I was reading a recent article from Knowledge@Wharton called “It’s Worth What!? Pressure-testing Companies with Sky-high Valuations” based on a book by Derek Lidow about Startups and what leadership style is needed at which point. So if you are a stock market punter it is worth a full read.
I was attracted to the article because I remember oh so well the dot.com to dot.bomb era at the turn of the century (doesn’t that sound like a long time ago?) and I have been fascinated with valuations of companies like Facebook and Uber. I understand that the market is backing the intellectual capital within the heads of the founders and their employees, however, this article clarified for me some of the decisions they need to make so they “make it” in business.
One key decision is to create and to hone at the same time. The article refers to Google as having “…shown itself skilful at creating new products while simultaneously honing existing ones”.
The process of creating and honing is not just for Startups. It has a place in most product and service development. Everyone in business should be looking for add-ons to your offering, however, add-ons bring complexity and so you also need to know when to pare back complexity and hone-in on what you do best.
The way to pare back complexity is to reveal cause and effect. That is, which of our product or service offering add-ons are causing customer satisfaction, which have become neutral and which are now causing dissatisfaction. Just because you added it on for good reason a year ago, doesn’t mean it should stay today.
Bryan is a management consultant operating since 2001, specialising in risk-based decision making and influencing decision makers, born from his more than twenty years of facilitating executive and board workshops.
Bryan’s experience as a risk practitioner includes the design and implementation of risk management programs for more than 150 organisations across the public, private and not-for-profit sectors.
Bryan is the author of Risky Business : How Successful Organisations Embrace Uncertainty; Persuasive Advising : How to Turn Red Tape into Blue Ribbon, and Team Think : Unlock the Power of the Collective Mind [to be published in 2022].
He is licenced by the RMIA as a Certified Chief Risk Officer (CCRO) and is the designer and facilitator of their flagship Enterprise Risk Course since 2019.
<a href="http://www.bryanwhitefield.com">www.bryanwhitefield.com</a>
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