BiF-4 Insights – Frans Johansson – Author – “Medici Effect”
Spoke briefly about the The Medici Summit.
People at the Harvard Centennial on Monday/Tuesday changed their speeches based on the financial cris, but not here at BiF:
- We view risks differently
- Innovators and Entrepreneurs
People adjust behavior to the perceived risk around them:
- Example of German taxi drivers and the introduction of anti-lock brakes
- No reduction in accidents despite this safety feature
- People drive faster, follow closer in response to this safety feature’s introduction
Apple’s $500 million investment in the Newton versus Palm’s spending $7 million on the Palm Pilot:
- Why did Palm spend so little?
- Because that is all they had left to spend
We think we can increase success by having (or spending) more money, but we can’t
- When we have more money, we spend it on trying to reduce the risk
- Strategy/Planning
- Researching if anyone else is doing it
- If they are, maybe we give up (falsely)
- What about Google? They weren’t the first to do search, other people were doing similar things.
Example of three Harvard Business School graduates not ending up where they planned:
- One went from a startup to another startup to another startup (none of which succeeded)
- One went from a startup to a Strategy Consulting Firm
- One went from a Strategy Consulting Firm to Google to being retired
We can take more chances:
- Perseverence
- War option
- Passion helps us take chances
For more information on the talk, go here.
NEVER MISS ANOTHER NEWSLETTER!
LATEST BLOGS
Five CV skills of a business-minded individual
Photo by Scott Graham on Unsplash The skills listed on a CV help employers quickly understand your suitability for a…
Read MoreFour ways you can ensure employees take accountability for their work
One of the most important driving factors for any successful business is a high-performing team. Having people working for you…
Read More