Two Easy, Powerful Ways to Get Smarter about Your Market

Two Easy, Powerful Ways to Get Smarter about Your Market

 

I seem to come across a lot of contemporary thinking along the lines of “good ideas are a dime a dozen.” The corollary to that being that “execution” is the only thing that matters. For what it’s worth, I don’t buy that at all. Try telling that to someone facing the reality that the market doesn’t want to buy the product they worked so hard to bring to market.

You should always be on the hunt for the best information you can get. No, ideas aren’t enough. But they DO matter. And contrary to the “dime a dozen” mantra, it is really hard to come up with breakthrough ideas. You need all the help you can get.

Can't Agree on Strategy? Settle It Outside with Fast Market Validation

Can't Agree on Strategy? Settle It Outside with Fast Market Validation

It doesn’t matter how strong a company’s brand is or how smart the executives, product managers, engineers, or consultants are. Whenever an organization relies on untested assumptions about whether a customer will value a product enough to use it or buy it, they crank up the risk of a project failing

How to Respond Effectively to Negative Feedback

How to Respond Effectively to Negative Feedback

I remember getting lots of advice on my first day in orientation at my first job after college, but one thing that stuck out to me among everything else was the directive “Run toward feedback!” My new company stressed this point several times throughout the first few days. It sounds reasonable on the surface: successful people are eager for guidance on how to be more effective. But over time, I realized that just “running to feedback” doesn’t tell you what to do after you get it.

How the Hiring Process Makes Teams Better - All by Itself

How the Hiring Process Makes Teams Better - All by Itself

I realized something else about the process of interviewing over the years that is no doubt obvious to some but I’ll bet is news to others: the interview process itself can make companies stronger even without hiring a single person. When a group has to decide whether to admit a new candidate for membership or not, it forces the group to ask important questions of itself: What makes us who we are today, and are we happy with that? What qualities must a new person have to not slow us down and possibly make us even better? What do we want to look like as a group in the future?

Five Ways to Tell if Your Project Is in Serious Trouble

Five Ways to Tell if Your Project Is in Serious Trouble

As long as you’re observing from a safe distance, business failures can be incredibly interesting. Many of the business books I’ve found the most enjoyable and instructive have been about failures: When Genius Failed (Long Term Capital Management), Conspiracy of Fools (Enron), and How Markets Fail (numerous financial institutions) are a few of my favorites that break down catastrophic failures in compelling detail. And despite the carnage wrought by some of these blowups, I find the narratives comforting in a way. After all, if your idea, product, or business fails, at least you’re in good company.

Words to Live By - Overlooked Lessons from Great Business Thinkers

Words to Live By - Overlooked Lessons from Great Business Thinkers

I’ve probably singled out thousands of little concepts, quotes, and anecdotes over the years that have shaped how I think about things and surely shaped the way I write. Interestingly, the ones that have stuck with me the most are often tangential to the main thrust of the book. As I was reading Peter Thiel’s Zero to One (which earned its’ share of margin notes), I thought it might be interesting to share a few of the things I’ve come across in my reading which I suspect many overlooked in these books. And so, from my bookshelf to yours, here they are (with links to Amazon titles where applicable):

Keep Calm and Treat Outliers with Care

Keep Calm and Treat Outliers with Care

Outliers -- observations that are few in number but disproportionately affect your analysis -- can create headaches when we face time pressure to make decisions. Maybe it’s the lone beta tester who gives you brutal feedback about a product feature that you no longer have time to change. Or maybe it’s the tiny new cluster of data points that make your pretty financial model all of sudden look hideous. Whatever form they take, outlier observations force us to make critical decisions about how much we should weigh their significance...

How to Deal with Bad Software You Have to Use Anyway

How to Deal with Bad Software You Have to Use Anyway

Excluding all of the tools I use to maintain my website and do my email and social marketing, I think I can function in my professional life with just twenty-five tools. Pause for a moment and count the number of different products you use just to capture, organize, analyze, and transmit information. Now add in the administrative tools and the ones that are highly specific to your job function, and I bet you’ll have a number not very different from mine, if not higher. Some of them you choose to use, and some of them you have to use. I want to focus on this latter, because here is where you’re likely to encounter tools that get in the way of doing your job. Frustrating though it is, broken processes and clumsy tools are opportunities to make your company better...

Jerks Be Warned: You're Never Too Busy to Be Nice

Jerks Be Warned: You're Never Too Busy to Be Nice

I’ll say this about bad bosses: they perform a vital role in the economy. By repelling people like Adam who want better for themselves, they inadvertently send talented people out to pollinate other teams, companies, and industries with their brainpower. From a macro perspective, bad bosses may be a net benefit to the ecosystem. Of course, that matters not a bit to the individuals who have to work for bad bosses and the companies that suffer as a result of their presence...

Learn the Tools of the Trade for Asking Important Questions

Learn the Tools of the Trade for Asking Important Questions

I've boiled my thoughts down to two reasons why it's so important to master basic skills of working with raw data:

  1. A business that has lost the ability to analyze itself critically sacrifices an unknown amount of innovation that never takes place
  2. The ability to do this on your own, especially when coupled with ample domain expertise, can make you valuable very quickly

Not a Data Scientist? You Can Still Be Data Savvy

Not a Data Scientist? You Can Still Be Data Savvy

One of the things I’ve found most surprising over the years is how little understanding most employees have of their company’s own data. Forget about having enough data scientists, most of the companies I’ve come across have shockingly few people who are capable of analyzing their data in the most basic ways. For instance, I recently spoke at length with a marketing manager at a major hotel group who confided that, “maybe two or three people in the company,” understood the business and the internal systems well enough to analyze the company’s raw (i.e. non-aggregated) booking and sales data...

Gain Peoples' Trust - Learn (the Right Way) to Say "I Don't Know."

Gain Peoples' Trust - Learn (the Right Way) to Say "I Don't Know."

Recently, I found myself in an impromptu meeting at my desk with several colleagues in the midst of a debate over how to implement a new software feature. We needed to reach a decision so that the engineers could get on with their work, but our available options each had drawbacks to consider. As the product manager, I had the final say over how the software should behave, but I couldn’t see a clear winner no matter which way I looked at my choices. The answer was that I didn’t know the answer. Even better, I realized didn’t care because it wouldn’t make much of a difference in the big picture. So I let them figure it out...

How to Debate with Colleagues Effectively (and Unemotionally)

How to Debate with Colleagues Effectively (and Unemotionally)

Usually, what we fear in a heated debate is not so much our feelings our feelings getting hurt but rather our professional credibility and stature being challenged. I find that Idea conflicts are best understood along two dimensions: the relative seniority of the debating parties and their relative expertise. In any idea conflict in which you find yourself engaged, you can categorize the person you engage as having more, less, or equal seniority as you and whether their domain expertise is the same, different, or partially overlapping your own...

Communication Hacks - Courtesy of Machine Learning and Tony Robbins

Communication Hacks - Courtesy of Machine Learning and Tony Robbins

After watching Tony Robbins’ TED Talk, I watched a few other clips of him speaking. One thing you notice quickly about Robbins, which Guy Raz also brought up in the TED Radio Hour on NPR, is how frequently he relies on numbered lists to break out a concept. He rapidly introduces topics like the “four kinds of love”, or “six human needs”, or “five steps to financial independence” before breaking out each sub-category. It’s kind of an unusual structured way of talking to an audience, especially compared with how politicians and comedians meander across topics and dive into stories when they address big groups...