How to Create Value from Nothing

How to Create Value from Nothing

Doing nothing fuels creativity and innovation, but that fuel is wasted if you don’t put it to use. Idleness clears the mind, allowing fresh ideas to emerge, but those ideas must be acted upon to create value.

Why is doing something with that fuel so difficult?

Don’t blame the status quo.

The moment we get thrown back into the topsy-turvy, deadline-driven, politics-navigating, schedule-juggling humdrum of everyday life, we slide back into old habits and routines.  The status quo is a well-known foe, so it’s tempting to blame it for our lack of action. 

But it’s not stopping us from taking the first step.

We’re stopping ourselves.

Blame one (or more) of these.

Last week, I stumbled upon this image from the Near Future Laboratory, based on a theory from psychologist Mihaly Csikszentmihalyi’s book Flow:

There’s a lot going on here, but four things jumped out at me:

  • When we don’t have the skills needed to do something challenging, we feel anxiety
  • When we don’t feel challenged because our skills exceed the task, we feel boredom
  • When we don’t feel challenged and we don’t have the skills, we feel apathy
  • When we have the skills and feel challenged, we are in flow

Four different states.  Only one of them is positive.

I don’t love those odds.

Yet we live them every day.

Every day, in every activity and interaction, we dance in and through these stages.  Anxiety when given a new project and doubt that we have what it takes. Boredom when asked to explain something for the 82nd time to a new colleague and nostalgia for when people stayed in jobs longer or spent time figuring things out for themselves.  Sometimes, we get lucky and find ourselves in a Flow State, where our skills perfectly match the challenge, and we lose track of space and time as we explore and create. Sometimes, we are mired in apathy.

Round and round we go. 

The same is true when we have a creative or innovative idea. We have creative thoughts, but the challenge seems too great, so we get nervous, doubt our abilities, and never speak up. We have an innovative idea, but we don’t think management will understand, let alone approve it, so we keep it to ourselves.

Anxiety.  Boredom.  Apathy.

One (or more) of these tells you that your creative thoughts are crazy and your innovative ideas are wild.  They tell you that none of them are ready to be presented to your boss with a multi-million-dollar funding request.  In fact, none of them should be shared with anyone, lest they think you, not your idea, is crazy.

Then overcome them

I’m not going to tell you not to feel anxiety, boredom, or apathy. I feel all three of those every day.

I am telling you not to get stuck there.

Yes, all the things anxiety, boredom, and apathy tell you about your crazy thoughts and innovative ideas may be true. AND it may also be true that there’s a spark of genius in your crazy thoughts and truly disruptive thinking in your innovative ideas. But you won’t know if you don’t act:

  • When you feel anxious, ask a friend, mentor, or trusted colleague if the challenge is as big as it seems or if you have the skills to take it on.
  • When you feel bored, find a new challenge
  • When you feel apathetic, change everything

Your thoughts and ideas are valuable.  Without them, nothing changes, and nothing gets better.

You have the fuel.  Now, need to be brave.

We need you to act.

Eavesdrop Your Way to Millions: How Listening to Customers Unlocked Exponential Growth

Eavesdrop Your Way to Millions: How Listening to Customers Unlocked Exponential Growth

It’s easy to get caught up in the hunt for unique insights that will transform your business, conquer your competition, and put you on an ever-accelerating path to growth.  But sometimes, the most valuable insights can come from listening to customers in their natural environment. That’s precisely what happened when I eavesdropped on a conversation at a local pizza joint. What I learned could be worth millions to your business.

A guy walked into a pizza place.

Last Wednesday, I met a friend for lunch.  As usual, I was unreasonably early to the local wood-fired pizza joint, so I settled into my chair, content to spend time engaged in one of my favorite activities – watching people and eavesdropping on their conversations.

Although the restaurant is on the main street of one of the wealthier Boston suburbs, it draws an eclectic crowd, so I was surprised when a rather burly man in a paint-stained hoodie flung open the front door.  As he stomped to the take-out order window, dust fell from his shoes, and you could hear the clanging of tools in his tool belt.  He placed his order and thumped down at the table next to me.

A Multi-Million Dollar Chat

He pulled out his cell phone and made a call.  “Hey, yeah, I’m at the pizza place, and they need your help.  Yeah, they hate their current system, but they don’t have the time to figure out a new one or how to convert.  Yeah, ok, I’ll get his number.  Ok if I give him yours.  Great.  Thanks.”

A few minutes later, his order was ready, and the manager walked over with his pizza.

Hoodie-guy: “Hey, do you have a card?”

Manager: “No, I don’t.  Something I can help you with?”

H: “I just called a friend of mine.  He runs an IT shop, and I told him you’re using the RST restaurant management system, and you hate it…”

M: “I hate it so much…”

H: “So my buddy’s business can help you change it. He’s helped other restaurants convert away from RST, and he’d love to talk to you or the owner.”

M: “I’m one of the co-owners, and I’d love to stop using RST, but we use it for everything – our website, online ordering, managing our books, everything.  I can’t risk changing.”

H: “That’s the thing, my friend does it all for you.  He’ll help you pick the new system, set it up, migrate you from the other system, and ensure everything runs smoothly. You have nothing to worry about.”

M: “That would be amazing.  Here’s my direct line. Have him give me a call.  And if he’s good, I can guarantee you that every other restaurant on this street will change, too.  We all use RST, and we all hate it.  We even talked about working together to find something better, but no one had time to figure everything out.”

They exchanged numbers, and the hoodie guy walked out with his pizza.  The manager/owner walked back to the open kitchen, told his staff about the conversation, and they cheered.  Cheered!

Are You Listening?

In just a few minutes of eavesdropping, I uncovered a potential goldmine for a B2B business – 15 frustrated customers, all desperate to switch from a system they hate but unable to do so due to time and resource constraints. The implications are staggering – an entire local market worth tens of millions of dollars ripe for the taking simply by being willing to listen and offer a solution.

As a B2B leader, the question is: are you truly tapping into the insights right in front of you? When was the last time you left your desk, observed your customers in their natural habitat, and listened to their unvarnished feedback? If you’re not doing that, you’re missing out on opportunities that could transform your business.

The choice is yours. Will you stay in your office and rely on well-worn tools, or venture into the wild and listen to your customers?  Your answer could be worth millions.

The Surprising Downside of Collaboration in Problem-Solving

The Surprising Downside of Collaboration in Problem-Solving

You are a natural-born problem solver.  From the moment you were born, you’ve solved problems.  Hungry?  Start crying.  Learning to walk?  Stand up, take a step, fall over, repeat.  Want to grow your business?  Fall in love with a problem, then solve it more delightfully than anyone else.

Did you notice the slight shift in how you solve problems?

Initially, you solved problems on your own.  As communication became easier, you started working with others.  Now, you instinctively collaborate to solve complex problems, assembling teams to tackle challenges together.

But research indicates your instincts are wrong.  In fact, while collaboration can be beneficial for gathering information, it hinders the process of developing innovative solutions. This counterintuitive finding has significant implications for how teams approach problem-solving.

What a Terrorism Study Reveals About Your Team

In a 2015 study, researchers used a simulation developed by the U.S. Department of Defense to examine how collaboration impacts the problem-solving process. 417 undergrads were randomly assigned to 16-person teams with varying levels of “interconnectedness” (clarity in their team structure and information-sharing permissions) and asked to solve aspects of an imaginary terrorist attack scenario, such as identifying the perpetrators and target. Teams had 25 minutes to tackle the problem, with monetary incentives for solving it quickly.

Highly interconnected teams “gathered 5 percent more information than the least-clustered groups because clustering prevented network members from unknowingly conducting duplicative searches. ‘By being in a cluster, individuals tended to contribute more to the collective exploration through information space—not from more search but rather by being more coordinated in their search,’”

The Least Interconnected teams developed 17.5% more theories and solutions and were more likely to develop the correct solution because they were less likely to “copy an incorrect theory from a neighbor.”

How You Can Help Your Team Create More Successful Solutions

You and your team rarely face problems as dire as terrorist attacks, but you can use these results to adapt your problem-solving practices and improve results.

  1. Work together to gather and share information.  This goes beyond emailing around research reports, interview summaries, and meeting notes.  “Working together” requires your team to take action, like conducting interviews or writing surveys, with one another in real-time (not asynchronously through email, text, or “collaboration” platforms).
  2. Start solving the problem alone.  For example, at the start of every ideation session, I ask people to spend 5 minutes privately jotting down their ideas before group brainstorming.  This prevents copying others’ theories and ensures all voices are heard. (not just the loudest or most senior)
  3. Invite the “Unusual Suspects” into the process.  Most executives know that diversity amplifies creativity, so they invite a mix of genders, ages, races, ethnicities, tenures, and industry experiences to brainstorming sessions.  While that’s great, it also results in the same people being invited to every brainstorm and, ultimately, creating a highly interconnected group.  So, mix it up even more. Invite people never before invited to brainstorming into the process.  Instead of spending a day brainstorming, break it up into one-hour bursts at different times of the day. 

Are You Willing to Take the Risk?

For most of your working life, collaboration has been the default approach to problem-solving. However, this research suggests that rethinking when and how to leverage collaboration can lead to greater success.

Making such a change isn’t easy – it invites skepticism and judgment as it deviates from the proven “status quo” process.

Are you willing to take that risk, separating information gathering from solution development, for the potential of achieving better, more innovative outcomes? Or will you remain content with “good enough” solutions from conventional methods?

Search, Seek, or Stalk – How Do You Find Growth?

Search, Seek, or Stalk – How Do You Find Growth?

Growth is the lifeblood of any organization, and the quest for growth opportunities is not just a strategic imperative. It is a fundamental necessity because the ability to identify and capitalize on opportunities is a game-changer for companies wanting to achieve sustainable success and stay ahead of the competition. 

The challenge, however, is that not all opportunities are the same – some are head-smackingly obvious, while others are like trying to nail down JELL-O.  Yet companies take a “one size fits all” approach to finding, developing, and capitalizing on them.

SEARCH when need to transform

What do you do when you need information but don’t know precisely what you need and certainly don’t know where to find it? You Google it or, in less-branded terms, you search for it. 

When searching for growth opportunities, you’re looking for something but don’t know exactly what you need or where you’ll find it.  Finding opportunities requires you to go beyond traditional market analysis and adopt a learner’s mindset to see ways to disrupt the status quo, challenge existing paradigms, and create new value propositions for your customers.

Searching is a creative process that entails investing in R&D, fostering a culture of intrapreneurship, and experimenting with new technologies. It requires a culture of creativity, experimentation, and agility to adapt to changing market dynamics.  You have to be willing to be wrong on your way to being right, to move slowly so you can act quickly, and to throw out the timeline to harness the game-changing opportunity.

SEEK when you need to innovate

What do you do when you know what you need and generally where to find it?  You seek it out – you go to where you think it will be, and, on the off-chance it’s not there, you pivot to Option B.

When you’re seeking growth opportunities, you have a target in mind but are not 100% sure how to hit it.  Maybe you know you want to enter a new geography, but you need to figure out how to do it successfully and avoid the mistakes of previous entrants.  Maybe it’s a new industry or category, but you must understand if and how to do it without disrupting your existing business model.

Seeking is both creative and analytical.  You look for data and market intelligence, interview experts and individuals, analyze industry trends and explore untapped segments. It also requires you to stay open to surprises and new possibilities and take calculated risks to capitalize on emerging trends or consumer preferences.  Like searching, it requires patience.  Unlike searching, it respects a deadline.

STALK when you need to improve

Just like a lioness stalking a wildebeest, you do this when you see an opportunity and know exactly how to capture it. Yes, there will be zigs and zags along the way, and an unexpected competitor may pop up. But this is who you are and what you do. 

When stalking opportunities, you bring the full value and power of your experience, expertise, resources, and capabilities to bear on an opportunity.  This may happen when you’re operating and improving your core business.  It may also occur after you’ve searched (and found) an opportunity, sought (and decided on) a strategy, and now you have the confidence to launch and scale.

Do Your Approaches Align with Your Goals?

Most companies say that they want to transform. Still, very few have the patience or intestinal fortitude to search because there is no Google for Transformation that produces the exact plan you need to transform successfully.

Companies also tend to stalk when they want to innovate, leaving opportunities to change the game and build sustainable competitive advantage on the sideline because they’re too uncertain or take too long.

Growth requires all three approaches – search, seek, and stalk – but only happens when your chosen approach aligns with your goals.