Upload
tanuja
View
42
Download
0
Tags:
Embed Size (px)
DESCRIPTION
Great By Choice An Overview. Team 3: Andrew West, Andrea Lapotaire , Andrew Stack, Jessica Sharpless , Taylor Carroll. Clear Performance Markers. Set pace towards goal Hard, but manageable. Self-Imposed Constraints. Safe guards to stay on track Prevent straying from main goal. - PowerPoint PPT Presentation
Citation preview
Team 3:Andrew West, Andrea Lapotaire, Andrew Stack, Jessica Sharpless, Taylor Carrol l
GREAT BY CHOICEAN OVERVIEW
CLEAR PERFORMANCE MARKERS
Set pace towards goalHard, but manageable
SELF-IMPOSED CONSTRAINTS
Safe guards to stay on trackPrevent straying from main goal
APPROPRIATE TO THE ENTERPRISE
Do not copy othersCreate march according to own
personality/environment
LARGELY WITHIN YOUR CONTROL
Be your own architectCreating your own “20 Mile March” will:
Give a sense of autonomy Craft to own specific needs
A PROPER TIMEFRAME
Long enough to accommodate unforeseen setbacks
Short enough to not lose motivation
DESIGNED AND SELF-IMPOSED BY THE ENTERPRISE
Do not set goals that can be out of your control
Set goals that you can achieve through your actions
ACHIEVED WITH HIGH CONSISTENCY
Success relies on consistency“Be the consistent tortoise”
What are Bullets?an empirical test aimed at learning what works and
that meets 3 criteria: low cost: the size of the bullet grows as the
enterprise grows; a cannonball for a million dollar enterprise might be a bullet for a billion enterprise.
Low risk: does not mean high probability of success; low risk means that there are minimal consequences if the bullet goes awry or hits nothing.
Low distraction: low distraction from the overall enterprise; it might be very high distraction for one or a few individuals.
FIRE BULLETS, THEN CANNONBALLS
Fire bulletsAssess: Did the bullets hit anything?Consider: Do any of your successful bullets merit
conversion to a big cannonball?Convert: Concentrate resources and fire a cannonball once
calibrated.Don’t fire uncalibrated cannonballTerminate bullets that show no evidence of eventual
success
EMBRACE THE “FIRE BULLETS, THEN CANNONBALLS”
Wal-Mart opened it’s first supercenter in 1988 in Washington, Missouri This would be considered the bullet to see if this
supercenter would be successfulWas successful, so started to slowly expand into other
areasBy 1995, there were 239 supercenters
Cannonball
WAL-MART
If a bullet is a miss, do not fire the cannonball and learn from the mistake
http://www.youtube.com/watch?v=6dhRotIbQgU
LEARNING FROM BULLET’S MISTAKES
Luck is defined by meeting these three test: Some significant aspect of the event occurs largely or
entirely independent of the actions of the key actors in the enterprise
The event has a potentially significant consequence The event has some element of unpredictability
Are 10X companies luckier?
RETURN ON LUCK
Four possible return on luck scenarios Great return on good luck Poor return on good luck Great return on bad luck Poor return on bad luck
10Xers assume they’ll get a spate of bad luck and prepare ahead of time
RETURN ON LUCK
Hope for the best, plan for the worst
“As soon as there is life, there is danger”- Ralph Waldo Emerson
Be prepared
PRODUCTIVE PARANOIA
Build cash reserves and buffers
Bound Risk
Zoom out, Zoom in
PRODUCTIVE PARANOIA
SMaC stands for Specific, Methodical, and consistent.The more uncertain, fast-changing, and forgiving your
environment, the more SMaC you need.
SMAC
A set of durable operating practices that create a replicable and consistent success formula It is clear and concrete Gives clear guidance on what to do and what not to do Reflects empirical validation and insight about what
actually works and why
SMAC RECIPE
Developing a SMaC recipe, adhering to it, and amending it correlate with 10X success
Requires the three 10X behaviors: Empirical creativity (for developing and evolving it) Fanatic discipline (for sticking to it) Productive paranoia (for sensing necessary change)
SMAC RECIPE
Amendments can be made to one element or ingredient while leaving the rest of the recipe intact.
Two approaches: Exercising empirical creativity-internally driven (fire bullets,
then cannonballs) Exercising productive paranoia-externally focused (zoom
out, then zoom in)
AMENDING A SMAC RECIPE
Low Prices, Anytime, AnywhereConvenient Shopping-only have to make one shop for
everything you need
WALMART’S SMAC RECIPE