2020 06 MIT Enterprise Forum - Assets & Attributes of Successful Companies & CEOs
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A look at the assets and attributes of the most successful companies and ceos in the technology sector. Remember: correlation is NOT causation, but the data is informative.
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2020 06 MIT Enterprise Forum - Assets & Attributes of Successful Companies & CEOs
- 1. ASSETS & ATTRIBUTES OF SUCCESS Gillian Muessig CEO of Outlines Venture Group | Managing Director of the Mastersfund We help online companies to launch, grow, pivot and thrive
- 2. @SEOmom CEOs Assets and attributes of successful CEOs
- 4. @SEOmom Asset: A resource that provides current or future benefit
- 7. @SEOmom 3. Relevant education Chris Gardner, founder of Gardner, Rich & Co.
- 9. @SEOmom Attribute: An inherent part of someone or something https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=definition:+attribute
- 11. @SEOmom 2. High Risk Tolerance http://www.talentclick.com/safety/prevention/can-workers-spot-safety-risk-measuring-workers-risk-tolerance/
- 13. @SEOmom 4. Take time away
- 15. @SEOmom 6. Male, white, and tall http://blogs.mtu.edu/business-mba/tag/bill-gates/
- 16. @SEOmom 6. Overwhelmingly so Andrew CarnegieJohn P Morgan Andrew Mellon Milton Hershey Joseph Wharton Milton Hershey
- 17. @SEOmom 6. But don’t despair Arlan HamiltonSusan Wojcicki Mirisa Mayer Virginia Rometty Arianna Huffington Ursula Burns
- 19. @SEOmom COMPANIES Assets and attributes of successful COMPANIES
- 20. @SEOmom Part 3: Assets of Successful Companies
- 21. @SEOmom 1. A clear, defensible USP https://online.maryville.edu/blog/4-key-leadership-skills-in-higher-education-and-how-to-develop-them/
- 25. @SEOmom 3. Location Dallas – a great place to get a medical device company funded
- 26. @SEOmom 3. Location Boston – medicine
- 27. @SEOmom 3. Location Wichita – great for aerospace
- 28. @SEOmom 3. Location Seattle – great for aerospace or tech
- 29. @SEOmom 3. Location Palo Alto does two things well. It systematically and consistently creates great companies, while also marketing itself very effectively. It tells the world that great companies come form Palo Alto even while the macro trend is that great entrepreneurs are everywhere. Julie Meyer, Financial Times http://www.ft.com/cms/s/0/357cd0e8-c656-11e4-a13d-00144feab7de.html#axzz3UqyoxOnk
- 31. @SEOmom 5. Wizard and an Executor
- 32. @SEOmom Part 4: Attributes of Successful Companies
- 33. @SEOmom 1. Intrinsically motivating Dan Pink TED Talk
- 36. @SEOmom Good reading/watching… MOZ: http://moz.com/about/tagfee “If I had to pick one word to use as the guideline for running a business in this new era, it would be ‘transparency’”. David Jones, Who Cares, Wins Transparency and authenticity are more than just "buzz words" in business today. They are what a rapidly growing number of consumers expect from the companies with which they do business. Scott Levy, Tweet Naked
- 38. @SEOmom 4. Better designers Homespun in 2005 Today, with better designers
- 40. @SEOmom 6. Agility Agility comes from rigorous, relentless research of your target market
- 41. @SEOmom What to do about it? What’s the hack?
- 42. @SEOmom Questions to ask about assets What assets do I have? What assets can I acquire? How valuable are they? Should I pursue this asset?
- 43. @SEOmom Reminder Asset: A physical or intangible thing that is useful in an effort to succeed in business.
- 44. @SEOmom Image credit - https://hbr.org/2008/07/competing-on-resources What makes an asset valuable?
- 45. @SEOmom Value is measured in its time
- 46. @SEOmom Space…
- 48. @SEOmom Test the value of your asset
- 49. @SEOmom Is it physically unique? Blue lagoon, Iceland
- 50. @SEOmom Is it path dependent? Mineral rights http://www.sellmineral-rights.com/about-us/ http://www.biospectrumasia.com/biospectrum/news/192206/ucb-sues-firms-patent-infringement Drug patents
- 51. @SEOmom Causal ambiguity Corporate culture Innovation capabilities Agility
- 52. @SEOmom Economic deterrence Pilkington Glass Factory
- 53. @SEOmom Test the durability of your asset The Rock of Gibralter (in case you had to ask)
- 56. @SEOmom Test Substitutability Steel? Aluminum. TV? Radio? DVDs? Internet.
- 57. Now, get out there and BUILD! …and keep in touch: gillian@outlinesventure.com
Hinweis der Redaktion
- They don’t go it alone. Attribute – They know their strengths and weaknesses Asset – Numerous, powerful mentors going for their weaknesses as soon as possible. As their weaknesses change, they change mentors as needed. As they grow, they get mentors who have walked the path just ahead of them at every stage.
- Again, they don’t go it alone. They seek out and make time for peers.
- An offshoot of mentors and peer advisors is a foundation of a decent education and nurturing. There are precious few successful CEOs who come from an inner city state-controlled foster care couch surfing childhood. The assets that make children successful as children and adults involves access to information, being imbued with a sense of the importance of education, and the ability to study. There are numerous successful CEOs who rebelled against constant adult insults about their abilities. Reaction is as strong a motivation as being among supportive adults. Chris Gardner’s story was codified in his autobiography and later a movie, titled, The Pursuit of Happyness. While it seems he is the exception to the rule, having overcome extraordinary odds - hunger, poverty, parenting a child literally on the streets, apprenticeship without pay, and more, the truth is that Mr. Gardner has the support early in life – to wit: “Born February 9, 1954 in Milwaukee, Wisconsin, Christopher Paul Gardner’s childhood was marked by poverty, domestic violence, alcoholism, sexual abuse and family illiteracy. Gardner published his autobiography out of a desire to shed light on these universal issues and show they do not have to define you. Gardner never knew his father, and, when not in foster homes, he lived with his mother, Bettye Jean Triplett (nee Gardner). Gardner is indebted to Bettye Jean for his success as she provided him with strong “spiritual genetics” and taught him that in spite of where he came from, he could chart another path and attain whatever goals he set for himself.”
- I was not going to include this slide on humility. I put it in, took it out, and put it in again. I was conflicted about whether it was really a determining attribute of successful CEOs. Steve Jobs and Bill Gates, not to mention previous generations – Pierpont Morgan, Carnegie, Rothschild – all convinced me that humility is not a required trait for success. Rand Fishkin convinced me it will be. Read his book Lost and Founder for a very interesting view on this point.
- Not everyone is cut out to be an entrepreneur. It helps if you start early. Optimism is the prerogative of youth. It’s a lot more optional as we age.
- Have a personal project going. Something you want to create that is not necessarily related to your money making efforts at your ‘day job’
- The most successful CEOs are not ‘the Chief Grunts’; they tend to be more fit because they tend to take time for themselves. There is physical, mental, and emotional exhaustion. They are not the same. You want to achieve the first two and avoid the last. By ‘fit’, I do not mean Olympic athletes. I think you might be amazed – or amused – by how far Anne and I can plod along on foot or on bicycles. Ask me – or my business partner Anne about the Delhi to Agra ”Search Cycle India 2014” some other time. What I do mean is that you should be mindful to take regular breaks and on occasion very long breaks to clear your mind, provide perspective, and keep your eye on the global landscape and your company’s options within it. Bill Gates still takes one week each year to be entirely alone in a pleasant but small ski cabin in Washington state to read a carefully curated collection of books. He shares his lists, by the way. You can replicate his information stream.
- This image is of’ Dan Pink who talks about what drives excellent employees/team members: Autonomy, mastery, and purpose are the building blocks of successful teams. Traditional management is great if you want compliance. If you want any kind of creativity, innovative thinking, or breakthrough products in your company, you’ll need to focus on autonomy, mastery, and purpose.
- This is where things get a little rough. Sadly this attribute is still true, meaning that the world is still under the control of and managed under the process of far too much testosterone and far too little estrogen. The Mastersfund, part of a growing number of colleagues, is working to improve that balance. The top 3 you all know… the bottom three are Larry Ellison of Oracle; Larry Page of Google; and David Karp of Tumbler. There are always exceptions. But sadly, that’s the point. The attribute stands and if you don’t have the attribute, you’re swimming up hard upstream waters.
- This hasn’t changed for a very long time.
- But don’t give up and don’t think complaining is going to get you any sympathy for not getting off your duff. Because clearly, while tough, the road IS passible.
- Attribute 7 – Bridled Passion. Passion is an overused word, but it’s still a good word. The key is that every young person with an idea has passion around their subject. Great CEOs of any size company retain that passion because they control it. Do not equate tearing off in any or all directions because you love the subject, the space, or the product you can design or build around it, as effective management skills. For that, you must BRIDLE your passion, forge a clear path to profitability and sustainability for yourself, your company and your team – as well as foucs on returning a reasonable ROI to your investors for the use of their capital to make it all possible.
- The USP isn’t the sharp point. It’s the color. There are loads of colors, but none are so noticeable as the RED pencil. All the pencils CAN be sharpened. Only the red one can be red. You’ll hear a lot about needing a unique USP from Angels and VCs. If you’re raising money, being perceived as having a unique USP is a good thing. But in ‘real life’, tell me the USP between one rail line and another, between GM, Ford, and Chrysler, between one cell phone and another. It comes down to stylistic preferences. A robust competitive marketplace keeps you on your toes. USPs are often not more than cosmetic. Keep them in perspective. All that said, if you can translate a clear, defensible USP into a patent portfolio, you may have an asset worth owning.
- Yes. Access to capital makes a great deal of difference. A lot of good ideas DO die for lack of access to capital. However, unlimited capital is as deadly as too little or none. More companies survive with little to no startup capital than thrive under the sodden-ness of working with too much capital. Lack of restraints is not a good thing.
- Companies CAN live or die based on where you decide to build the company.
- Companies CAN live or die based on where you decide to build the company.
- Depending on what you’re building and whether you’re raising capital, you might want to consider other locations. – Dallas for medical devices
- Boston for medicine
- Wichita is a great place to found a company that supplies the aerospace industry.
- As is Seattle. And for the same reasons. Boeing has a large presence in both cities. Go to the mountain, as it were.
- Of course, Silicon Valley. Again, if you’re looking for funding, going to where the money is makes a huge difference. While employee costs, real estate and other costs are higher, the best of the best are all around you. Palo Alto does two things well. It systematically and consistently creates great companies, while also marketing itself very effectively. It tells the world that great companies come form Palo Alto even while the macro trend is that great entrepreneurs are everywhere. - Julie Meyer, Financial Time
- Passion around a subject yields dedication. Seek your employees in un-crowded fields. Most companies have QUALIFIED teams – they hire for qualifications. The most successful companies have DEDICATED people, not just qualified people.
- A Wizard is the idea guy. An executor executes on the ideas of the Wizard and builds a company around them. If your Wizard is thinking about anything except what’s next, you’re losing money. Know which one you are; know which one you need.
- Because the requirements for success have changed in the 21st century – we rely a great deal more on the creative, inventive, and innovative capabilities of humans and almost not at all on their use as physical laborers for tech sector companies, the way companies motivate employees must change as well. The most successful companies are intrinsic motivators. http://www.ted.com/talks/dan_pink_on_motivation?language=en http://www2.webmasterradio.fm/ceo-coach/ http://www.fastcompany.com/3043461/my-creative-life/the-manager-who-blogged-his-team-to-happiness-and-productivity
- Watch Dan Pink’s TED Talk on external and internal motivators in the work place. Theory x management principles were effective through the 19th and most of the 20th century. Theory y became popular in the late 20th century and it turns out to be complete bunk. Pink proposes that tech corporate culture in the early 21st century is a result of understanding motivators for creative minds.
- This is Roger, Moz’ mascot. The banner reads: TAGFEE. TAGFEE is just one acronym for a successful corporate culture for a company in need of highly committed, creative minds. According to the findings from >1,000 full-time employees across the U.S., 81% would rather join a company that values "open communication" than one that offers perks such as top health plans, comp’d lunches and gym memberships. Good thing, now that tech employees are going to be working ever more often from their homes or other remote locations.
- Some of you have hear me talk about TAGFEE since before the turn of the century. The idea has definitely ‘jumped the fence’.
- Don’t ignore elephants in the room. Work with major events, rather than ignore them. Be mindful of language, culture, and ‘how your words land.’ It’s easy to mess up an ad. Take the time to make it perfect.
- The most successful ecommerce companies have visually beautiful websites – eschew clutter. Get to the point.
- Leverage the basic human need to share and be part of a group. Raise the bar on ratings & reviews Allow them to share their own style, knowledge, expertise, experience with each other. The fans of this page carry on asynchronous conversations among themselves over 4 – 7 days at a time. They’re trying to help each other travel with physical mobility challenges. It’s more than posting reviews – it’s about being acknowledged for the value of the reviews when others thumb up your review
- Agility means being able to meet the FUTURE needs of your target market as well as the current and the past. It means being able to ID what they will want next and source products/services to meet those needs in a timely enough manner to keep them coming back to you. Relentless research in the thick of your target market is the only way to see trends before they hit the tipping point. At which point, you’re playing catch up, instead of cleaning up the profits.
- We want to answer four questions -
- The dynamic interplay of these 3 fundamental market forces determines the value of resource or a capability.
- A valuable asset at one moment in time is not necessarily valuable in the next.
- Assets are location dependent and industry dependent. An asset may not be as valuable in your location as it might b to someone e in another location.
- If you’re accessing huge amounts variant data at your desktop, this multiscreen setup is very cool. If you’re driving a truck, entering and receiving data on the road, a tablet is more valuable. It’s really that simple a concept.
- Is it hard to replicate, copy or imitate? Physically unique assets are not replicable
- PATH DEPENDENT means it is not likely that others can leapfrog the steps you took to get the asset or simply purchase the asset cheaply.
- It’s easy to cut costs, get routes and sell low cost tickets. It’s very hard to replicate Southwest Airlines culture of fun, family, and frugality. Rubbermaid continues to do well throughout good times and recessionary times, through changing technologies, and across socio economic strata. Diversification of product lines and having a good eye for where to put resources in part of it, but the total picture is still ambiguous
- If it’s simply too expensive to replicate the asset, your asset becomes even more valuable than the sum of the investment made to create it.
- How long will your asset provide you an advantage over the competition? Our ability to calculate has increased dramatically over the past 100 years and the industrial and then technological revolutions rode on the wave of those abilities. From the abacus to slide rules to calculators, we achieved increasing power. To backtrack in time a bit from the hand held unit, the computers at Los Alamos increased the speed and accuracy of calculations, but took weeks to accomplish some tabulations. The CRAY computers became the world’s largest… and then we moved to Miniaturaization – desktops, laptops, tablets, and now Apple and others are playing with watch sized computers that are more powerful than the computer that sent a human to the moon
- Who gains the benefit of the asset? Stellar salespeople have full Rolodexes– but the asset does not belong to the company. It leaves with them.
- How easy will it be for someone to substitute whatever you offer with an entirely different product that solves the same issue?