Attention Book Lovers, here’s a Book You Will Love — The Big Rich by Bryan Burrough

I recently presented a review, to two different audiences, of the terrifc book by Bryan Burrough, The Big Rich:  The Rise and Fall of the Greatest Texas Oil Fortunes.  It is a fun read, a real history of the Texas oil boom (and bust), and a look into much of what made Texas Texas over the last 100 years.  The key players:  Cullen, Murchison, Richardson, and Hunt — with a little McCarthy, Connally, Johnson (as in LBJ) and Howard Hughes thrown in.

Here’s a taste:

“There is a legend in America, about Texas, about the fabulously wealthy oil men there who turned gushers of sweet black crude into raw political power, who cruised their personal jets over ranches measured in Rhode Islands…  There is truth behind the legend…  If Texas Oil had a Mount Rushmore, their faces would adorn it.  A good ol’ boy. A scold. A genius. A bigamist. The Big Four.”

The Dallas Morning News is hosting a Points Summer Book Club, discussing this terrific book, beginning July 26.  So read the book, and log onto the Points book club web site and join in the discussion, beginning Sunday the 26th.  It will be a fun and educational discussion.

Is Business Becoming a Woman’s World?

Here is a simple fact that we can all agree on — women have not always had an easy path moving up in a man’s world.  I remember the time that I was a guest for lunch in the Los Angeles Club (this was a few decades ago).  I was told to go up the stairs to the dining room, which I did. The dining room was small, and there were a few couples scattered around.  After a few minutes, I asked the host about meeting my party, and he informed me “that would be in the main dining room, up one more slight of stairs.”  So up I went, and discovered a huge dining room — filled with nothing but men.  Not a woman in sight.  Imagine being a woman competing in that climate!

But times, they are a changing.  Our audiences at the First Friday Book Synopsis are truly a mix of men and women.  (We do have a few other barriers to overcome — we’re not as diverse as we could be).  But women, at our event, and in all areas of business, present a clear and growing force.

Recently, Katty Kay and Claire Shipman, authors of Womenomics, wrote of this change in an op-ed piece in the Washington Post, Fixing the Economy? It’s Women’s Work. They wrote:

While the pinstripe crowd fixates on troubled assets, a stalled stimulus and mortgage remedies, it turns out that a more sure-fire financial fix is within our grasp — and has been for years. New research says a healthy dose of estrogen may be the key not only to our fiscal recovery, but also to economic strength worldwide.

And:  The numbers make a compelling case. The studies Ernst & Young rounded up show that women can make the difference between economic success and failure in the developing world, between good and bad decision-making in the industrialized world, and between profit and loss in the corporate world. Their conclusion: American companies would do well with more senior women.

Their point is not that women should get a fair shake, a true shot at actual equality (though they should).  Their point is something far more profound — things would be better, problems could actually be solved, the future could be brighter if women were allowed to speak their voices at the problem-solving tables of the world.

I have a hunch they are right.

Over the years, we have presented synopses of a number of excellent books at the First Friday Book Synopsis focused on women and business issues:  Play Like a Man, Win Like a Woman: What Men Know About Success That Women Need to Learn by Gail Evans;  Women Don’t Ask:  Negotiation and the Gender Divide and Ask For It: How Women Can Use the Power of Negotiation to Get What They Really Want, both by Linda Babcock and Sara Laschever; How She Does It: How Women Entrepreneurs Are Changing the Rules of Business Success by Margaret Heffernan; The Mary Kay Way: Timeless Principles from America’s Greatest Woman Entrepreneur by Mary Kay Ash, among others.  With our fellow bloggers Cheryl Jensen and Sare Smith, I will speak at our first (hopefully) of many events  focused on women and business.  (Read about the August 12 event here).

This I know.  Trying to solve problems, trying to succeed in business with men only is wrong, foolish, and under-resourced.  The future may not belong to women alone , but it certainly belongs to women and men equally, and together.

(Yes, we will be presenting a synopsis of Womenomics this fall at the First Friday Book Synopsis).

{To purchase our synopses of the books mentioneed above, and many other business books, with handout + audio, go to our 15 Minute Business Book site}.

Q #224: What is a SWOT analysis?

Decision-makers have lots of options when deciding which framework to use when completing a situation analysis. Perhaps a major and unexpected crisis or opportunity has occurred. Perhaps an organization’s leaders are about to begin due diligence on the possibility of entering a new market, introducing a new product or service, or entering into M&A negotiations either as the acquirer or the company acquired. Whatever the situation, when a framework for conducting a rigorous analysis is required, SWOT continues to be one of those most favored.

Strengths: What does our organization have that will help us achieve our objectives? What do we have going for us? Competitive advantage(s)?

Weaknesses: What does our organization have that could prevent us from achieving those objectives? Vulnerabilities and insufficiencies? Competitive disadvantage(s)?

Opportunities: What external factors, circumstances, and conditions could be helpful to achieving our objectives? Strategic allies? Competitors’ vulnerabilities and disadvantage(s)?

Threats: What external conditions could prevent us from them? Unwelcome difficulties and complications over which we would have little (if any) control?

If not SWOT, which other framework will you use? It must be part of any contingency plan that would also include an early-warning system, rapid response capabilities, PR polices and procedures, and the equivalent of a SWAT team.

It should also be noted that many organizations now use a version of SWOT to conduct quarterly “reality checks.” I highly recommend that, whatever the nature and size of your own organization may be.

Comments, questions, requests, or suggestions? Please share them. They will be most welcome and I thank you for them. Best regards, Bob

Q #223: How to envision and then plan for your desired future?

There is no shortage of advice in response to that question. In Being Strategic, Erika Andersen recommends a five-step process:

Clarify what it is: “First, look at your current situation, as it relates to your challenge [i.e. desired future].” Resources available? Support by others? Strengths and weaknesses? Relevant lessons learned from past experience? Going forward, what is most important?

Envision what’s the hope: “Given where you’re starting from, what’s the future you want to create for yourself?” Be specific, formulate a timeframe, and decide how you will recognize and measure progress during the process.

Face what’s in the way: Knowing exactly where you are and where you want to be, “note the critical obstacles you’ll need to overcome in order to achieve your vision.” Identify the most formidable internal obstacles (i.e. within you) and the most formidable external obstacles (i.e. around you). Do not underestimate the difficulty of overcoming various obstacles; do not overestimate your ability to do so.

Determine what’s the path-strategies: Now is the time to “select those core directional efforts you want to make over the next twelve to eighteen months to move toward your envisioned future. Remember to sort for FIT.” I presume to suggest that you think of strategies as “hammers.”

Determine what’s the path-tactics: “Now decide the specific actions you’ll take to begin implementing those strategies over the next few months. Remember, again, to sort for fit and define ‘what,’ ‘who, and ‘when.’” I presume to suggest that you think of tactics as “nails.” As you proceed, the strategies will drive the tactics.

In Q&A #224, I discuss the SWAT analysis. It may (just may) offer an appropriate framework for the process that Andersen recommends.

Here’s a Web site that offers a wealth of resources that Andersen offers;

http://www.proteus-international.com/erika_andersen

Comments, questions, requests, or suggestions? Please share them. They will be most welcome and I thank you for them. Best regards, Bob

Interview: Thomas Kelley

Thomas Kelley

Kelley is general manager of IDEO, the widely admired design and development firm that brought us the Apple mouse, Polaroid’s I-Zone instant camera, the Palm V, and hundreds of other cutting edge products and services. He’s also written two outstanding books on innovation that share the secrets of IDEO’s success: The Art of Innovation: Lessons in Creativity from IDEO, America’s Leading Design Firm and The Ten Faces of Innovation: IDEO’s Strategies for Defeating the Devil’s Advocate and Driving Creativity Through Your Organization, both co-authored with Jonathan Littman.

Here is a brief excerpt from my interview of Kelley.

Morris: IDEO has demonstrated that the workplace environment can nourish and support breakthrough creativity and innovation. How to design such an environment? What are the essentials?

Kelley: Here are three underlying design principles that come to mind:

1) Spaces that encourage serendipity: layouts and architectural elements that encourage “accidentally” bumping into people from different parts of the company and spontaneous discussions among small groups. In some companies, that means a wide staircase between floors or a casual touchdown space in the hallway that is available for an impromptu five-minute meeting.

2) Spaces that empower people to customize and adapt them. If the protocols in your office space include a lot of restrictive rules (e.g., no decorations sticking more than four inches above the cubicle, no tape on painted surfaces, no moving desks or tables without permission from the facilities department), then don’t be surprised if those rules also restrict the flow of ideas in that space. The ideal workspace is one where you feel empowered to adapt it to your team’s workstyle and the unique circumstances of the moment—a space as flexible and easily reconfigurable as a kindergarten classroom. Putting everything on wheels would be a good start.

3) Spaces that deliberately emphasize what’s important to the organization. The right space reinforces your cultural values, which helps attract and retain the right kind of innovators to suit your unique interests. At Timberland’s headquarters in New Hampshire, the first thing you see after you get past the reception desk is the running tally of how many thousands of hours Timberland employee have donated to social causes. The social conscience of the organization is not something dreamed up by the PR department, it’s baked into the culture, and it is very evident in their space. At Cirque du Soleil in Montreal, all of the administrative offices are built around the practice space where performers work on new shows, as a constant reminder of what the business is really about. At Pixar, the workplace is as colorful and animated as the characters in their successful films.

Ever notice that the most innovative companies often have the most creative work places? Does that seem like just a coincidence? Space is a strategic tool that any company can use, but most organizations insist on treating it as a utility.

If you wish to read the entire Kelley interview, please click here.

Interview: Rosabeth Moss Kanter

Rosabeth Moss Kanter

Kanter is the Ernest L. Arbuckle Professor of Business Administration at Harvard Business School, specializing in strategy, innovation, and leadership for change. She advises major corporations and governments worldwide, and is the author or co-author of 15 books, including her most recently published Confidence: Others include Evolve!: Succeeding in the Digital Culture of Tomorrow. Other award-winning bestsellers include Men & Women of the Corporation, The Change Masters, When Giants Learn to Dance, and World Class: Thriving Locally in the Global Economy, and Rosabeth Moss Kanter on the Frontiers of Management. Her current work focuses on leadership of turnarounds – how winning streaks and losing streaks begin and end – which she is examining in businesses, major league sports, inner-city schools, and countries whose economic fortunes have changed. She is also interested in the development of new leadership for the digital age – how to guide the transformation of large corporations, small and mid-sized businesses, health care, government, and education as they incorporate new technology, create new kinds of alliances and partnerships, work across boundaries and borders, respond to accountability demands, and take on new social responsibilities. Kanter’s most recent and, in my opinion, her most valuable book is SuperCorp: How Vanguard Companies Create Innovation, Ptofits, Growth and Social Good, published by Crown Business.

Here is a brief excerpt from my interview of her.

Morris: What do the most effective organizations share in common?

Kanter: They demonstrate the “Five Fs”: They are focused, flexible, fast, friendly, and fun. They are constantly improving on what they do and how they do it. They are resilient and can rapidly respond to problems as well as to opportunities. By “friendly” I mean partnership-oriented, understanding the value of collaboration across organizations as a way to get more for everyone, appreciating the value of each and every person involved in the enterprise. Friendly people are caring people, eager to provide encouragement and support when needed most. Not just associates in the workplace but also customers, vendors…literally anyone with whom there is contact.

Throughout human history, people have developed strong loyalties to traditions, rituals, and symbols. In the most effective organizations, they are not only respected but celebrated. It is no coincidence that the most highly admired corporations are also among the most profitable. Why? Because everyone involved is committed to certain non-negotiable core values. Traditions keep them alive. Rituals such as special occasions reaffirm them. Symbols serve as constant reminders of their enduring importance.

Morris: What about innovation?

Kanter: It is absolutely essential and everything begins with curiosity. A great thinker once described innovative thinkers this way: “Some men see things as they are and say, ‘Why?’ I dream of things that never were and say, ‘Why not?’” Innovative thinkers are constantly asking questions such as these. How can we improve recruiting, hiring and training. How can be add greater value to our products and services by making them even better? How can we do more to nourish the personal as well as professional development of our people? What more can we do as a good citizen where we do business? Without constant innovative thinking, an organization will have few (if any) of the Five Fs.

If you wish to read the entire Kanter interview, please contact me at interllect@mindspring.com.

Interview: Jason Jennings

Jason Jennings

Jennings traveled the globe in search of the fastest growing companies in the world for his book It’s Not the Big That Eat the Small —It’s the Fast That Eat the Slow. Next, he and his research team studied more than 40,000 companies and identified the ten most productive companies in the world for his next bestselling book Less Is More. Then, following two years of research, he profiles in his next book, Think Big, Act Small, the leadership of the only ten companies in the world that have grown both revenue and operating profits by ten percent or more annually for ten consecutive years. His most recent published book is Hit the Ground Running in which he provides “a manual for new leaders.”

Here is a brief excerpt from my interview of Jennings.

Morris: Although, obviously, there are significant differences between and among these great CEOs and their companies, what do they share in common that others can emulate?

Jennings: That’s a great question, a critically important question. During our research, we identified seven traits that all of the CEOs share in common. We call them the “main attributes of humbleness.”

Stewardship: Each of them sees her or his role not as a swashbuckling soldier whipping the corporate steed on to new conquests, but as a steward entrusted with the responsibility of carefully and judiciously shepherding and guiding the organization. It is a responsibility each of them takes very seriously. Being a good steward in all relationships with others is the greatest opportunity facing every business leader.

Transparency: In the nine companies, because there is zero personal profit or gain to be achieved in hoarding, trading, or trying to passionately protect knowledge, everyone involved has access to the same knowledge and information.

Accessibility: One of our standard requests was for a walking tour of the facilities and, to prevent any possibility of the tour being staged or orchestrated, we always made our request at the last possible moment. During every one of the tours of hallways, factory floors, and company lunchrooms with the leaders, there were always warm, affectionate, first-name greetings, often accompanied by gentle ribbing and teasing.

The other four “attributes of humbleness” are Work Ethic, Stand for Something, Erase Superficial Superstitions, and No Big Office. We discuss each at some length in the book, citing countless examples of how each of the nine companies has taken on the modest and humble personality of its leadership. These are truly inspired, collegial, group endeavors where the momentary accomplishments of individuals are overshadowed by the consistent, long-term achievement of a team that’s gently and deftly kept on course by a humble leader. Staying down to earth is Building Block #1 when the leaders of any company (regardless of size or nature) are determined to achieve and then sustain consistent growth of both revenues and profits.

Years ago, after giving a speech in Hong Kong, I was approached by an elderly Chinese lady. “I enjoyed your speech very much,” she said to me. “The things you said were really just simple common sense.” Then and now, I consider that a very special compliment. Of course the seven attributes and the ten building blocks are obvious! That’s the good news. Now here’s the bad news. Leaders in most companies do not nail these fundamentals.

If you wish to read the entire Jennings interview, please contact click here.