Guru Gaffes Slideshow

7/29/2019 Guru Gaffes Slideshow

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NOTE:To appreciate

this presentation [and ensurethat it is not amess],you need

Microsoft fonts:Showcard Gothic,

Ravie,ChillerandVerdana


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Title.


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Slides at

tompeters.com


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Better title? The excellence bit and thealways bit are fine; its the analysis

thereof I wish to call into question here..


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These are a few of theimplicit or explicit things that

most all gurus [incl. yrs.truly much of the time] focus on.That are mostly or wholly wrong.


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It seems that all we talkabout are Big Cos.


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Thats the emergent conclusion

from Citis woes. (Yikes: Someare muttering the same thing

about GE.)


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The Bigger TheyAre: Toyota Takes

a Tumble on

Quality


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Microsofts Struggle With

Headline, FT, 09.2005

Troubling at MicrosoftCover Story, BW, 09.2005

to Move Fast?Headline, BW, 09.2005


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Biters Bit: How WebGiants Are Losing

Business as StartupsScurry In.FT, 0725.07 (The

disruptive innovators of the firstSilicon Valley boom may be failing tokeep up with a new wave of arrivals.)


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Kovacevich ran Wells Fargo brilliantlyhis other passion was a focus on revenue

growth rather than a diet of cutting,cutting, cutting. (Reminds me of thesubtitle to my 1997 book, Circle of

Innovation: You cant shrink your way

to greatness.)


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Despite a decade of

banking mergers, there is

that big banks are

any more efficient orprofitable than their smaller

rivals.Financial Times, 0329.07, onpossible Barclays-ABN Amro merger (When it

comes to asking the stock market whetherbigger banks are better,

Citigroup analysis, 2006)


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When asked to name just one bigmerger that had lived up to

expectations, Leon Cooperman,former cochairman of Goldman Sachs

Investment Policy Committee,

answered:


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Almost every personal friend I have in the world

works on Wall Street. You can buy and sell thesame company six times and everybody makes

money,

but Im not surewere actually

innovating. Our challenge is totake nanotechnology into the future, to dopersonalized medicine Jeff Immelt/2005


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--Stay close to core competence--Strategy is easy to understand


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Acquisitions are about

buying market share.

There is a big difference.


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I am often asked by would-be entrepreneurs

seeking escape from life within huge corporatestructures, How do I build a small firm for

myself? The answer seems obvious:

.


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: members ofthe Class of 17 were alive in 87; 18 in 87

F100; 18 F100 survivors significantlyunderperformedthe market;

just (2%), ,outperformedthe market from

1917 to 1987.

: members of the Class of 57 were alive in

97; (2.4%) of 500 outperformed the market from 1957 to 1997.


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Mr. Foster and his McKinsey

colleagues collected detailedperformance data stretching back 40years for 1,000 U.S. companies. They

found that of the long-

term survivors managed to outperformthe market. Worse, the longer

companies had been in the database,the worse they did.Financial Times


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Its just a fact:


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Hope For

BreakupAdvocates


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Jeff Bewkes, theNext Boss of Time-

Warner, Is Likely toBreak Up the

Company


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*Worst case: Rape & Pillage


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Data drawn from the real worldattest to a fact that is beyond

our control:Everythingin existence tends

to deteriorate.


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Odebrecht is a big (heavy industry)Brazilian engineering company.


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Of Koreas companies

in 1955, only were still on the

list in 2004. The 1997 crisis

destroyed of Koreas

largest conglomerates.


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Korea, too.


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The Big Co situation is nigh

on hopelessso you mightas well go for it. Youvenothing to lose.


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With just 80-million people,insanely high wages.


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Reason!!!


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Middle-sized stars. (Of long

standing.*) Global masters. High-value niches.

*The German secret


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When I studied them,

Goldmann had but 11 people, mostPhDs, and a 50% world market share!


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Principal Mittelstand companies I

studiedI may be the onlyAmerican whos made a seriousstudy of the Mittelstand??


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By accident I became enamored with thelargely unsung American Mittelstand.

Why? They came to my big seminarsthe F500 didnt. (In Search of Excellence

was pure Big Co.)


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Chinas success has effectively beenMittelstand-ish. The state-run giants

have staggered alongthesuccessful startups (many, many areunsuccessful) have been the Chinese

growth engine.


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I rarely use Private/Family Co.examples. I aint alone!


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Source: John Davis, HBS


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Private.


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Mostly private.


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10.6 million women-owned

companies in the U.S. Mostare private.


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U.S. firms owned or controlled by Women:( of all firms)

Growth rate of Women-owned firms vs all firms:

Rate of jobs created by Women-owned firms vs allfirms:

Ratio of total payroll of Women-owned firms vs totalfor Fortune 500 firms:

Ratio of likelihood of Women-owned firms staying inbusiness vs all firms:

Growth rate of Women-owned companies withrevenues of >$1,000,000 and >100 employees vs allfirms:


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U.S. employeesthereof > F500

employees worldwideSource: Martha Barletta, Marketing to Women


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The growth and

success of women-owned businesses is

one of the mostprofound changestakingplace in the

business worldtoday.


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Yieldshighest return on investment

in developing world*

*better nutrition for family. Better kidseducation. Better health. Higher

family income. Lower birth rate. Etc.

Source: Larry Summers, as reported in The Payoff FromWomens Rights, Isobel Coleman,

Foreign Affairs, May-June 2004


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Damn few dog-wash

companies in gurupresentations!


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Love it! Big bucks from dry basements!!


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*Salvaged railcars into bridges, etc.


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Im doing a huge landscaping project. Onebit is to be a little bridge over a little

stream. Upon Googling little bridge over

little stream, I found the Essence ofthe/an Economynumerous firms doinglittle bridges. These guys salvage old railcars, and use the frames for little bridges

over little waterways. Dont ya love it?

*Lived in same town all adult life


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Lived in same town all adult life

*First generation thats wealthy/

no parental support*Dont look like millionaires, dont dresslike millionaires, dont eat likemillionaires, dont act like millionaires

*Many of the types of businesses [they]are in could be classified as dull-normal. [They] are welding contractors,auctioneers, scrap-metal dealers, lessors of

portable toilets, dry cleaners, re-builders ofdiesel engines, paving contractors

Source: The Millionaire Next Door, Thomas Stanley & William Danko


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Great term! (See next slide.)


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Jobs created in the U.S. in Q4 2006. U.S.has deserved great rep in job creation.


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You get to +500K jobs by destroying

7.2 million, creating 7.7 millioninone quarter. Talk about churn!


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Natural selection is death. ...

... Deathis the mother of structure. ...It took four billion years of

death ... to invent the humanmind ...


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Built to last. Ha!


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Built to last. Ha!


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The more successful

a company, the flatterits forgetting curve.

Gary Hamel and C.K. Prahalad


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*Desperately!

**


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It is generally much easier to

than change it

substantially.


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Wanted:


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vs


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Ill take the latter. (Lasting per se hasnever struck me as much of an aspiration.Apple lasts by re-inventing the world

time and again. Great!)


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My favorite company. Around as an

independent for just a few yearschanged the world.

Five hundred years before Christ in a little town onthe far western border of the settled and civilized


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the far western border of the settled and civilizedworld, a strange new power was at work.

Athens had entered upon herbrief and magnificent floweringof genius which so molded theworld of mind and of spirit thatour mind and spirit today are

different. What was then produced of art and ofthought has never been surpassed, and the stamp ofit is upon all the art and all the thought of the

Western world.


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Built to

last????


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Even GM really gave us only

25 dominating years. Terrific,but hardly forever.


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Jane Jacobs:

vs. the Great Blight of Dullness.F.A. Hayek:

.Joseph Schumpeter: the


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Legendary churnmeisters.


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I lived in California-SiliconValley for three decades plus.

Makes you believe in (1)churn, (2) death, (3) the

possibility of knocking off the

impregnables.


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Chrysler had market cap of$36 billion when Daimler

bought them in 1998. In effect,Daimler had to pay the private

equity gang 9 years later to

take Chrysler off their hands.


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Holy shit!


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Holy shit!


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*Lived in same town all adult life

*First generation thats wealthy/no parental support*Dont looklike millionaires, dont

dresslike millionaires, dont eatlikemillionaires, dont actlike millionaires*Many of the types of businesses [they] are in could be

classified as dull-normal. [They] are welding contractors,auctioneers, scrap-metal dealers, lessors of portable toilets,dry cleaners, re-builders of diesel engines, pavingcontractors

Source: The Millionaire Next Door, Thomas Stanley & William Danko


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Deserved its popularitya light year

away from typical guru Stuff. CEOsworth talking aboutemulating!


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The Peters-Waterman mantra that

rocked the world of Strategy uberalles, circa 1980.


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Setting loose a gaggleof the best and the brightest

with advanced degrees in mathand economics from theworlds best universities will

result in permanently reducedrisk in global financial markets.


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Quant nightmares, circa 2007.


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Stan ONeal

Chuck PrinceBill Sharpe &

The Nobels


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Stan and Chuck lost their jobs for over-quanting itderivatives of derivatives,

supposedly (Ha!) taming risk. Sharpe won

a Nobel in econ for providing the base forthis excellent adventurethe Nobel oughtto be pulled. (By the way, the econ Nobel

aint actually a Nobel.)


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Ultimate soft turns out to bethe supposedly ultimate

hardthe debt instrumentscreated by the quants to

reduce-eliminate portfolio risk.


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Nassim Nicholas TalebWarren Buffett


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Buffet questioned derivatives (hes a so-

called value investor); so did NNTsee next slide.

Medicine used to killti t th it


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more patients than it

savedjust as financialeconomics* endangers

the system by creatingrisk.


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McKinsey 7-S modeldeveloped by Bob Watermanand yrs. truly in 1979still in

use.


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(Strategy, Structure, Systems)

(Style, Skills, Staff, Super-ordinate goal)


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If I could have chosen not to tackle the IBM culture head-on, I


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probably wouldnt have. My bias coming in was toward strategy,analysis and measurement. In comparison, changing the attitude

and behaviors of hundreds of thousands of people is very, very

hard.


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Gerstner, the arch-enemy of my soft

stuff while he was at McKinsey isforced to the wall! (I love it!)


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Understanding

the minds eye of

another person


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What I learned from my yearsas a hostage3 negotiator is that

we do not have to feel

powerlessand thatbonding is the antidote to

the hostage situation.


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The terms hard facts, andthe soft stuff used in business

imply that data are somehowreal and strong while emotionsare weak and less important.

The capacity to develop close and


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p y penduring relationships is the mark ofa leader. Unfortunately, many leadersof major companies believe their jobis to create the strategy, organization

structure and organizationalprocessesthen they just delegate

the work to be done, remaining alooffrom the people doingthe work. Bill George, Authentic Leadership


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(of all varieties):


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Steve Harrison, Adecco


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F: Relationships, respect, self-realization.

M: Title, salary, power. (In all myresearch with men, Ive never once

heard a mention about theimportance of relationships.)

Source: Susan Rice, former Director of Communications,BBDO Europe (from A Dignified Woman)


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Spend $500K on a store upgrade

same crappy staff attitude. Moneywastedor worse.


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Lock down your annual budget.Immediately go back and cut

capital spending about 20%, put$$ saved into people!


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Best company to work for in 2005is a regional grocery chainpeople

excellence not limited to sexyGenentechs and Googles!


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Starbucks big secret: Hirefor Smiles!! (Just try and get

a typical HR type to buyinto that!)


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Its simple, really,Tom. Hire for s, and,

above all, promote for

s.


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Promote for mostest smiles.


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Starbucks founder Schultz

visits 25 stores a weekhands on forever!


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The

relationships.

Always have been! Always

will be!


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Who manages more thingsat once? Who puts more effort into their


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at once?Who puts more effort into their

appearance? Who usually takes care of thedetails? Who finds it easier to meet newpeople? Who asks more questions in a

conversation? Who is a better listener? Who

has more interest in communication skills?Who is more inclined to get involved? Whoencourages harmony and agreement? Who hasbetter intuition? Who works with a longer to

do list? Who enjoys a recap to the days

events? Who is better at keeping in touchwith others?


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The

Long story. White House failed toinvite VT Senator Jim Jeffords to a


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invite VT Senator Jim Jeffords to a

bill signing ceremony. This was thetipping point that led JJ to re-register

as an Independentand thereby

cost Republicans control of theU.S. Senate. (Control of one of

worlds most august electoral bodies

shifts on the basis of an invitationto a party!


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(of all varieties):


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THE PROBLEM IS


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RARELY/NEVER THEPROBLEM.


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As you predicted


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My mind is like a sieve

Well, looks like we blew it

[No, no. Us! Theresblame enough to go

around.]Im really sorry.


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Talk to one person.


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Have a [private]conversation. Use

humor. Talk aboutkids, etc. Ask

questions. Be thatpersons world.


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Take the blame. Deserved or not.(Every issue has at least a little

blameworthiness on both sides.)Taking the heat is a winningstrategy!!


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[if

yes:]


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The ultimate hard stuff is quant financethe product of pure mathguy stuff, the stuff that men are made for! TAKE mark-to-market ANDSuper-senior CDOs [Consolidated Debt Obligations]. They are killing us!!Mark-to-market? Fine! But what, my dears, is the market? Nobody hasa sweet clueespecially the quants. The market/a market/any marketis a function of the long-forgotten [by the quantshard guys, real


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men] underlying value of the real [not modeled] asset. [E.g. The originalmortgage by real people on a real house]. The quant-hard guys-realmen mega-models know everything about everythingand nothingabout nothing about what matters, the actual value of the actual loan.Citigroup has no less than $60 billion+ tied up in Super-senior CDOs[thought super-safe only weeks agoby the quants]and they have

no f-ing clue as to the real value of any of it!Soft?Hard?

Bob Waterman and I, in 1980, developed a mantra in those days of yorewhen strategy [strategic plans] was everything. We said:

The readily-manipulable numbers are the true soft stuff. Therelationships-leadership-culture-action bias are the true hard stuff.

Source: TP post, tompeters.com, 1112.07


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William DonaldSchaefer

Mayor of Baltimore

He Cared.


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Design is treated

like a religion

at BMW.


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Steve Jobs


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Okay, you say product really ishard. Fair enoughbut my point

is that the guy in question nevertalked about what he really does toplease the customer.

Wow I


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wonder what unimaginablenew tools, otherwise not

possible, will be quicklybrought forthfor our

customersbecause ofthis deal?


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Consider a mega-merger. In theprocess of CEO-to-CEO negotiations,

is the desired outcome for thecustomer ever discussed?


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New Zealand bets its future on

design that shouts coolNew Zealand.


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C O* ** ***

*Chief Officer

**Minister for***Deputy Prime Minister for and


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The sun is setting on the Information Societyevenbefore we have fully adjusted to its demands as

individuals and as companies. We have lived as hunters


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and as farmers, we have worked in factories and now welive in an information-based society whose icon is the

computer. We stand facing the

fifth kind of society: theDream Society. Future products will

have to appeal to our hearts, not to our heads. Now is the

time to add emotional value to products and services.


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Saatchi & Saatchi CEO Kevin

Roberts declares brands deadgives us lovemarks instead.


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*


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What % of customers would tattoo

the brand name somewhere on theirbody? (Talk about love.)


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*Chief k Officer


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Spellbinding ExperiencesGamechanging Solutions


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Value-added beyond the

old triumvirate

raw materials,goods services. (Four new rungs.)


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Backtrack re soft: IBM in mid-90seffectively gives up on M

[machines]; starts selling solutions

[IBM Global Services]; builds worldsbiggest Professional Services Firm,

at close to $60 billion.


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Local LAN [Local Area Network]


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Installation Co. re-labels as GeekSquad. Prospers. Starts doing somework for electronics retailer Best Buy.

Eventually BB purchases GeekSquadmakes their solutions

package the driver of a revised BBstrategy for differentiation.


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Spellbinding ExperiencesGamechanging Solutions


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Lovemark/ Dreams Come True/

Spellbinding Experiences/ Gamechanging Solutions/


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PepsiCos former president, AndyPearson, points out to TP that the

billions upon billions of Pepsi marketcap derived a hard half-roomful

of Pepsi syrup.


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Farmer [hard] gets a couple ofpenniesCampbell gets $1.50 for acan off soup. $1.48 is soft stuff.

Likewise Timberland, where farmeris de facto Chinese manufacturer.


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(Posted @ tompeters.com by

K.Sriram, November 27, 2006 1:17 AM)


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: $10,000 yields : $10,000 yields

*Forbes/ /Basket of 32 publicly traded stocks

The winners in business have always played . massive and overwhelming force.

anomalies your competitors profit


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anomalies. your competitors profitsanctuaries. your competitor into retreat.

Approximately Index entries: Customer/s

(service, retention, loyalty), . People (employees, motivation, morale,

worker/s), . Innovation (product development, research &

development, new products),


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Wh h


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Why in theWorld did yougo to Siberia?


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Back to basics in Siberiabusiness at its best. (I pondered this

a loooooong time.)


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*


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(worthy of commitment)


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(room for/encouragementfor initiative)

(respect, humane)


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Another effort to summarize.


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What a title!

I know nothing like it!

It was much later that I realizedDads secret. He gained respect bygiving it. He talked and listened to

the fourth-grade kids in Spring Valleyh hi d h th h


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the fourth grade kids in Spring Valleywho shined shoes the same way hetalked and listened to a bishop or a

college president.


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(room for/encouragement


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( oo o e cou age e tfor initiative-adventures)

(respect, grace,integrity, humane)

(worthy of our clients & extended

familys continuing custom)

(period)


(room for/encouragement for initiative-adventures)


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( g )

(respect, grace, integrity, humane)

(worthy of our clients & extended

familys continuing custom)

(period)


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Recently I asked several corporate executiveswhat decisions they had made in the last year that

would not have been made were it not for their

corporate plans.


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Since all of the plans are marked secret orconfidential, I asked them how their competitors

might benefit from possession of their plans.


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The only damned thing Ive learned in

40+ years! (No kidding!!!!!!)


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This is so simple it sounds stupid, but it is amazinghow few oil people really understand that


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You may think youre finding it

when youre drawing maps andstudying logs, but you have to drill.


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We made mistakes, of course. Most of them wereomissions we didnt think of when we initially wrote thesoftware.

We do the same today. While our competitorsare still sucking their thumbs trying to make the design


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perfect, were already on prototype version

By the time our rivals areready with wires and screws, we are on version

Effective prototyping may

b


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be

an

innovative organization canhope to have.


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ll f il


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excellent failures.

mediocre

successes.

In business, you rewardpeople for taking risks.

When it doesnt work out


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When itdoesn twork outyou promote them-becausethey were willing to try new

things.If people tell methey skied all day and neverfell down, I tell them to try

a different mountain.


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The Nobel laureate in medicinereveals [to me] his success secret

vs others with eyes on the prize.


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!!!!!!!!!!


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The secret of fast

progress is


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progress isinefficiency, fast

and furious and

numerous failures.

Natural selection is death. ...


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... Death

is the mother of structure. ...It took four billion years ofdeath ... to invent the human

mind ...

The Silicon Valley of

today is built less atop


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today is built less atopthe spires of earlier

triumphs than upon therubble of earlier

debacles.Newsweek/ Paul Saffo


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Courtesy EDS founder Ross Perot

on EDSs strategy.


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Scott Simon

Andrew Higgins , who built landing craft in WWII,refused to hire graduates of engineering

schools.


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Hestarted off with 20 employees, and by the middle ofthe war had 30,000 working for him. He turned out

20,000 landing craft. D.D. Eisenhower told me,

Andrew Higgins won the war for us. He did it

without engineers. Stephen Ambrose/Fast Company

Go on offense.Give everybody a shot.

Decentralize.Try a bunch of stuff.

Make it up as you go along.

Get some stuff wrong.Laugh a lot.

G t t ff i ht


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Get some stuff right.Become a success.

Extract lessons learned or best practices.Thicken the Book of Rules for Success.

Become evermore serious.Enforce the rules to increasingly tight tolerances.

Go on defense.Install walls.

Protect-at-all-costs todays franchise.

Centralize.Calcify.Install taller walls.

Write more rules.Become irrelevant and-or die.


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F A H k d ib d it li


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F.A. Hayek described capitalism-amarket economy as a spontaneous

discovery process. [TP: Try it!]


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I proceeded by trial and error and instinct,and each experiment led to/suggested

another experiment (or 2 or 10) and to agreater understanding of potentialthe

plan, though there was none, made itself.And it was far far better (more ambitious


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And it was far, far better (more ambitious,more interesting, more satisfying) than I

would have imagined. In fact, the result to

date bears little or no relationship to what Iwas thinking about at the starta trivial

self-designed chore may become the engineof my next decade; the brushcutting project

is now leading Susan and I to view ourentire property, and what it might become-represent, in a new light.

F.A. My little summer projectb t i f f t


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becomes a centerpiece of my future.That wasnt the plan. I

[spontaneously] discovered italong the way.


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Tradition says that your attitude


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y ydetermines your behavior. My sort

says your behavior determines yourattitudethe difference isphilosophical and enormous.


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You caught me out. Now I say I

learned FOUR things in 40 years.


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.

Execution isa


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of rigorously

discussing hows and whats, tenaciouslyfollowing through, and ensuring

accountability.


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You caught me out. Now I say I

learned FOUR things in 40 years.

Conrad Hilton, at a gala celebrating his life,was asked, What was the most important lesson youve learned

in you long and distinguished career?

His immediate answer:


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The strategy is right. Itscommunicationsproblem.


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The plan is dead onits

implementationproblem.Look, weve got the strategy

rightwe need to fixthe people bit.


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Organizations calcify.


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When Carly Fiorina ran HP, division


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honchos controlled 30% of their

budgets. Under Mark Hurd, the #jumped to 80%which is the key toaccountability for execution.


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One more.


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THE NEW GENDER

GAP: From kinder-garten to grad


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garten to grad

school, boys arebecoming the

second sexCover story,

BusinessWeek


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Source: Headline, Dateline (0526.2007; Khaleej Times)


353/611

Men [boys] race toward irrelevance.

Forget ,

and the: Economic


354/611

: Economic

Growth Is Driven

by .


355/611

*I believe itits been my lifes work, or a big partthereof, since 1996. But this in 2006 ices the Big Cake.


356/611

Women are


357/611

Women are

majoritymarket


358/611

Home Furnishings 94%Vacations 92% (Adventure Travel 70%/ $55B travel equipment)

Houses 91%D.I.Y. (major home projects) 80%


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Consumer Electronics 51% (66% home computers)

Cars 68% (90%)All consumer purchases 83%Bank Account 89%

Household investment decisions 67%Small business loans/biz starts 70%

Health Care 80%

Womens CommercialPurchasing Power

Purchasing mgrs &


360/611

Purchasing mgrs. &

agents: 51%HR: >>50%

Admin officers: >50%Source: Martha Barletta, Marketing to Women

Mens median income: +0.6%


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Womens median income: + 63%Source: Martha Barletta, Marketing to Women

Household spending:

Investment decisions:Home improvement purchase decisions:


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New cars:

Computers: Managers and professionals, overall:New businesses started: (*Women-owned

businesses as a share of all new businesses: Employeegrowth, 3X; Sales growth, 4X.)

Source: Marti Barletta, PrimeTime Women(2007)

>50% of stock ownership, $13T total wealth (2X in 15 years)

>$7T consumer & biz spending (>50% GDP; > Japan GDP);>80% consumer spdg (Consumer = 70% all spdg)

57% BA degrees (2002); = ed & social strata, no wage gap

60% Internet users; >50% primary users of


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electronic equipment

>50% biz trips

WimBiz: Employees > F500; 10M+: 33% all US Biz

Pay from 62% of male pay in 1980 to 80% today; equalif education, social status, etc are equal

60% work; 46M (divorced, widowed, never married)

Source: Fara Warner,


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Source:


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*manage their lives and the lives of their familiesKelley Mooney, president, Resource Interactive

The 91% Factor!

More than 9 in 10 womenage 35 - 49 say they

either make or at least


366/611

either make or at least

equally influence theirhousehold purchasesofhome electronics.

Source: Andrea Learned, co-author, Dont Think Pink


367/611

They are less likely tohold a losing investment too long, and


368/611

g g,less likely to wait too long to sell a

winner; theyre also less likely to put toomuch money into a single investment or

to buy a reputedly hot stock without

doing sufficient research.

Women Beat Menat Art of Investing


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at Art of Investing

Source: Headline, Miami Herald, reporting on a study by

Profs. Terrance Odean and Brad Barber, UC Davis(Cause: Guys are in and out of stocks

more often; women choose carefully and holdon for the long term)

JBQ: Stop Treating Women Investors Like Idiots!

Why all this focus on women and our lack ofinvestment guts? A far greater problem, it

seems to me, is trigger-happy speculation,mostly by men. The kind of guys whose familysavings went south with the dot-coms Imagine


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savings went south with the dot coms. Imaginea list of their money mistakes:Shoot from the

hip. Overtrade their accounts. Believe theyresmarter than the market. Think with their

mouse rather than their brain. Praise their owngenius when stocks go up. Hide their mistakes

from their wives.

Source: Newsweek01.08.01


371/611

Not just an American phenomenon.

The

in sales situation is the


372/611

of the buyer, and

more importantly, how thesalesperson communicates

to the buyers gender.

The Perfect Answer

Jill and Jack buyslacks in black


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375/611

Source: , Jeffery Tobias Halter


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(mom-centered to majority consumer; notvia kids)

(Do it [everything!] Herself)

(more than house cleaner)(right-hand rings/$4B)


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(women = emotional centers of the household)(> jock endorsements; new def sports; majority consumer)

(young girls want friends, not a blond stereotype)

Source:


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Cases!!


379/611

Women were either ignoredin favor of focusing on men

generally considered theindustrys most frequent


380/611

users and therefore its most

important consumersor theywere cast in the role of momswho were simply conduits to

their children.


381/611

1. Men and women are different.2. Very different.3. .4. Women & Men have a-b-s-o-l-u-t-e-l-y

nothing in common.5 W b l t t ff


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5. Women buy lotsa stuff.

6. .7. Womens Market = Opportunity No. 1.8. Men are (STILL) in charge.9.


383/611

M l i t t


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My conclusionstongue not

particularly in cheek.


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[Headline.] Even today in the modern,

developed world, surveys show that parents still prefer to havea boy rather than a girl. One longstanding reason boys have

been seen as a greater blessing has been that they are expectedto become better economic providers for their parents old age.

Yet it is time for parents to think again.Girls get better grades in school than boys, and in


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most developed countries more women than men go touniversity.

And women are more likely to provide sound advice on

investing their parents neste.g.: surveys show that womenconsistently achieve higher financial returns than men do.

Furthermore, the increase in female employment in the richworld has been the main driving force of growth in the last

couple of decades.

Source: , April 15, Leader, page 14

Continuing on page 73:

(Headline.) More stats: Around the globe

since 1980, women have filled two new jobs for everyonetaken by a man. Women are becoming more important in the

global marketplace not just as workers, but also as

consumers, entrepreneurs, managers and investors.


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A couple of final assertions: (1) It

is now agreed that the single best investment that can bemade in the developing world is educating girls. (2) Also,

surprisingly, nations with the highest female laborforceparticipation rates, such as Sweden and the U.S., have

the highest fertility rates; and those with the lowestparticipation rates, such as Italy and Germany, have the

lowest fertility rates.

Source: April 15, page 73


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2 Years, 941 mgrs (672M, 269F);

360 feedback Women: better in 20 of 20

categories; 15 of 20 with statistical


389/611

categories; 15 of 20 with statisticalsignificance, incl. decisiveness,

planning, setting stds.)Men are not rated significantlyhigher by any of the raters in any

of the areas measured. (LP)

Link [rather than rank]workers; favor interactive-collaborative leadership

style [empowerment beats top-down decisionmaking];sustain fruitful collaborations; comfortablewith sharing information; see redistribution of power


390/611

g ; pas victory, not surrender; favor multi-dimensional

feedback; value technical & interpersonal skills,individual & group contributions equally;readily

accept ambiguity; honor intuition as well aspure rationality; inherently flexible; appreciate

cultural diversity

Guys want to put everybody intheir hierarchical place. Like,should I have more respect for


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should I have more respect for

you, or are you somebody thatssouth of me?Paul Biondi, Mercer Consultants[from Its Not Business, Its Personal, Ronna Lichtenberg]

On average, women and menpossess a number of different

innate skills. And current

trends suggest that manysectors of the twenty-first-

i


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century economic

community are going toneed the natural talents ofwomen.Helen Fisher, The First Sex: The

Natural Talents of Women and How They Are Changingthe World

23 people, all from ourcompany (More or less amenable to orders)

43 people from 7 companiesin 4 countries on 3 continents (Moved only by

effective persuasion and development ofcommon commitment)

Rote work incl most white


393/611

Rote work, incl. most white-

collar work (Amenable to orders, powerexercised directly)Project work, team work,

mixed-group work, creative work, co-creation with

clientmicroprocessors do the rote stuff(Commitment is voluntary, leadership is bydeveloping positive relationships, inducing


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1. We are in a War for Talent.2. The war will intensify.3. There is a severe shortage of effective leaders

at all levels.4. Women are under-represented in our

leadership ranks at or near the top.5. Women and men are different; new science


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5. Women and men are different; new science reinforces this view.

6. Womens strengths match the New Economysleadership needsto a striking degree.

7. Women are also the principal purchasers ofgoods and servicesretail and commercial.

8.

Catalyst just completed a studyshowing that companies with at

least three women directorsperformed significantly betterthan average in terms of return on


396/611

than average in terms of return on

equity (16.7% better), return onsales (16.8%), and return on

invested capital (10%)

Source: Newsweek, 1015.07/16% of S&P500 boardmembers are women; 9% (45) no women

make [all] the financial decisions.control [all] the wealth.[substantially] outlive men.start most of the new businesses.

work force participation rates have

soared worldwide.are closing in on same pay for same

job.are penetrating senior ranks rapidly


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are penetrating senior ranks rapidly

[even if the pace is slow for the corner

office per se].leadership strengths are exceptionally well

aligned with new organizational effectivenessimperatives.

are better salespersons than men.

buy [almost] everythingcommercialas well as consumer goods.


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Headline, USN&WR


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Q.E.D.

One thing is certain: Womens rise to power,which is linked to the increase in wealth percapita, is happening in all domains and at all

levels of society. Women are no longer content

to provide efficient labor or to be consumerswith rising budgets and more autonomy tospend. This is just the beginning. The

phenomenon will only grow as girls prove to be


400/611

phenomenon will only grow as girls prove to bemore successful than boys in the school

system.

Aude Zieseniss de Thuin, Financial Times, 10.03.2006


401/611

Aude Zieseniss de Thuin,Financial Times, 10.03.2006


402/611


403/611


404/611


405/611


406/611

And another


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408/611

18-44:


409/611

55+: (55-64: )


410/611


411/611

Fifty-four years of age has beenthe highest cutoff point for any

marketing initiative Ive ever beeninvolved in. Which is pretty weirdwhen you consider age 50 is right


412/611

when you consider age 50 is right

about when people who haveworked all their lives start to havesome money to spend.

One particularly puzzling category of youth-obsession is the highly coveted target of men18-34, and its always referred to as highly

coveted category. Marketers have been

distracted by men age 18-34 because they aregetting harder to reach. So what?Who wantsto reach them?Beyond fast food and beer, they

dont buy much of anything. The theory is


413/611

y y g ythat if you get them while theyre young,

theyre yours for life.

Our marketers undervalue

d th (t i)


414/611

womenand the surge (tsunami)of boomers-geezers.


415/611

Profound. (And more or less


416/611

Profound. (And more or less

profoundly new.)


417/611

Average # of cars purchased per

household, lifetime: Average # of cars bought per household


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after the head of household reaches

age 50:


419/611

Americans buy 13 cars in our


420/611

y

lifetimes. We buy seven post-50!


421/611

Marketers attempts at reachingthose over 50 have been miserably

unsuccessful.


422/611

Peter Francese, founding publisher, American Demographics


423/611


424/611

>74: $100K

Boomer turns 50: every 7 seconds. 2009: majority ofU.S. households headed by someone over 50. 2006-2016: U.S. population up 22.9 million; 22.1 million in

over-50 group. 2006: 1 in 5 adults is F, over 50.Women between 50-70 who are single: 35%. Age

45-54: highest average income, $59, 021 (nationalaverage is $42,209). FASTEST GROWING INCOMECATEGORY: WOMEN, 55-64 (4X men in samecategory). Women, age 60-64: 50% still in

workforce. Highest net worth: families, 55-64


425/611

g ,($182,000). People over 50: 70% to 79% of all

financial assets; 80% of all savings accounts; 62% ofall large Wall Street asset accounts; 66% of $$

invested in the stock market. Age 50+: 29% ofpopulation, 40% of total consumer spending, 50% ofdiscretionary spending. Next 2 decades: BOOMERS

WILL INHERIT $14 TRILLION-$25 TRILLION (largestintergenerational transfer of wealth in history).

E.g.: New cars & trucks: 20% morespending. Meals at full-service restaurants:

+29%. Airfare: +38%. Sports equipment:+58%. Motorized recreational vehicles:

+103% Wine: 113% Maintenance repairs


426/611

+103%. Wine: 113%. Maintenance, repairs

and home insurance: +127%. Vacationhomes: +258%. Housekeeping & yard

services: +250% to +500%.

wealth (70%)/ annual income

all discretionary spending

own homes

credit card users

41% /48% l


427/611

41% new cars/48% luxury cars$610B healthcare spending/

74% prescription drugs


428/611

**45% larger than 18-43; 60% larger by 2010


429/611

: TheSweetest of


430/611

Sweet Spots for

Marketers


431/611


432/611

/Desiresfor /Young adulthood/to 38

/ Desires tobe by others/Middle

adulthood


433/611

/Desires fortranscending /Late

adulthoodSource: David Wolfe and Robert

Luxury goods for the home . Fashion & jewelry ...Luxury cars ..


434/611

Experiential luxury** ..

*/Unity Marketing

**Travel, dining, entertainment, spa & beauty

Source: European Business(04.2007)

Older people have an image problem. Asa culture, were conditioned toward youth.

When we think of youth, we thinkenergetic and colorful; when we think of

middle age or mature, we think tired andwashed out. and when we think of old orsenior, we think either exhausted and

gray or, more likely, we just dont think.


435/611

Yet advertisers

remain astonishingly indifferent to them.


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437/611


438/611


439/611

Again


440/611

Again.


441/611


442/611


443/611


444/611

Twenty-four percent of the worldsconstruction in the postage stamp


445/611

construction in the postage stamp

called


446/611


447/611


448/611


449/611


450/611

And another.


451/611


452/611


453/611

,as long asthey could see two or three years of EPS growth. I preached revenueand the analysts eyes would glaze over. Now revenue is in because

so many got caught, and earnings went to hell.


454/611


455/611

The Commerce Bank story in retailbanking was amazing. (Theyve just


456/611

been bought by Toronto Dominion.)


457/611

Hill founded the bank.


458/611

Hill founded the bank.


459/611


460/611


461/611

C O*

*Chief Officer

.


462/611

Competitive costs are important. Agreat CFO is worth her-his weight in


463/611

gold. But will somebody p-l-e-a-s-erepresent the revenue side?

vs.


464/611


465/611


466/611

(Operational Excellence+)

Bowl with little candies at theImmigration cops booth in

Singapore. Message: Welcome


467/611

to Singapore. Were glad yourehere. (Not exactly typical of

immigration cops!)


468/611

Free lemon in a basket at the fishmarket. Often as not Ive made a


469/611

$50+ purchase. But its the lemonI remember.


470/611

Banker in Bologna changes dollars

for Euros for me. Takes my passport[required]. Sees that its my birthday.

Hands me cash with a hearty


471/611

happy birthday. Big deal? Little

deal? Per me:


472/611

Disney carefully manages the all-important first and last impressions.


473/611

p pAnother TGR.


474/611


475/611

Harley exec, quoted in

Good hotel/ Happy guest/

Exceeded Expectationsvs.


476/611

The latter three are much more

inclusive-powerful. This is notsemantic games. Not for the

Four Seasons hotels! Its a dollars


477/611

[many] and cents issue-opportunity-strategy-brand statement-basis

for a Lovemark.


478/611

First Step (?!): Hire atheater director,


479/611

as a consultantor FTE!

Car designers need to create a

story. Every car provides an

opportunity to create anadventure.

The Prowler makes yousmile.


480/611

Why? Because its focused. It has aplot, a reason for being, apassion.

Freeman Thomas, co-designer VW Beetle;designer Audi TT


481/611


482/611


483/611

Finally


484/611


485/611


486/611

The Unlucky Thirteen:

Big companies!

Public companies!

Cool industries!

Stability!Famous CEOs!

Hard stuff!

Plans!

S !


487/611

Success!Men!

Young!

Incrementalism-Kaizen

Minimization!

Uniformity!


488/611


489/611

Fifty-three people equal fifty-threetotally different cases of individualhuman development. They (we!!) are

not standardized. (Great teacher treats each kid as totally differentfrom the rest. Right?) (53 is the

b f l N i l


490/611

number of players on a NationalFootball Rosterthe point is that in

sport youd never think of using

standardized evaluations.

Diverse groups of problem solversgroups of people with diverse tools

consistently outperformed groups of thebest and the brightest. If I formed twogroups, one random (and therefore

diverse) and one consisting of the bestindividual performers, the first group

l t l did b tt


491/611

almost always did better.

Wow! (Read the book.)


492/611


493/611

Pose a problem on the Webnumerous folks from numerous

b k d ill t id


494/611

backgrounds will come to your aid.


495/611

Richard Florida,The Rise of the Creative Class

My wife and I went to a [kindergarten] parent-teacher conference

and were informed that our budding refrigerator artist, Christopher,would be receiving a grade of Unsatisfactory in art. We wereshocked. How could any childlet alone our childreceive a poor

grade in art at such a young age?


496/611

Yuck.


497/611


498/611


499/611


500/611

No normal people in a history. Sowhy do we avoid abnormal? (0 for

800 400 page text 2 people


501/611

800: 400-page text, 2 peoplementioned per page on average.)

/Core: 0Design/Elective: 1

/Core: 0Creati it /Electi e 4


502/611

Creativity/Elective: 4

/Core: 0Innovation/Elective: 6

B-schools: Yuck II.


503/611

[Former Fed Vice-chairman Alan] Blinder remains animplacable opponent of tariffs and trade barriers. But

now he is saying loudly that a new industrial revolutioncommunication technology that allows services to be

delivered from afarwill put as many as


504/611

at risk of being shipped out of the country

in the next decade or two.*

*Blinder: 40 million =


505/611

Not just jobs at risk. The best

jobs are at risk


506/611

jobs are at risk.


507/611

No guarantees! We must behave as

boss of our own show!


508/611

boss-of-our-own-show!

1. (Best/Absurdly Good at Something!)2. (All Work = Memorable/Braggable WOW Projects!)3. 4. (From vertical/hierarchy/suck up loyalty to

horizontal/colleague/mate loyalty)5. (A sleepless Eye for Opportunity!6. (CEO, Me Inc. 24/7!)7. (Play a dozen parts simultaneously, from

Chief Strategist to Chief Toilet Scrubber)

8. (A willingness to Screw Up & Move On)

9. (Bring interesting you to work!)


509/611

9. ( g te est g you to o )10. (E.g.: How Cool-Active is your

Web site? Do you Blog?)

11. (Your own CSO/Chief Storytelling Officer)12. (Your own CLO/Chief Learning Officer)13. (Show up on time! Leave last!)

Stuff we need to know.


510/611

When we

were in the caves we were all self-

employed . . . finding our food, feedingourselves. Thats where human history

began . . . As civilization came wesuppressed it. We became labor

because they stamped us You are


511/611

because they stamped us, You arelabor. We forgot that we are

entrepreneurs.

Source: Muhammad Yunus/2006 Nobel Peace prize winner,

father of micro-lending /The News HourPBS/1122.2006

Entrepreneurial traits are not sorarein fact, Yunus suggests they

are normal as normal can be


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are normal as normal can be.

Thomas Stanley has not only foundno correlation between success in school andan ability to accumulate wealth, hes actuallyfound a negative correlation. It seems that

school-related evaluations are poorpredictors of economic success, Stanleyconcluded. What did predict success was awillingness to take risks. Yet the success-

failure standards of most schools penalizedrisk takers Most educational systems reward


513/611

failure standards of most schools penalizedrisk takers. Most educational systems rewardthose who play it safe. As a result, those who

do well in school find it hard to take risks

later on.


514/611

We are as strange as the people wehang out within every nook andcranny of the organizational

community of which we are a part Rei i [ ] hi


515/611

community of which we are a part. Reinnovation [ ], thisis a veeeeery big deal.

[CEO A.G.] Lafley has shiftedP&Gs focus on inventing all itsown products to developing

others inventionsat least half the

time One successful example


516/611

time. One successful exampleMr. Clean Magic Eraser, based ona product found in an Osaka

market.

Another very big dealP&G washeadquarters of not invented

hereif we didnt invent it it wast th i ti !


517/611

here if we didn t invent it, it wasnot worth inventing!

(Gerstner/Amex, Dow/Marriott, Grove/Intel,

1%


518/611

Bedbury/Starbucks/ 1% )

Starbucks branding guru ScottBedbury felt the company was getting

stale. He asked founder HowardSchultz for 1% of the yearsconstruction budget to play with.

Surrounded by the companys coolest


519/611

Surrounded by the company s coolestpeople, he tried a dozen new formats.Most failed, as expected. A couple

became big winners.


520/611


521/611

To test weird stuff, we needweird playmatesas far away

from home/HQ as possible!


522/611

from home/HQ as possible!

At

its core, every(!!!)relationship-partnership

decision (employee,vendor, customer, etc)is astrategicdecision

about:


523/611

about:


524/611


525/611


526/611

The Lucky Thirteen:

SMEs!

Private companies!

Dull industries!

Churn!laudable CEOs!

Soft stuff!

Excellence!

Action-Execution!


527/611

Women!

Boomers-Geezers!

Imagination Unbound!

Accentuate the Positive!

Individuality!


528/611


529/611


530/611


531/611

(IBD/09.05)


532/611

(+TPs writing room pics)


533/611

What is your vision forthe future? What have you

accomplished since your first book?Close your eyes and imagine me

immediately doing something about

what youve just said. What would itbe? Do you feel you have an


534/611

what you ve just said. What would itbe? Do you feel you have anobligation to Make the world a

better place?


535/611


536/611

BZ:


537/611


538/611

The role of the Director is to create aspace where the actors and actresses

can


539/611

Groups become great only wheneveryone in them, leaders and

members alike, is free to do his orher absolute best.

The best thing a leader can do for aG t G i t allow its


540/611

gGreat Group is to allow its

members to discover their

greatness.


541/611


542/611


543/611


544/611


545/611

Being aware ofyourself and how you

affect everyonearound you is what

distinguishes a


546/611

distinguishes asuperior leader.

What do others think of you? Whatdo you think of you?

What are the little things you (perhaps unconsciously) do that

cause people to shrivelor blossom? What doyou want? Are you aware of your changing

moods? How fragile is your ego? Do you have a true confidant? Do you perform briefor not-so-brief self-assessments? Do you talk too much?

Do you know howto listen? What is your style of hashing things

out? Are you perceived as (a) arrogant, (b) abrasive (c) attentive,

(d) genuinely interested in people, (e) etc? Areyou flexible? Have you changed your mind about anything important


547/611

you flexible? Have you changed your mind about anything importantin a while? Are you comfortable-uncomfortable with folks on thefront line?

Are you too

emotional/intuitive? Are you too unemotional/rational? Do youspend much time with people who are new to you?


548/611

One of

my superstitions had always been

when I started to go anywhere or

to do anything,

or stop


549/611

,or stop,until the thing intended was

accomplished.


550/611

The most

successful peopleare those who

are good at plan B


551/611

are good at plan B. James Yorke, mathematician, on chaos theory

in The New Scientist


552/611

I used to have a rule for myself that at any point intime I wanted to have in mind as it so happens,also in writing, on a little card I carried around withme the three big things I was trying to get done.

Not two.Not four.


553/611

Not five.Not ten.Three.


554/611


555/611


556/611


557/611

Anon.

The leaders of Great Groups

and knowwhere to find it. They


558/611


559/611

inspired by Robert Greenleaf


560/611


561/611


562/611


563/611

I cant tellyou how manytimes we passed up hotshots

for guys we thought were betterpeople, and watched our guys do a lot betterthan the big names, not just in the classroom, but on

the fieldand, naturally, after they graduated, too.

Again and again, the blue chips faded out, and ourlittle up-and-comers clawed their way to all-


564/611

little up and comers clawed their way to all

conference and All-America teams.


565/611

Its simple, really,

Tom. Hire for s, and,above all, promote for

s


566/611

s.

Go for the soft attributesdamn it!


567/611


568/611


569/611

Every human being is following their owngrowth trajectoryin general and relative to the

organization-team of which they are a part.Hence standardized evaluation instruments are

an abominationwith housekeepers as well asscientists. (Our dream teacher for our kids is theone who treats each kid differently. The teacher-

from-hell treats them all the same.) (The 53

comes from football. The roster of an NFL teamis 53 players. Obviously, wed never treat


570/611

y yplayers as interchangeable blocks. Whats the

difference between a 53-person football team or

dance company and a 53-person finance or ISdepartment? None!)


571/611

Diverse groups of problem solversgroups of people with diverse toolsconsistently outperformed groups of thebest and the brightest. If I formed two

groups, one random (and thereforediverse) and one consisting of the bestindividual performers, the first group

almost always did better.


572/611


573/611

Forget ,and the: Economic

Growth Is Driven


574/611

G o t s eby .


575/611

Link [rather than rank]

workers; favor interactive-collaborative leadershipstyle [empowerment beats top-down decision

making];sustain fruitful collaborations; comfortablewith sharing information; see redistribution of power

as victory, not surrender; favor multi-dimensionalfeedback; value technical & interpersonal skills,

individual & group contributions equally;readilyaccept ambiguity; honor intuition as well as

ti lit i h tl fl ibl i t


576/611

pure rationality; inherently flexible; appreciatecultural diversity

Old days: 20-person project team. All fromour company. New days: 20-person

project team. Six companies in 4 countries

represented. Cant bark orders. (This isadded to when we acknowledge that our

value-added will come from creatives

also far less amenable to standardhierarchical approaches.) Old hierarchydi i M hi h i d


577/611

disappearing. Men are hierarchy oriented;women tend to lead through relationship

development.

!!!!!!!!!!!!!!!


578/611

*Leadership Positions/D&T/1992-2002/

Deloitte losing great women. Discover itsbecause women see male-dominated

hierarchy above, and dont want to waste

time since top slots not available. Deloittemakes female retention centerpiece of

strategy. Among other things, in a decade

senior positions held by women growfrom 14 to 168. Progress publicly reported


579/611

in Womens Initiative Annual Report. (In2007, Deloitte voted best company for

fresh-caught college grads to work for.)


580/611

In Australia, TP pinned against wall bywoman financial-services CEO: What

would you

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