 Brand mantra
29:10 what we are at our core.
29:12 Ops management is broken down into three
29:16 parts. You are designing, managing, and
29:18 improving a set of activities that
29:20 creates products and services and
29:22 delivers them to customers.
29:24 Whenever starting a new position or
29:28 responsibility, don't feel overwhelmed.
29:31 Keep calm and map the process. Look for
29:34 complexity and simplify.
29:37 Understand the current operation.
29:39 Understand the performance. Understand
29:43 performance required by customers.
29:46 performance, capacity, efficiency,
29:50 max output units per unit of time, utilization.
29:51 utilization.
29:54 You have 100 workers who normally work 8
29:58 HRs. If in a day there were only 700
30:01 hours fully consumed, you would be 87.5% efficient.
30:03 efficient.
30:10 Lead time. The time between a request
30:12 and the delivery of your product to the customer.
30:14 customer.
30:16 Throughput. The amount of a product a
30:18 business can create within a period of
30:21 time cycle time. The total amount of
30:22 time from the beginning to the end of
30:25 the process capacity. Maximum output
30:27 from a process measured in units per
30:29 unit of time.
30:31 Efficiency of business performance
30:34 standard. All processes are leveraging
30:37 resources in the most optimal way.
30:40 Bottleneck a process in a link chain
30:42 that is slow reducing the capacity of
30:44 the whole.
30:46 Is your lemonade stand running efficiently?
30:47 efficiently?
30:49 Let's check out your process and see how
30:51 it's doing.
30:54 Unit equals
30:57 throughput equals 1 unit at 250.
31:00 Bottleneck equals
31:04 capacity equals five units per 1210.
31:06 Filling the pitcher happens every five
31:08 cups. Depending on your demand, you
31:10 could constantly be making five cups at
31:13 a time in a batch to meet demand.
31:15 Unless you were reducing a cycle time or
31:18 removing a bottleneck, each batch would
31:21 take 12 minutes and 10 seconds. Unless
31:23 you hire more people, that is your max capacity.
31:25 capacity.
31:28 Now, if you usually produce five batches
31:30 an hour, you can then figure your
31:32 capacity utilization.
31:35 If you only produced 17 cups this hour,
31:37 your capacity utilization would be
31:41 1725ths equals 68%.
31:43 This is a simple example, but the
31:47 principle can apply anywhere. Keep calm,
31:49 analyze the process, find ways to
31:52 improve, and then do it.
31:54 Most business problems are symptoms of
31:58 deeper human or organization issues.
32:00 Improve at the HR level and you will
32:02 improve the business overall.
32:04 People management can be systematized to
32:06 remove variability and to increase predictability.
32:08 predictability.
32:10 We make mistakes based on intuition. If
32:12 we feel they are the right fit, we hire
32:16 them. If they are like us, we like them.
32:19 The more reason to be systematic
32:21 systematic when
32:23 when hiring
32:24 hiring
32:28 a bias proof way to interview and hire.
32:31 Systematic hiring.
32:34 One, identify purpose for hire.
32:37 Two, put together job definition.
32:40 Three, define tasks.
32:43 Four, prioritize tasks.
32:45 Five, define needed competencies. X
32:48 operations management.
32:50 Six, ask behavioral questions and rate
32:52 responses. X, tell us about a time when
32:56 you created a new operational process.
32:59 Seven, hire and on board.
33:02 Eight, evaluate employee.
33:04 So, how do you motivate employees?
33:07 See how you hold up with the motivating
33:09 potential score. This measures how
33:13 motivated your current employees are. Hersburgg's
33:15 Hersburgg's
33:18 motivation hygiene theory
33:20 track high potentials facilitate their development
33:22 development
33:24 performance management set performance expectations
33:26 expectations
33:29 measure results
33:31 provide feedback
33:34 reward or correct
33:36 team success levers
33:39 when meeting any kind of resistance
33:42 appeal to the emotions. Logic is like a
33:44 man riding an elephant. Guess who
33:47 decides where to go?
33:49 The negotiation framework is simple yet
33:52 powerful. Apply this framework and get
33:55 what you want much more often.
33:57 Compliments don't cost much, but they
33:59 are effective.
34:03 What do you want them to think of you?
34:05 Fair and honest, knowledgeable. Done
34:07 homework, walk away.
34:10 Sources of individual power.
34:13 Legitimate power. Judge,
34:15 Judge, police,
34:16 police,
34:20 reward/coercive power,
34:22 scarce resources,
34:25 expert power, skills,
34:27 skills, knowledge,
34:28 knowledge,
34:31 referent power.
34:33 Dash X sent me diplomats,
34:36 diplomats,
34:38 personal power, charm,
34:40 charm, charisma,
34:42 charisma, politicians,
34:44 politicians,
34:47 critical attributes,
34:49 even temperament, discipline,
34:51 discipline,
34:53 excellent listener.
34:56 Three attributes of persuasion.
34:58 One, power preparation, expert,
35:02 personal. Two, credibility.
35:04 I don't know right outcome. Three, attractiveness.
35:07 attractiveness.
35:09 Message messenger listens, builds trust,
35:11 pays attention. Goals,
35:13 Goals,
35:15 interest setting,
35:18 needs, alternatives matrix.
35:21 Parties with more alternatives and lower
35:23 needs have the most power. How can you
35:25 put yourself in a position of power when negotiating?
35:27 negotiating?
35:30 Also, how can you adapt to a situation
35:33 where the other party has more power? Critical
35:35 Critical
35:37 role play before the negotiation. The
35:40 game changer role play both sides know
35:42 it better than they.
35:44 Pro tip, write out your opening
35:47 statement ahead of time.
35:50 The earlier you discuss money, the less
35:52 money you will get.
35:54 Principled negotiations separate people
35:56 from problem. Focus on interests, not
35:58 positions. Look for options for mutual
36:02 gain. Use fair standards and procedures.
36:04 Cognitive anchoring.
36:08 Explanation first, then conclusion.
36:10 This pen went to the moon and back. It's
36:12 only $8,000.
36:15 What is your goal?
36:17 Your goal is paramount. Do you want to
36:20 be right or do you want to achieve a
36:23 happy marriage? Sometimes you can't have both.
36:25 both.
36:28 Who are you negotiating with?
36:29 The more you know and understand this
36:32 person, the better your chances are of a
36:35 successful negotiated outcome. What are
36:37 the pictures in their head? What keeps
36:40 them up at night? What are their hopes
36:42 and dreams? Three,
36:44 Three,
36:47 what is your incremental plan?
36:49 Being incremental wins every time. VS
36:51 trying to get everything right off the bat.
36:53 bat. One,
36:54 One,
36:56 the five
37:00 competitive forces that share strategy.
37:02 These five forces can determine the
37:05 long-term profitability of a company.
37:07 The higher the threat, the lower the
37:10 profits. Either build a defense against
37:12 these forces or find an industry where
37:14 the forces are weaker.
37:17 Do things differently.
37:19 differently.
37:21 Appeal to a customer segment. Find a
37:23 base of differentiation and the
37:25 competition's advertising will have no
37:28 effect. Be so amazing that customers
37:31 naturally prefer you. Competition.
37:33 Competition.
37:35 Find ways to do the activities differently.
37:37 differently.
37:39 That satisfy a customer/market need/desire.
37:42 need/desire.
37:45 Differentiation just takes creativity.
37:48 Look around and find some object. If you
37:50 were selling that object, how would you
37:53 differentiate it? If someone can do this
37:57 with commodities, you can too
37:58 recognize things as they really are
38:01 rather than what they ought to be.
38:03 During the Civil War, the Confederate
38:05 Army at Gettysburg had a better
38:07 strategy, but they didn't recognize and
38:10 adapt to new circumstances.
38:15 The result? Well, you know the rest.
38:17 A company creates a strategic advantage
38:19 when it has various connected activities
38:21 that support its core differentiating
38:25 value. Southwest was able
38:27 to beat other airlines with low ticket
38:29 prices by using auto ticketing and a
38:31 standardized fleet along with frequent
38:34 reliable departures and by using a lean,
38:36 highly trained staff.
38:38 How do you make your company like
38:41 Disney? That's what strategy is all about.
38:43 about.
38:45 product, marketing, messaging,
38:50 positioning, customer service, etc.
38:53 Equals overall magical experience.
38:55 Customers have such passion for you that
38:58 they are impervious to the competition,
39:01 making the competition irrelevant.
39:04 Competitors change the game. You may
39:06 think all is well with your projections,
39:08 but did you consider what happens when
39:10 someone else enters? Will it change your
39:13 sales price and have an impact on your
39:15 profits? You have to think through the
39:19 various scenarios before going allin
39:21 perspective from customers or competitors.
39:23 competitors. VRIO
39:24 VRIO [Music]
39:25 [Music] framework
39:27 framework three.
39:29 three.
39:31 Running your idea through the VRIO
39:33 framework can help determine whether or
39:34 not you will have the chance for a
39:37 sustained competitive advantage.
39:39 There are two types of strategy with
39:42 regards to competition. Red and blue
39:45 oceans. Red oceans are filled with competition.
39:46 competition.
39:48 Before the Ford Model T, the automobile
39:51 landscape was expensive. Henry Ford
39:54 decided to create an uncontested market
39:57 space with a cheap alternative and one.
39:59 Alliances are critical in expanding your
40:01 business, but they need to add value
40:04 that you couldn't get on your own. If
40:06 Mike can make 10 cups and two lemons an
40:08 hour and John the opposite, you could
40:11 form an alliance to produce more of both
40:14 faster. Make sure you can articulate
40:16 what specific
40:18 value they provide. And no matter what,
40:20 make sure you have a legally binding
40:23 contract set up.
40:25 You need a contract
40:28 with alliances.
40:29 Can you articulate what value they provide?
40:31 provide?
40:33 Business ethics is more than just
40:35 keeping you out of jail. Living
40:37 ethically leads to a more fulfilling
40:40 life, enabling you to leave a legacy you
40:42 can be proud of.
40:44 Disclosure test.
40:47 When in doubt, ask yourself, would I be
40:49 okay if this decision ended up on the
40:54 5:00 news? If not, then don't do it. Emotion
40:56 Emotion
40:59 causes short-term thinking.
41:01 A critical element is moving from
41:03 short-term thinking to long-term thinking.
41:04 thinking.
41:07 Most ethical issues arise from emotion
41:09 which causes us to think in the short
41:12 term. All you need to do is to stop and
41:14 to remember your goals of who you want
41:17 to be. Will this decision reinforce or
41:19 take away from that image?
41:22 Decision process.
41:24 As emotions are high when ethics are at
41:26 stake. Use this simple process to help
41:30 guide you in making ethical decisions.
41:33 One, stop and think.
41:38 Don't react. First, just stop and think.
41:40 Two, gather facts.
41:42 Now you can gather all the facts and
41:45 information. Is what you are deciding on
41:50 critical? Can it wait? Who is involved?
41:52 What's at stake?
41:56 Three, brainstorm solutions.
41:58 Your decision is only as good as your
41:59 best alternative.
42:01 Take time to brainstorm as many
42:06 solutions as possible. Four, decide.
42:07 Now it's time to weigh your decision
42:10 against whether or not it is ethical. It
42:12 helps to run things by others to make
42:15 sure your judgment isn't clouded.
42:17 Entrepreneurial finance is all about
42:20 creating value as quickly as possible
42:21 through a series of strategic activities.
42:23 activities.
42:27 Entrepreneurial finance process.
42:29 What is your end game?
42:31 The goal is always the harvest and how
42:34 to get there as quickly as possible.
42:36 There are tons of opportunities out
42:39 there. It is just up to you to find
42:42 them. The following are some opportunity
42:44 sources where you should always keep a
42:46 finger on the pulse.
42:48 Create an industry that solves the
42:51 problems that arise from these factors.
42:54 Before diving head first into your idea,
42:57 make sure it is feasible. You will be
42:59 spending a lot of time on it, so you'd
43:02 better do some validation first. Look at
43:04 your internal and external forces and
43:08 then map it out with a SWAT analysis.
43:09 When looking at any new venture, it is
43:11 helpful to put it through a good
43:13 screening. Two ways of doing this are
43:15 through both a quantitative and a
43:18 qualitative screen. The higher the
43:21 score, the more appealing to investors.
43:24 Quantitative screening.
43:26 Quantitative and qualitative screening
43:28 of a new venture removes emotion and
43:30 provides the data you need to make a
43:32 wise decision.
43:34 First, do a quantitative screening and
43:36 see how close to a score of three you
43:38 get. Then take a look at the management
43:40 team and ask questions to flesh out
43:43 their vision, knowledge and plans for
43:44 the future.
43:47 High growth best practices
43:49 practices
43:52 marketing practices
43:55 develop best product or service.
43:59 Highquality product or service.
44:02 Product commands higher prices.
44:04 Efficient distribution and superior support.
44:06 support.
44:09 Financial practices.
44:11 Prep detailed monthly financial plans
44:13 and annual financial plan for the next 5 years.
44:15 years.
44:18 Effectively manage the firm's assets,
44:20 financial resources, and operating performance.
44:22 performance.
44:25 Management practices.
44:27 Assemble management team balanced in
44:29 both functional areas and industry knowledge.
44:31 knowledge.
44:34 Collaborative decision making.
44:36 Any new venture goes through five stages
44:39 that correlate with fundraising.
44:40 This starts with the initial development
44:43 and seed financing to get you going all
44:46 the way to early maturity.
44:48 When working with BCS, they are looking
44:51 for a 3x 6x return and will need a
44:54 written agreement. Always remember that
44:56 in the world of private equity, your
44:59 reputation means everything. Be true to
45:00 your word and deliver on what you promise.
45:02 promise.
45:05 It's all about
45:08 reputation. Reputation,
45:10 business entities.
45:12 When starting a business, it is
45:13 important to know the positives and
45:15 negatives of the various business
45:18 entities before you choose one. Each one
45:19 can have important implications
45:22 regarding your exposure to liability and
45:26 taxes. Here they are below.
45:28 Sole proprietorship.
45:30 simple and the most common among the
45:33 entities. It is unincorporated and
45:35 doesn't make any distinction between the
45:37 owner and the business. But with the
45:40 simplicity comes some risk. Without a
45:42 distinction between the owner and the
45:44 business, your personal assets are at
45:48 risk if someone decides to sue you. LLC
45:50 LLC
45:52 LLC stands for limited liability corporation.
45:54 corporation.
45:56 This is usually a better choice over a
45:58 sole proprietorship as it creates a
46:00 legal buffer between the owner and the
46:02 business. This entity combines the
46:04 characteristics of a sole proprietorship
46:07 and a corporation escorp.
46:09 escorp.
46:11 More complicated with added rules and regulations.
46:12 regulations.
46:15 With that said, this might be preferable
46:17 if you are looking for outside financing
46:20 or issuing stock. Having the flexibility
46:22 to issue stock is always nice as it can
46:24 incentivize partnerships or provide
46:27 additional help with the business. Ccorpor
46:30 Ccorpor
46:33 are like escorp but are taxed twice.
46:36 Core can have unlimited shareholders
46:38 whereas escorp can only have a max of
46:41 100 and they must be US citizens.
46:43 The five C's of credit are what lenders
46:47 use when evaluating potential borrowers.
46:49 character can also be referred to as
46:52 credit history. This is the info on the
46:55 credit reports of the borrower. These
46:56 reports show how much you have borrowed
46:58 over time and whether or not you have
47:01 repaid your loans on time.
47:03 Capacity is your ability to repay the
47:06 loan. This is a comparison of your
47:08 current income against your recurring
47:11 debts. Lenders are also looking at how
47:12 long you have been at your current job
47:15 when making this assessment.
47:17 Capital is what you as a borrower are
47:20 already putting towards the investment.
47:22 This helps lenders feel more secure that
47:25 you won't default on your loan.
47:27 Collateral is the assets you put up as
47:28 security in the event that the loan
47:31 defaults. This gives the lender options
47:33 to liquidate your assets in order to get
47:36 their money back.
47:38 Conditions include the amount borrowed,
47:40 the interest rate, and how the borrower
47:43 plans to use the money. The clearer and
47:45 more focused the purpose, the greater
47:47 the chances of getting the loan approved.
47:49 approved.
47:51 Decisions affect your life and happen on
47:54 a daily basis. Learn how to make the
47:56 best ones possible in order to achieve
47:58 stellar results.
48:01 This model works wonders. It is dead
48:02 simple, but can speed up the
48:04 decision-making process significantly
48:08 and help you land in the right spot.
48:10 This is the most important step. Make
48:12 sure you put together a well-posed
48:14 decision problem and that it is the
48:17 right problem to solve. Example, which
48:20 gym should I join? BS, how might I
48:22 improve my health?
48:26 One by one, go through your objectives.
48:28 Ask the question, what do we want from
48:32 this? Then ask why. You might be
48:35 surprised at what you discover.
48:38 This part is so important. You will only
48:40 make a decision as good as your best alternative.
48:41 alternative.
48:43 Take time to come up with a number of alternatives.
48:46 alternatives. Consequences
48:47 Consequences
48:49 on a spreadsheet. Map out your
48:51 objectives in the column on the left
48:53 with all your alternatives along the top
48:56 and then weight them. Then go through
48:58 each alternative and score it one to
49:00 three based on how well it
49:03 meets each objective. This will give you
49:05 a pretty good indicator which direction
49:07 to go.
49:10 Car one, car two, car three,
49:12 comfort, three, three,
49:14 three,
49:16 two, roominess. Two, three,
49:18 three,
49:21 two, attractiveness. Two, three.
49:22 three.
49:25 Three. Low miles. One. One.
49:27 One.
49:30 Three. Condition. Three. One.
49:31 One.
49:34 Three. Price. Two. One.
49:36 One. Three,
49:37 Three,
49:39 you should have a pretty good idea by
49:41 now which direction to go, but it is
49:43 good to look at the trade-offs you will
49:45 need to make for any alternatives that
49:47 are close.
49:50 New golf grip. Practice swinging 100
49:53 times feels weird at first, then becomes natural.
49:55 natural.
49:57 This is a great model to help you make
49:59 better decisions, but it isn't natural.
50:01 With focused practice, it will become
50:04 second nature to you. Practice,
50:08 practice, practice.
50:09 How often have you been in a situation
50:12 where people rushed to solve a problem
50:15 only to find out it was the wrong one?
50:17 This is a common decision trap that
50:19 happens too often. Below are a few
50:24 common traps we all fall into. Beware traps.
50:26 traps.
50:29 Absence of a simple powerful share
50:31 judgment process model.
50:34 The rush to solve we end up solving the
50:36 wrong problem.
50:40 Specify, articulate and evaluate the
50:42 decision trigger
50:44 thing that makes you aware of the
50:46 problem. Tip could be an alternative
50:49 masquerading as a problem.
50:51 I this really a problem or an
50:55 alternative job recruiter calls. Take
50:58 job not a problem.
51:01 The magic question.
51:02 We all look at the world through
51:04 different perspectives.
51:06 The more you can see the world from
51:08 others perspectives, the better off you
51:10 will be.
51:14 Identify your frame others frames.
51:18 This is hard. Cognitive dissonance. Give
51:21 yourself permission to disagree after.
51:23 This isn't easy, but it can be done with
51:26 some practice. Take a hard topic that
51:28 you don't agree with and give yourself
51:30 permission to see it from an opposing
51:32 perspective. The more angles you can see
51:35 it from, the more informed you will be
51:37 to make a better decision.
51:40 There are two types of thinking, system
51:43 one and system two. Our minds generally
51:45 default to system one because it is
51:47 faster and simpler.
51:49 This can be dangerous if we always
51:51 default to system one for tough
51:54 decisions. The two best ways to battle
51:56 this are to be aware of the various
51:57 biases and to follow a structured
52:00 problem-solving method.
52:02 Availability heristic representativeness
52:04 heristic prospect theory anchoring and
52:07 insufficient adjustment over confidence
52:09 motivated reasoning.
52:11 Availability heristic people base
52:13 predictions on how easily an example can
52:16 be brought to mind.
52:18 Representativeness heristic people judge
52:20 the likelihood of an event's occurrence
52:23 by the degree it represents the data.
52:26 Prospect theory people are loss averse.
52:28 They prefer avoiding loss to acquiring
52:31 gains leading to risk-seeking in loss
52:32 domain and risk averse in the gain domain.
52:34 domain.
52:36 Anchoring and insufficient adjustment.
52:38 People tend to rely too heavily on a
52:42 number anchor when making decisions.
52:43 Overconfidence. People tend to be
52:45 excessively confident in their predictions.
52:47 predictions.
52:50 I am 99% sure they couldn't hit an
52:53 elephant at this dist.
52:56 Jen do John B. Sedwick.
52:58 Motivated reasoning people tend to
53:00 evaluate evidence in ways consistent
53:03 with their preferences.
53:05 General management is all about solving
53:07 problems and resolving issues all being
53:09 accomplished with only limited
53:12 knowledge. In order for you to help get
53:14 problems solved, you need to help others
53:16 frame the problem correctly and to help
53:19 guide them to the solution.
53:22 Problem solving basics.
53:24 Structuring the problem begins by first
53:26 coming up with a smart problem
53:28 definition. Then from there creating an
53:30 issue tree with all the possible answers
53:33 to the question.
53:35 Structuring the problem.
53:37 My greatest strength as a consultant is
53:40 to be ignorant and ask a few questions.
53:43 Peter Drugger.
53:45 Once you have created your issue tree,
53:47 start testing assumptions, gather data,
53:49 and cut off branches that don't apply
53:52 anymore. This helps you get to the root
53:54 cause and start getting to real solutions.
53:56 solutions.
53:57 It is important to have your goal that
53:59 you are solving the problem with front
54:02 and center. Focus on a goal that has the
54:06 highest benefit with the lowest cost.
54:08 Solve the problem with highest benefit
54:10 plus lowest cost.
54:12 As a consultant, you need to provide
54:14 good recommendations.
54:16 Below is a basic flow when making
54:19 recommendations to clients.
54:22 Good recommendations.
54:25 Why learn about change? Great solutions
54:28 can fail if the org isn't ready.
54:30 Change is emotional.
54:32 Find ways to nudge change in the right direction.
54:33 direction.
54:36 For example, rather than having you cut
54:38 back on your food, just start using
54:40 smaller plates.
54:43 In order to motivate people to change,
54:45 you must help them to see and feel the
54:47 importance of the change.
54:49 Change follows an unfreezing of how
54:52 things have always been, opening up the
54:55 opportunity for change. Change requires
54:57 ending the past, leading to a period in
55:00 a neutral zone, and then settling in the
55:02 new beginning.
55:05 Every beginning ends something.
55:07 Paul Valerie.
55:09 People need to do all three at the same time.
55:11 time.
55:13 A good example of this is when someone
55:16 gets married. Exchanging marital vows
55:18 kicks off the new beginning and requires
55:20 that the couple end the past of being
55:21 single and what they were comfortable
55:24 with in that previous life.
55:26 This causes them to be in the neutral
55:29 zone for a time. Believing that the
55:30 future will be better will enable them
55:32 to embrace the new beginning.
55:34 Relinquishing the past and truly changing.
55:36 changing.
55:38 It is better to go through this process
55:41 than deny it. Otherwise, the
55:44 consequences will be catastrophic.
55:47 Change is a cut off.
55:50 However, transition isn't as cut
55:52 and dried.
55:55 Purpose. Why are we moving?
55:59 Picture. What will it look like?
56:02 Plan. How will we get there?
56:04 P where?
56:06 When introducing people to the process
56:08 of change, help them understand the
56:12 purpose, picture, plan, and their part.
56:14 Be patient and remember that although
56:16 the plans may make sense to you, they
56:18 may not be there yet or have all the information.
56:20 information.
56:21 One, remember the marathon effect. You
56:23 may have already changed, but others haven't.
56:25 haven't.
56:27 Measure twice, cut once, plan and
56:31 prepare. It is worth the time.
56:35 Proceed informally slash small at first.
56:36 Build momentum and then proceed formally.
56:38 formally.
56:40 Large organizational change needs to be
56:45 strategic, calculated, and precise. It
56:47 can't be a shotgun model. It has to be
56:50 more like precise rifle shots.
56:53 Shotgun VSS rifle shots build the love group.
56:54 group.
56:59 Warning, gross. Picture this. You are at
57:01 dinner with your family and there is a
57:03 dead dog on the center of the table, but
57:06 no one talks about it. That is a
57:08 dysfunctional family. Do you have a
57:11 dysfunctional organization?
57:14 What isn't being talked about?
57:17 Hallmark of a dysfunctional family.
57:20 Remember, this needs to be precise.
57:25 Sharpshooter precise. Ready, aim, fire,
57:28 timing, sequencing, and credibility are
57:31 everything. Plan out your communication
57:33 strategy and get the right people on board.
57:35 board.
57:37 A change management strategy works by
57:40 influencing the right people in the org.
57:43 By taking a look at history's leaders,
57:45 we can learn from their successes as
57:47 well as their failures.
57:49 General Lee's men didn't know why he
57:51 gave certain instructions or why he
57:54 failed to communicate his thoughts. As a
57:56 leader, it is easy to have the vision in
57:58 our minds, but if we don't communicate
58:01 it effectively, we will lose the war.
58:03 At a critical time, General Lee didn't
58:05 listen to his generals and was unable to
58:07 adapt to the changing circumstances
58:10 around him. Frequently, taking inventory
58:13 of the situation around you and adapting
58:15 will help you stay on top.
58:17 Winston Churchill was a leader who was
58:20 strategic in all he did, including his
58:22 career, as he intentionally took
58:24 specific positions to increase his influence.
58:26 influence.
58:28 Churchill valued these character traits
58:30 as a leader, and they served him well in
58:33 his leadership capacity.
58:35 Success is going from failure to failure
58:37 without loss of enthusiasm.
58:39 enthusiasm. Churchill
58:41 Churchill
58:45 one, make key strategic decisions first.
58:48 Two, choose top leadership.
58:50 Three, give clear direction. Then clear
58:54 the way for them to act effectively. Responsibility
58:56 Responsibility
58:58 needs equal authority.
59:00 authority.
59:02 For individuals to be successful, when
59:05 given a responsibility, they need to be
59:07 given equal authority in order to carry
59:09 out their duties. Otherwise, it will
59:12 only lead to failure. Churchill felt
59:14 that the further back you could look in
59:16 history, the further ahead you could see,
59:17 see,
59:19 the further back you can look, the
59:22 further ahead you can see.
59:24 Collective decision-m
59:27 leads to temporizing.
59:29 Counseling together is different than
59:32 collective decision making. One is about
59:34 gathering the best insights to help
59:36 inform a decision. The other only leads
59:39 to temperizing which is ineffective.
59:42 Strong leadership listens but also knows
59:44 when to make a decision.
59:46 The Americans rocked the Nazis at the
59:48 Battle of the Bulge due in large part to
59:51 Eisenhower's leadership. He led in
59:53 almost opposite manner and approach to
59:57 Hitler and it served Eisenhower well.
59:59 The problem today is most people spend
60:02 time consuming versus creating. Make a real commitment to start creating. It
60:05 real commitment to start creating. It will benefit both your personal and
60:06 will benefit both your personal and professional life.
60:09 professional life. When brainstorming, the game is all
60:11 When brainstorming, the game is all about getting out as many ideas as
60:13 about getting out as many ideas as possible. Crazy ideas, infeasible ideas,
60:18 possible. Crazy ideas, infeasible ideas, just get them all out there. Idea
60:21 just get them all out there. Idea generation is about divergence. As
60:24 generation is about divergence. As tempting as it can be, don't critique
60:26 tempting as it can be, don't critique any ideas until they are all out there.
60:30 any ideas until they are all out there. Once you have done that, it is time to
60:32 Once you have done that, it is time to filter the ideas down. Put your business
60:35 filter the ideas down. Put your business hat on and throw out bad ideas.
60:38 hat on and throw out bad ideas. Remember, the only way to get down to a
60:40 Remember, the only way to get down to a great idea is to start with divergence
60:42 great idea is to start with divergence first and then convergence.
60:46 first and then convergence. First, think outside the box. Then,
60:49 First, think outside the box. Then, associate your thoughts with things you
60:51 associate your thoughts with things you have observed or experienced.
60:53 have observed or experienced. This is the essence of creativity.
60:56 This is the essence of creativity. Always be filling your card catalog with
60:58 Always be filling your card catalog with experiences and knowledge. Then, take
61:01 experiences and knowledge. Then, take those cards and put them together in
61:03 those cards and put them together in different combinations.
61:06 different combinations. Teams are critical to expanding your
61:08 Teams are critical to expanding your breadth. Include people who are
61:10 breadth. Include people who are different than you. This helps expand
61:13 different than you. This helps expand your idea pool dramatically. You can use
61:16 your idea pool dramatically. You can use these associative thinking methods in a
61:18 these associative thinking methods in a team or individually, but try to
61:19 team or individually, but try to leverage teams as much as possible.
61:23 leverage teams as much as possible. You may have a great idea that solves a
61:25 You may have a great idea that solves a huge problem, but if people don't care,
61:27 huge problem, but if people don't care, they won't buy it. It could even be a
61:30 they won't buy it. It could even be a life-saving device.
61:32 life-saving device. Pain is personal. Personal pain causes
61:36 Pain is personal. Personal pain causes people to pay.
61:38 people to pay. When solving any kind of problem, dive
61:40 When solving any kind of problem, dive into the complexity. When you are
61:43 into the complexity. When you are providing the end solution, make it
61:45 providing the end solution, make it incredibly simple. Elegant solutions
61:48 incredibly simple. Elegant solutions beat out non-elegant solutions to Forex.
61:52 beat out non-elegant solutions to Forex. Systematic inventive thinking is a
61:54 Systematic inventive thinking is a technique to take existing products and
61:56 technique to take existing products and create new innovations from them by
61:58 create new innovations from them by applying five different thinking models.
62:02 applying five different thinking models. For example, take your product and
62:04 For example, take your product and subtract a feature or take a feature and
62:07 subtract a feature or take a feature and give it a different purpose etc.
62:11 give it a different purpose etc. Subtract,
62:13 Subtract, multiply same objects, use different
62:15 multiply same objects, use different job.
62:17 job. Divide
62:18 Divide unify tasks break symmetry.
62:22 unify tasks break symmetry. Creativity is an evolutionary process.
62:25 Creativity is an evolutionary process. Starting with the vision, ideas are
62:27 Starting with the vision, ideas are tested, tweaked, and tested again.
62:31 tested, tweaked, and tested again. Through the process, new knowledge is
62:34 Through the process, new knowledge is gained and the product is refined to a
62:36 gained and the product is refined to a point where it finally meets the vision
62:37 point where it finally meets the vision and can be launched for real. A key in
62:40 and can be launched for real. A key in the process is to be nimble and
62:42 the process is to be nimble and flexible, adapting to new information
62:44 flexible, adapting to new information and data.
62:46 and data. Guest speaker Michael Lee.
62:49 Guest speaker Michael Lee. Spend time on soft costs. Most companies
62:53 Spend time on soft costs. Most companies invest very little in soft costs which
62:55 invest very little in soft costs which can be detrimental once it is launched.
62:58 can be detrimental once it is launched. People always want to jump to solutions.
63:02 People always want to jump to solutions. Stop. Bring people back to abstraction.
63:05 Stop. Bring people back to abstraction. What is the story? Why does the product
63:08 What is the story? Why does the product exist? Then create the experience in
63:11 exist? Then create the experience in your mind's eye.
63:13 your mind's eye. Of course, before you create it, you
63:15 Of course, before you create it, you need to look at the numbers and do a
63:17 need to look at the numbers and do a feasibility study. If it makes business
63:20 feasibility study. If it makes business sense, then you start working on the
63:22 sense, then you start working on the solution.
63:24 solution. You can't talk about innovation without
63:26 You can't talk about innovation without talking about Harvard business professor
63:28 talking about Harvard business professor Clayton Christensen. The guy is a
63:31 Clayton Christensen. The guy is a genius. He has a masterful theory called
63:34 genius. He has a masterful theory called the job to be done.
63:36 the job to be done. A fast food chain wanted to sell more
63:38 A fast food chain wanted to sell more milkshakes.
63:40 milkshakes. They did market research and spent a lot
63:42 They did market research and spent a lot of money to learn everything about their
63:44 of money to learn everything about their target customer.
63:46 target customer. They did surveys and focus groups. Then
63:49 They did surveys and focus groups. Then they enhanced their milkshakes by
63:51 they enhanced their milkshakes by refining the recipe, brought in their
63:53 refining the recipe, brought in their customers and they liked it.
63:56 customers and they liked it. No increase in sales.
63:59 No increase in sales. 45%
64:02 45% of milkshakes were purchased in the
64:04 of milkshakes were purchased in the morning.
64:05 morning. Given this insight, they started
64:07 Given this insight, they started stopping drivers as they were going
64:09 stopping drivers as they were going through the drive-thru and asking why
64:10 through the drive-thru and asking why they were buying the milkshake.
64:13 they were buying the milkshake. They learned that the customers wanted
64:15 They learned that the customers wanted something that would occupy them while
64:17 something that would occupy them while they commuted to work and kept them full
64:19 they commuted to work and kept them full until lunch. That was the job to be done
64:22 until lunch. That was the job to be done that they hired the milkshake for.
64:25 that they hired the milkshake for. This course is all about finding a good
64:27 This course is all about finding a good idea, sharpening the competitive angle
64:30 idea, sharpening the competitive angle and making it profitable. This simple
64:32 and making it profitable. This simple model took 20 plus years to perfect.
64:36 model took 20 plus years to perfect. How to create a good idea?
64:39 How to create a good idea? Reinvent
64:41 Reinvent product experience. the world around
64:43 product experience. the world around you.
64:45 you. One, solve everyday pain. Look around.
64:48 One, solve everyday pain. Look around. What are people struggling with?
64:51 What are people struggling with? Two, ride the wave of interest. What is
64:53 Two, ride the wave of interest. What is popular right now? Leverage it.
64:57 popular right now? Leverage it. Three, stretch or entertain to the
64:58 Three, stretch or entertain to the extreme. Take your idea and go to the
65:00 extreme. Take your idea and go to the extreme. For some reason, things taken
65:03 extreme. For some reason, things taken to the extreme are money makers.
65:06 to the extreme are money makers. Four, build on a core product. Look at
65:08 Four, build on a core product. Look at the most common products, find their
65:10 the most common products, find their core, and make them the best or most
65:13 core, and make them the best or most fun. Double down.
65:16 fun. Double down. Five. Cool. Hunting. What's most
65:18 Five. Cool. Hunting. What's most profitable in other countries that we
65:20 profitable in other countries that we aren't doing here? Find it and bring it
65:22 aren't doing here? Find it and bring it over.
65:24 over. How to know if you have a good idea.
65:26 How to know if you have a good idea. Test personal connection
65:29 Test personal connection factor.
65:31 factor. Show people the product.
65:33 Show people the product. Conduct focus groups.
65:36 Conduct focus groups. On a scale of 0 to 10, what would you
65:39 On a scale of 0 to 10, what would you rate this?
65:41 rate this? Steps to conduct focus groups.
65:44 Steps to conduct focus groups. Screening question. Do you use
65:47 Screening question. Do you use do the six thinking hats?
65:50 do the six thinking hats? Why?
65:52 Why? State the facts for the focus group.
65:55 State the facts for the focus group. This isn't the time for critiques. Just
65:57 This isn't the time for critiques. Just Q
65:59 Q and A.
66:01 and A. Red. Ask on a scale of 1 to 10 whether
66:03 Red. Ask on a scale of 1 to 10 whether or not they would purchase it.
66:06 or not they would purchase it. Yellow perceived benefits or positive
66:08 Yellow perceived benefits or positive support for the product.
66:11 support for the product. Black perceived shortcomings of the
66:12 Black perceived shortcomings of the product. This is the time for them to be
66:15 product. This is the time for them to be negative.
66:17 negative. Green ideas for improving the product.
66:21 Green ideas for improving the product. Blue summarize the process and learnings
66:23 Blue summarize the process and learnings from the thinking hat exercise.
66:26 from the thinking hat exercise. Questions to ask for new products.
66:29 Questions to ask for new products. Each of these questions is ordered by
66:31 Each of these questions is ordered by Mojo. What about your product will get
66:34 Mojo. What about your product will get people talking.
66:36 people talking. The competitive angle.
66:39 The competitive angle. The competitive angle has three parts. A
66:43 The competitive angle has three parts. A helps someone get over a hurdle. B is
66:46 helps someone get over a hurdle. B is distinct. Creates a positive personal
66:49 distinct. Creates a positive personal connection. Once you have a good idea,
66:52 connection. Once you have a good idea, it is time to sharpen the competitive
66:54 it is time to sharpen the competitive angle to make it profitable.
66:57 angle to make it profitable. Sometimes your angle will look
66:58 Sometimes your angle will look unbalanced like this. Work to balance it
67:02 unbalanced like this. Work to balance it out by sharpening the dull points.
67:05 out by sharpening the dull points. Remarkable bottomup tactic.
67:08 Remarkable bottomup tactic. Double down your cheap. We are twice as
67:11 Double down your cheap. We are twice as cheap. Better faster. Cheaper. Go double
67:15 cheap. Better faster. Cheaper. Go double better faster. Cheaper.
67:18 better faster. Cheaper. Do the opposite. Milk. Rightward. Arrow.
67:20 Do the opposite. Milk. Rightward. Arrow. Almond. Silk. Not milk.
67:23 Almond. Silk. Not milk. Feature an oddity. Squatty potty.
67:26 Feature an oddity. Squatty potty. The cow patty clock is a great example
67:28 The cow patty clock is a great example of a product that featured an oddity and
67:30 of a product that featured an oddity and doubled down. The only limitation they
67:33 doubled down. The only limitation they had was in creating the supply. Cows
67:36 had was in creating the supply. Cows only poop so much.
67:38 only poop so much. The jetpack water ride started as a
67:40 The jetpack water ride started as a product to clean the sides of large
67:42 product to clean the sides of large ships. Sales were level. They took that
67:46 ships. Sales were level. They took that idea, sharpened the angle by making it
67:48 idea, sharpened the angle by making it unique and targeted for a different
67:51 unique and targeted for a different situation.
67:52 situation. sales skyrocketed.
67:55 sales skyrocketed. Positive personal connections are
67:57 Positive personal connections are critical. Be careful of creating a
67:59 critical. Be careful of creating a product that elicits a negative personal
68:01 product that elicits a negative personal connection.
68:03 connection. A lot of companies focus on selling
68:05 A lot of companies focus on selling features rather than taking a much more
68:07 features rather than taking a much more effective approach selling benefits.
68:10 effective approach selling benefits. Show potential customers the idea and
68:12 Show potential customers the idea and appeal to the emotions, creating a
68:14 appeal to the emotions, creating a positive personal connection.
68:17 positive personal connection. Get creative on different usage
68:19 Get creative on different usage situations for your product. An apron
68:22 situations for your product. An apron company thought their product was for
68:24 company thought their product was for one situation when they discovered that
68:25 one situation when they discovered that their audience really wanted to feel
68:27 their audience really wanted to feel cute. The process looks something like
68:30 cute. The process looks something like this.
68:32 this. The real situation.
68:34 The real situation. Use focus groups to discover the real
68:36 Use focus groups to discover the real situation.
68:38 situation. The reality is most customers are using
68:41 The reality is most customers are using your product for reasons other than you
68:43 your product for reasons other than you originally thought. Doing focus groups
68:46 originally thought. Doing focus groups will help you flesh out how they are
68:48 will help you flesh out how they are using it which will help you dominate
68:50 using it which will help you dominate that usage situation.
68:52 that usage situation. Discover the
68:55 Discover the first and it will determine the feature
68:56 first and it will determine the feature set.
68:58 set. Take your product idea and create a
69:00 Take your product idea and create a table with target customers on the left
69:02 table with target customers on the left and at least 10 different usage
69:04 and at least 10 different usage situations along the top. Find the most
69:07 situations along the top. Find the most profitable customer with the most
69:09 profitable customer with the most powerful situation and focus there.
69:11 powerful situation and focus there. Although it is tempting to focus on all
69:14 Although it is tempting to focus on all of them, you need to focus on only one
69:17 of them, you need to focus on only one usage situation.
69:20 usage situation. Situation statement.
69:23 Situation statement. Creating a situation statement will help
69:25 Creating a situation statement will help focus your efforts.
69:27 focus your efforts. Wants to but can't because of gets over
69:30 Wants to but can't because of gets over the buy. If a quarterback is about to
69:33 the buy. If a quarterback is about to get sacked, should he throw the ball
69:35 get sacked, should he throw the ball away or just take the sack? The owner
69:38 away or just take the sack? The owner wants him to throw it away so that the
69:40 wants him to throw it away so that the QB doesn't risk an injury, but the QB
69:43 QB doesn't risk an injury, but the QB wants to take the sack so he has better
69:45 wants to take the sack so he has better passing completion stats.
69:48 passing completion stats. How do you reconcile the two? That is
69:51 How do you reconcile the two? That is what this chapter is all about.
69:54 what this chapter is all about. Why not incentivize based on wins? Can't
69:57 Why not incentivize based on wins? Can't control it. If I can't control it, why
70:00 control it. If I can't control it, why bother?
70:01 bother? Agency theory one.
70:04 Agency theory one. The agency theory states that the agent
70:06 The agency theory states that the agent will want to maximize utility for one's
70:08 will want to maximize utility for one's own benefit. Goal in congruence is when
70:11 own benefit. Goal in congruence is when the principal and the agents goals don't
70:13 the principal and the agents goals don't align.
70:15 align. Goal in congruence.
70:17 Goal in congruence. The reality is that people want the most
70:19 The reality is that people want the most amount of money while doing the least
70:21 amount of money while doing the least amount of work. This course is about
70:24 amount of work. This course is about creating structure and incentives that
70:26 creating structure and incentives that align the business objectives with the
70:28 align the business objectives with the motivations of employees.
70:31 motivations of employees. Management control systems exist for
70:33 Management control systems exist for agency problems.
70:35 agency problems. Organizational architecture.
70:38 Organizational architecture. You need all
70:40 You need all three.
70:42 three. And they all are equal in importance.
70:46 And they all are equal in importance. Performance measures.
70:48 Performance measures. You don't just focus on one measure.
70:51 You don't just focus on one measure. Balanced scorecard.
70:54 Balanced scorecard. Objectives are actionable that are
70:56 Objectives are actionable that are measurable.
70:58 measurable. Balance
71:00 Balance scorecard. Scorecard three.
71:03 scorecard. Scorecard three. Example,
71:05 Example, what gets measured gets done.
71:07 what gets measured gets done. Just watch out for surrogation.
71:10 Just watch out for surrogation. This is when the measure itself becomes
71:12 This is when the measure itself becomes the end. For example, measuring managers
71:16 the end. For example, measuring managers on whether or not they have one colon 1S
71:18 on whether or not they have one colon 1S with their team. The purpose is to help
71:21 with their team. The purpose is to help their team members, but the quality of
71:23 their team members, but the quality of those meetings could go downhill if they
71:25 those meetings could go downhill if they feel they just need to check the box.
71:28 feel they just need to check the box. Global management is about taking your
71:30 Global management is about taking your product or business out to the world
71:32 product or business out to the world while being aware of the local needs and
71:34 while being aware of the local needs and cultures in order to increase your
71:36 cultures in order to increase your chances of success.
71:38 chances of success. It's not just geography that causes
71:40 It's not just geography that causes distance.
71:42 distance. Companies have made many botched
71:44 Companies have made many botched attempts at opening new markets around
71:46 attempts at opening new markets around the world only to discover that their
71:48 the world only to discover that their product doesn't truly meet the market's
71:50 product doesn't truly meet the market's needs or wants.
71:52 needs or wants. Although tempting to jump into markets
71:54 Although tempting to jump into markets like China, doing the proper leg work to
71:57 like China, doing the proper leg work to understand the cultural differences in
71:59 understand the cultural differences in attitudes, behaviors, expectations, and
72:01 attitudes, behaviors, expectations, and values will go a long way.
72:04 values will go a long way. Culture. Culture.
72:07 Culture. Culture. C.
72:08 C. A.
72:10 A. Cage
72:12 Cage distance framework.
72:14 distance framework. Distance is created by more than just
72:17 Distance is created by more than just geography. When looking at your
72:19 geography. When looking at your international strategy, the cage
72:21 international strategy, the cage framework will help you navigate
72:22 framework will help you navigate potential pitfalls.
72:25 potential pitfalls. Cultural differences.
72:28 Cultural differences. What are the different languages,
72:30 What are the different languages, ethnicities,
72:32 ethnicities, religions,
72:34 religions, values, norms,
72:37 values, norms, administrative differences?
72:40 administrative differences? G.
72:42 G. E.
72:43 E. What is the political landscape? What is
72:46 What is the political landscape? What is the legal system? Currency.
72:50 the legal system? Currency. Geographic differences.
72:53 Geographic differences. What is the physical distance between
72:54 What is the physical distance between countries?
72:56 countries? Time zones, climates,
73:00 Time zones, climates, economic differences.
73:02 economic differences. What are the differences between the
73:04 What are the differences between the rich and poor? What is the
73:06 rich and poor? What is the infrastructure
73:08 infrastructure natural/inancial
73:09 natural/inancial resources?
73:11 resources? Now, you can easily put the answers to
73:13 Now, you can easily put the answers to these questions in a table for reference
73:15 these questions in a table for reference when planning and sharing your strategy.
73:18 when planning and sharing your strategy. Accounting for these four areas will
73:20 Accounting for these four areas will save you much trouble down the road as
73:22 save you much trouble down the road as you look to expand your business.
73:25 you look to expand your business. Wow, that was a lot of stuff. Let's see
73:28 Wow, that was a lot of stuff. Let's see how it all fits together for a new
73:30 how it all fits together for a new business venture. Hopefully, this
73:33 business venture. Hopefully, this reference guide can help you along your
73:34 reference guide can help you along your own business journey.
73:37 own business journey. Start.
73:39 Start. Find out who to serve. P 46 to 48.
73:43 Find out who to serve. P 46 to 48. Come up with an idea. P 25 30 86 97
73:49 Come up with an idea. P 25 30 86 97 142 to 151
73:53 142 to 151 154 to 156
73:57 154 to 156 experiment P 24 30-31
74:01 experiment P 24 30-31 validate your idea P25 51 997
74:07 validate your idea P25 51 997 to 159
74:10 to 159 plan P8 26 28 to 29 89 34 to 36
74:18 plan P8 26 28 to 29 89 34 to 36 map your strategy P78 to 82
74:22 map your strategy P78 to 82 decision making P 110 to 112
74:27 decision making P 110 to 112 branding P 52 to 53
74:31 branding P 52 to 53 business entity setup P 104 to 105
74:36 business entity setup P 104 to 105 launch
74:38 launch marketing P 46 to 49
74:42 marketing P 46 to 49 163 Three,
74:44 163 Three, measure and diagnose. P12 to 17.
74:48 measure and diagnose. P12 to 17. Refine your product and marketing. P49
74:51 Refine your product and marketing. P49 to 51,
74:53 to 51, 154,
74:54 154, 160 to 162,
74:58 160 to 162, 164 to 167.
75:02 164 to 167. Problem solving P 120 to 122.
75:08 Problem solving P 120 to 122. Leadership P2 to5
75:11 Leadership P2 to5 136 to 139.
75:14 136 to 139. Ethics P90 to 93.
75:18 Ethics P90 to 93. Building teams P6 to9 62 to 63.
75:23 Building teams P6 to9 62 to 63. Performance improvement P 170 to 175.
75:29 Performance improvement P 170 to 175. Employee retention P64 to 67.
75:34 Employee retention P64 to 67. Managing change. P24
75:37 Managing change. P24 to 131.
75:40 to 131. Grow and invest in the business. P25 51
75:43 Grow and invest in the business. P25 51 997
75:46 997 to 159.
75:49 to 159. Global expansion. P78
75:52 Global expansion. P78 to 181.
75:55 to 181. Operations P56 to 59.
75:59 Operations P56 to 59. Negotiations. P70 to 75.
76:03 Negotiations. P70 to 75. Closing thoughts.
76:05 Closing thoughts. Feeling smarter. Good. You've gained
76:09 Feeling smarter. Good. You've gained insights. You've made connections.
76:13 insights. You've made connections. You've learned new things. Now it's time
76:15 You've learned new things. Now it's time to apply them. 70% of learning is
76:19 to apply them. 70% of learning is experiential. And now it is up to you.
76:22 experiential. And now it is up to you. Try the concepts and frameworks you
76:24 Try the concepts and frameworks you learned.
76:26 learned. What worked? What didn't? What could be
76:29 What worked? What didn't? What could be improved? Learning never stops.
76:33 improved? Learning never stops. Socrates lived over 2,000 years ago and
76:36 Socrates lived over 2,000 years ago and he knew what he was talking about. Dig
76:38 he knew what he was talking about. Dig deep, ask why, challenge, ask questions,
76:42 deep, ask why, challenge, ask questions, and then do.
76:44 and then do. You will understand the whole picture
76:46 You will understand the whole picture rather than fragments. You are an artist
76:49 rather than fragments. You are an artist with many canvases ready to be filled by
76:51 with many canvases ready to be filled by your intellectual curiosity and
76:53 your intellectual curiosity and discovery. If you can sketch notes some
76:56 discovery. If you can sketch notes some of them along the way, bonus points.
77:00 of them along the way, bonus points. If you take and apply just one idea in
77:02 If you take and apply just one idea in this book, try it out, learn and grow
77:06 this book, try it out, learn and grow all the hours spent on this book will be
77:08 all the hours spent on this book will be worth it.
77:10 worth it. Thank you for buying and reading this
77:11 Thank you for buying and reading this book. I look forward to hearing your
77:14 book. I look forward to hearing your experiences and insights as you apply
77:16 experiences and insights as you apply these concepts.
77:18 these concepts. Feel free to reach me on Twitter at
77:20 Feel free to reach me on Twitter at jasparon.
77:22 jasparon. Kind regards, Jason Baron.
77:26 Kind regards, Jason Baron. Chapter 1.
77:28 Chapter 1. One, Olrich, Dave and Norm Smallwood,
77:31 One, Olrich, Dave and Norm Smallwood, Building a Leadership Brand, Harvard
77:34 Building a Leadership Brand, Harvard Business Review. Two, Olrich, Dave, and
77:37 Business Review. Two, Olrich, Dave, and Norm Smallwood.
77:39 Norm Smallwood. Five steps to building your personal
77:41 Five steps to building your personal leadership brand. Harvard Business
77:44 leadership brand. Harvard Business Review.
77:45 Review. Three, Gman, Carol K. 7 seconds to make
77:48 Three, Gman, Carol K. 7 seconds to make a first impression.
77:50 a first impression. Forbes
77:53 Forbes for Pink, Daniel H. Drive. The
77:55 for Pink, Daniel H. Drive. The surprising truth about what motivates
77:57 surprising truth about what motivates us. New York, Riverhead Books, 2009.
78:03 us. New York, Riverhead Books, 2009. Five. Linquist. Rusty. Finding your own
78:06 Five. Linquist. Rusty. Finding your own personal sweet spot. Life engineering
78:09 personal sweet spot. Life engineering blog. https/life
78:13 blog. https/life [Music]
78:15 [Music] engineering/finding your own personal
78:17 engineering/finding your own personal sweet spot/
78:19 sweet spot/ six. Professor Sumantra Goshal
78:22 six. Professor Sumantra Goshal speech at World Economic Forum in Davos,
78:25 speech at World Economic Forum in Davos, Switzerland.
78:27 Switzerland. V equals UG R IE.
78:31 V equals UG R IE. Seven Schwarz, Tony and Catherine
78:33 Seven Schwarz, Tony and Catherine McCarthy. Manage your energy, not your
78:36 McCarthy. Manage your energy, not your time. Harvard Business Review. Eight.
78:40 time. Harvard Business Review. Eight. Dyer, William G. W. Gibb Dyier, Jr. and
78:44 Dyer, William G. W. Gibb Dyier, Jr. and Jeffrey H. Dyer. Team building proven
78:48 Jeffrey H. Dyer. Team building proven strategies for improving team
78:49 strategies for improving team performance.
78:51 performance. San Francisco Jossi base 2007
78:56 San Francisco Jossi base 2007 chapter 3
78:58 chapter 3 one idio how to prototype a new business
79:03 one idio how to prototype a new business blog entry
79:05 blog entry two manin Eric can you spot the shore
79:08 two manin Eric can you spot the shore winner Harvard business review three
79:12 winner Harvard business review three lovey Steven the perfect thing how the
79:16 lovey Steven the perfect thing how the iPod shuffles commerce culture and
79:18 iPod shuffles commerce culture and coolness
79:20 coolness New B Simon and Schuster 2007
79:25 New B Simon and Schuster 2007 four
79:26 four chapter 4
79:28 chapter 4 one Monty Swain the management process
79:33 one Monty Swain the management process in management accounting and cost
79:35 in management accounting and cost concepts chapter 15 in W Steve Alrech at
79:38 concepts chapter 15 in W Steve Alrech at all accounting concepts and applications
79:42 all accounting concepts and applications Boston Sengage learning 2007
79:47 Boston Sengage learning 2007 chapter ics
79:50 chapter ics one Reynolds Thomas J and Jonathan
79:52 one Reynolds Thomas J and Jonathan Gutman lattering theory method analysis
79:56 Gutman lattering theory method analysis and interpretation
79:58 and interpretation journal of advertising research to sneak
80:02 journal of advertising research to sneak Simon how great leaders inspire action
80:06 Simon how great leaders inspire action TED talk given in Puget Sound Washington
80:09 TED talk given in Puget Sound Washington September 2009
80:13 September 2009 chapter 7
80:15 chapter 7 one Gray Annie and James Leonard
80:18 one Gray Annie and James Leonard Process Fundamentals
80:20 Process Fundamentals Harvard Business School background note
80:22 Harvard Business School background note 696
80:24 696 023
80:26 023 September 1995
80:29 September 1995 Chapter 8
80:31 Chapter 8 one Hackman J. Richard and Greg R. Oldm
80:35 one Hackman J. Richard and Greg R. Oldm development of the job diagnostic survey
80:38 development of the job diagnostic survey journal of applied psychology 60
80:42 journal of applied psychology 60 159 to 170 to hersburg Frederick
80:48 159 to 170 to hersburg Frederick the motivation hygiene concept and
80:50 the motivation hygiene concept and problems of manpower
80:52 problems of manpower personnel administrator 27 3-7
80:57 personnel administrator 27 3-7 3 dyier William G W Gibb Dyier Jr. and
81:01 3 dyier William G W Gibb Dyier Jr. and Jeffrey H. Dyer. Team building proven
81:05 Jeffrey H. Dyer. Team building proven strategies for improving team
81:06 strategies for improving team performance.
81:08 performance. San Francisco, Jossi Base, 2007.
81:12 San Francisco, Jossi Base, 2007. [Music]
81:13 [Music] Chapter 9.
81:16 Chapter 9. One for Scythe, Dr. Group Dynamics.
81:19 One for Scythe, Dr. Group Dynamics. Belmont, Ma, Wadssworth, Sengage
81:22 Belmont, Ma, Wadssworth, Sengage Learning 2010,
81:25 Learning 2010, 2006.
81:27 2006. Two Fisher, Roger, Bruce Patton, and
81:30 Two Fisher, Roger, Bruce Patton, and William Yuri. Getting to Yes.
81:33 William Yuri. Getting to Yes. Negotiating agreement without giving in.
81:35 Negotiating agreement without giving in. In RevD, New York, Penguin Books, 2011.
81:41 In RevD, New York, Penguin Books, 2011. Three. Diamond Stewart. Getting more.
81:44 Three. Diamond Stewart. Getting more. How you can negotiate to succeed in work
81:47 How you can negotiate to succeed in work and life. New York, Crown Business,
81:51 and life. New York, Crown Business, 2012.
81:53 2012. Chapter 10.
81:55 Chapter 10. One. Porter. Michael, how competitive
81:59 One. Porter. Michael, how competitive forces shape strategy? Harvard Business
82:02 forces shape strategy? Harvard Business Review. Two, Porter. Michael, what is
82:06 Review. Two, Porter. Michael, what is strategy? Harvard Business Review.
82:10 strategy? Harvard Business Review. Three, Barney, JB, and WS Hesterly.
82:14 Three, Barney, JB, and WS Hesterly. VRIO framework in strategic management
82:18 VRIO framework in strategic management and competitive advantage. Upper Saddle
82:21 and competitive advantage. Upper Saddle River, New Jersey, Pearson, 2010.
82:25 River, New Jersey, Pearson, 2010. PP68 to 86
82:28 PP68 to 86 for Kim WC and Argorn
82:32 for Kim WC and Argorn Blue Ocean Strategy. How to create
82:34 Blue Ocean Strategy. How to create uncontested market space and make the
82:36 uncontested market space and make the competition irrelevant.
82:38 competition irrelevant. Boston, Harvard Business Review Press,
82:42 Boston, Harvard Business Review Press, 2005,
82:44 2005, Chapter 12.
82:46 Chapter 12. One Ducker, Peter F. Innovation and
82:49 One Ducker, Peter F. Innovation and entrepreneurship
82:51 entrepreneurship New York Harper Business 2006
82:56 New York Harper Business 2006 Chapter 13
82:58 Chapter 13 one Hammond John S. Ralph Elini and
83:02 one Hammond John S. Ralph Elini and Howard Rafa. Smart Choices: A Practical
83:06 Howard Rafa. Smart Choices: A Practical Guide to Making Better Decisions.
83:08 Guide to Making Better Decisions. Boston: Harvard Business Review Press
83:12 Boston: Harvard Business Review Press 2015.
83:13 2015. Two Conoran Daniel. Thinking fast and
83:18 Two Conoran Daniel. Thinking fast and slow.
83:19 slow. New York Ferrar Strauss and Jeru 2013.
83:25 New York Ferrar Strauss and Jeru 2013. Three. Tever Sky Amos Conaman Daniel.
83:29 Three. Tever Sky Amos Conaman Daniel. Availability, a heristic for judging
83:32 Availability, a heristic for judging frequency and probability.
83:34 frequency and probability. Cognitive psychology 5 27 to 232
83:40 Cognitive psychology 5 27 to 232 for connevers
83:43 for connevers sky Amos.
83:45 sky Amos. Subjective probability a judgment of
83:48 Subjective probability a judgment of representativeness.
83:50 representativeness. Cognitive psychology 3 430 to 454.
83:56 Cognitive psychology 3 430 to 454. Five. Connean Daniel Tversky Amos.
84:00 Five. Connean Daniel Tversky Amos. Prospect theory an analysis of decision
84:03 Prospect theory an analysis of decision under risk. Econometric 47 263
84:14 6 ters sky a conaman d judgment under uncertainty uristics and biases.
84:17 uncertainty uristics and biases. Science 185 1124 to 1131.
84:23 Science 185 1124 to 1131. Seven Likensstein Sarah Fishhoff Bareric
84:27 Seven Likensstein Sarah Fishhoff Bareric Phillips Lawrence Decalibration of
84:30 Phillips Lawrence Decalibration of Probabilities The State-of-the-art to
84:32 Probabilities The State-of-the-art to 1980
84:34 1980 in Conaman Daniel Slavic Paul Terskai
84:39 in Conaman Daniel Slavic Paul Terskai Amos Judgment under uncertainty
84:43 Amos Judgment under uncertainty heruristics and biases
84:45 heruristics and biases Cambridge UK Cambridge University Press
84:49 Cambridge UK Cambridge University Press 1982 pp 306 to
84:53 1982 pp 306 to 134 8 Gunda Z the case for motivated
84:57 134 8 Gunda Z the case for motivated reasoning Psychological Bulletin 108 480
85:02 reasoning Psychological Bulletin 108 480 to 498
85:05 to 498 chapter 14
85:08 chapter 14 one Duran GT there's a SMR way to write
85:12 one Duran GT there's a SMR way to write management's goals and objectives
85:15 management's goals and objectives management review AMA forum 70 35 to 36
85:20 management review AMA forum 70 35 to 36 to Luan Kurd
85:23 to Luan Kurd Frontiers in group dynamics, concept,
85:26 Frontiers in group dynamics, concept, method and reality in social science,
85:29 method and reality in social science, social equilibria and social change.
85:32 social equilibria and social change. Human relations 1 5 to 41. Three bridges
85:37 Human relations 1 5 to 41. Three bridges William. Managing transitions
85:40 William. Managing transitions Boston Nicholas Breley Publishing 2009.
85:46 Boston Nicholas Breley Publishing 2009. Chapter 16.
85:48 Chapter 16. One Awward Land George T. and Beth
85:51 One Awward Land George T. and Beth German. Breakpoint and beyond. Mastering
85:54 German. Breakpoint and beyond. Mastering the future today. Champagne IIL. Harper
85:59 the future today. Champagne IIL. Harper Business 1992.
86:02 Business 1992. Two Gray Dave Sunni Brown and James
86:04 Two Gray Dave Sunni Brown and James Machino.
86:06 Machino. Gamestorming.
86:07 Gamestorming. Sebastapole CA or Media 2010.
86:13 Sebastapole CA or Media 2010. Three. The hunt is on for the
86:15 Three. The hunt is on for the Renaissance man of computing in the
86:17 Renaissance man of computing in the independent September 17th, 1991.
86:22 independent September 17th, 1991. Four, created by Janedai Filovski, Jacob
86:25 Four, created by Janedai Filovski, Jacob Goldenberg and Ronnie Horowitz.
86:28 Goldenberg and Ronnie Horowitz. Five, Michael Lee. Six, Clayton
86:32 Five, Michael Lee. Six, Clayton Christensen at all. Know your customers
86:34 Christensen at all. Know your customers jobs to be done. Harvard Business Review
86:38 jobs to be done. Harvard Business Review Chapter 17.
86:41 Chapter 17. One de Bono, Edward. Six, thinking hats.
86:45 One de Bono, Edward. Six, thinking hats. An essential approach to business
86:47 An essential approach to business management. Boston, Little Brown and
86:50 management. Boston, Little Brown and Company, 1985.
86:53 Company, 1985. [Music]
86:54 [Music] Chapter 18.
86:56 Chapter 18. One. Eisenhart K. Agency Theory and
86:59 One. Eisenhart K. Agency Theory and Assessment and Review. Academy of
87:02 Assessment and Review. Academy of Management Review 14 57 to 74. Two Gupta
87:07 Management Review 14 57 to 74. Two Gupta Mahendra R. Antonio Dila and Richard J.
87:10 Mahendra R. Antonio Dila and Richard J. Palmer
87:12 Palmer three. Kaplan, Robert S. Norton, DP. The
87:17 three. Kaplan, Robert S. Norton, DP. The balanced scorecard, translating strategy
87:20 balanced scorecard, translating strategy into action. Boston, Harvard Business
87:23 into action. Boston, Harvard Business Review Press, 1996.
87:27 Review Press, 1996. Chapter 191.
87:29 Chapter 191. Framework created by Pankachki Mawad.
87:33 Framework created by Pankachki Mawad. Acknowledgements.
87:35 Acknowledgements. I want to give a special thanks to my
87:37 I want to give a special thanks to my amazing, supportive, patient, strong,
87:41 amazing, supportive, patient, strong, beautiful wife, Jackie.
87:44 beautiful wife, Jackie. She always encouraged me and never
87:46 She always encouraged me and never complained once through my entire MBA
87:49 complained once through my entire MBA program, all the while raising our five
87:51 program, all the while raising our five children.
87:53 children. I also want to thank the incredible
87:55 I also want to thank the incredible classmates I learned so much from and
87:57 classmates I learned so much from and who will be friends for life.
88:00 who will be friends for life. A huge thank you to all the top-notch
88:02 A huge thank you to all the top-notch professors who made my MBA experience as
88:04 professors who made my MBA experience as challenging and rewarding as it was.
88:07 challenging and rewarding as it was. Curtis Ellie Baron and Michael Thompson,
88:09 Curtis Ellie Baron and Michael Thompson, Jim Sty, Nile Hatch,
88:12 Jim Sty, Nile Hatch, Monty Swain, Colby Wright, Glenn
88:15 Monty Swain, Colby Wright, Glenn Christensen, and Michael Swenson, Daniel
88:18 Christensen, and Michael Swenson, Daniel Snow and Cindy Wallen, John Bingham, and
88:20 Snow and Cindy Wallen, John Bingham, and Peter Madson, Bruce Money,
88:24 Peter Madson, Bruce Money, Mark Hansen, Brad Agel, Jim Brow, Bill
88:26 Mark Hansen, Brad Agel, Jim Brow, Bill Taylor, and Doug Prait, Paul Godfrey,
88:30 Taylor, and Doug Prait, Paul Godfrey, Gary Rhodess, and David Whitlark.
88:33 Gary Rhodess, and David Whitlark. And finally, Steve Smith and Bill
88:34 And finally, Steve Smith and Bill Taylor.
88:36 Taylor. I want to thank my mother Faith who
88:39 I want to thank my mother Faith who always taught me to present my best work
88:41 always taught me to present my best work no matter how small a project. My
88:44 no matter how small a project. My awesome brother Matt for his feedback
88:45 awesome brother Matt for his feedback and support. My agent David Fugate and
88:49 and support. My agent David Fugate and the incredible team at H Hotton Mifflin
88:50 the incredible team at H Hotton Mifflin Harkort.
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