Ten Success Principles to Remember

Keys to Success Ten Principles to Remember Listed below are ten principles of success to always remember. These are ideas many of us already know or have seen elsewhere. We often need to be reminded of important lessons we’ve already discovered but quickly forget.

  1. There is no progress without action. What is not started today is never finished tomorrow. Some of the greatest ideas never made it. Why? Because the genius behind the idea failed to take action. So take action now and begin to move in the right direction. Once you get started every step afterwards gets easier and easier. Eventually, what had once been invisible, starts to become visible, and what once felt unattainable, starts to become a reality.
  2. You must believe you can. It all starts with a dream. Add confidence, and it becomes a belief. Add commitment, and it becomes a goal in sight. Add action, and it becomes a part of your life. Add determination and time, and your dream becomes a reality. [Read more…]
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Why Most Ideas are Worthless

Most Ideas are Worthless By focusing less on your next “big idea” and more on the actual execution, you’ll have a better chance of building a successful new business.

by Karl Stark and Bill Stewart –
Maybe it’s the Facebook craze, or the warped view of entrepreneurialism that Hollywood and mainstream media have created. For ages, young and hopeful entrepreneurs have embraced the fallacy that great ideas are the root of entrepreneurial success and instant wealth. People say, “If only I would have thought of that, I’d be rich!”

Those of us who have built businesses know that success is rarely about the breakthrough idea. Clearly, a good idea is important, but it’s just not the source of limitless riches. Real entrepreneurial success most often comes from hard work, risk-taking, and developing a product or solution that creates real value for customers. [Read more…]

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The Secret to Mastering Patience

Patience Mastering Patience by John Baldoni –
Having trouble mastering patience?

Well, to combat that, you could try standing in the longest line at the supermarket. Or, when driving on the freeway, get behind someone observing the speed limit—and stay there. Or, if someone yells at you because you are not paying attention, turn and give him or her a big compliment.

The above suggestions were made by callers to an episode of NPR’s Talk of the Nation that featured author Allan Lokos speaking about his new book, Patience: The Art of Peaceful Living. Allan’s book is filled with many practical suggestions for how you can master patience.

Patience is a matter of control. I certainly do not possess it, but I do admire those who do.  And as someone who likes to be in control, as do most executives with whom I work, control may open the window to developing greater levels of patience. [Read more…]

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Michael O’Leary on Ryanair Success and EU Incompetence

Ryanair CEO Michael O’Leary by Lachlan Markay –
Innovation and market disruption can be powerful forces for economic growth. But government involvement in the market tends to be a force against disruption, and hence a force against innovation. The drive to protect the dominant companies – often justified in the name of job preservation — prevents success for companies that offer better, cheaper, or different products or services.

The European Union received a frank lesson in these economic truths when it brought Ryanair CEO Michael O’Leary to speak at its recent innovation convention. In a rousing and thoroughly entertaining speech and subsequent Q&A, O’Leary roasted the European Commission’s attempts to protect Europe’s major airlines, often at the expense of innovation in the industry.

“This is the first time I think that I or Ryanair have ever been invited to a conference by the European Union,” O’Leary jibed, “because as most of you know, the European Union spends most of its time either suing me, torturing me, criticizing me, or condemning me for lowering the cost of air travel all over Europe.” [Read more…]

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JetBlue Airways Chairman Joel Peterson: Innovation Is Hiding In Plain Sight

JetBlue Airways Innovation in Plain Sight by Lydia Dishman –
Sometimes innovation looks like good old-fashioned customer service served with a heaping helping of passion from a forward-thinking entrepreneur.

Sometimes innovation doesn’t look like a new social media channel, iPhone, app, or nifty widget. In fact, Joel Peterson believes that innovation is hiding in plain sight. Peterson tells Fast Company, “It’s any time you are doing something in a better way.” The way he sees it, innovation can be simply, “tweaks around the edges [of existing products and services], and a lot of people don’t get credit.”

Peterson sees it happen all the time. Most people don’t know he’s chairman of JetBlue Airways–and the discount airline’s first investor–or that he founded Peterson Partners, a Salt Lake City-based private equity group with some half a billion dollars under management, as well as Peterson Ventures which funds startups. [Read more…]

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Innovating in a Culture of Convergence

Innovation Product Design by Michelle Greenwald –
How exactly do we define innovation? While it’s probably the most overused term in business today, innovation is not a fad. It’s not even new. What differentiates a smart innovation—and makes it worth writing about—is that it has the capability of moving a business forward in ways that can result in more customers, more sales, more brand loyalty, more good will, or some combination of those effects. Smart innovation is capable of providing a company with competitive advantage. Innovations are smart when they are not just inventions for innovation’s sake, just to be new and different; rather they provide a strategic benefit.

Innovation has always been relevant because it aims to satisfy unmet consumer and business needs; as the new-product development time-to-market continues to shrink and product life cycles get shorter and shorter, the term will become even more relevant. What qualifies as an innovation, in my mind, is a product, service, aspect, or feature that is new, different, surprising, clever, fresh, attention-getting, challenging of conventional ways things are done, and is an obvious improvement on “what’s out there” in that particular product category and geographical area. [Read more…]

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Dwolla – New Payment System Sidesteps Credit Cards

Dwolla - New Payment Systemby Alyson Shontell –
There’s a tiny 12-person startup churning out of Des Moines, Iowa.

Dwolla was founded by 28-year-old Ben Milne; it’s an innovative online payment system that sidesteps credit cards completely.

Milne has no finance background yet his little operation is moving between $30 and $50 million per month; it’s on track to move more than $350 million in the next year.

Unlike PayPal, Dwolla doesn’t take a percentage of the transaction. It only asks for $0.25 whether it’s moving $1 or $1,000. [Read more…]

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What Good Does Design Do For Business?

Good Design business lamp futuristic designby Thomas Lockwood –
Have you noticed how similar some products are becoming? A Tesla and a Lotus, that’s an easy one. But I’m talking about the similarities between seemingly disparate objects, like an Audi car and Oakley sunglasses, a 3M stapler and an Alessi teapot, or a Starbucks café and your bank lobby. Consumers love cool design, and, in case you haven’t heard, companies are catching on. Investing in the design process can be a sustainable business advantage, because it tends to lead to five things: creative collaboration, innovation, differentiation, simplification, and customer experience.

For starters, designers tend to collaborate with each other, other disciplines, and users to generate new ideas, explore alternatives, and create new stuff (products, websites, brands, stores, etc.). The process of design thinking, co-creation, and design as creative collaboration can help companies move beyond their norms and create new markets. [Read more…]

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Steve Jobs on Work, Passion, Life, and Death

Steve Jobs work passion life death by Chris Banescu –
As the world mourns the passing away of Steven P. Jobs, the visionary entrepreneur and creative genius behind Apple, it’s important to remember some timeless insights and essential lessons for life that he talked about. I was reminded of the maturity and wisdom of his message while watching a video of an inspiring and thoughtful Commencement address he delivered to the Stanford University graduating class on June 12, 2005. There are several notable comments and sage advice I highlight below. They have helped and reassured me, I hope they will help you also.

Steve Jobs on the importance of dealing with hardships, finding work that you are passionate about, loving what you do, and following your vocation:

“I’m pretty sure none of this would have happened if I hadn’t been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers.

Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.”

[Read more…]

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How to Develop a Disruptive Product

Principles of Biology digital textbook by Eric Markowitz –
One of the world’s oldest publishing companies brought in a ringer to revolutionize the way the company does business. The result? The first fully-interactive textbook.

Nature Publishing Group, which publishes several highly regarded scientific journals and textbooks, was founded in England in 1869, eight years before electric lights illuminated the streets of London. Now, 140 years later, with the help of Harvard Classics scholar Vikram Savkar, the company is beginning to disrupt the traditional textbook model that it helped to create.

This month at California State University, the company released Principles of Biology, an interactive, constantly updating biology textbook that retails for less than $50. Like most digital textbooks, the software is accessible on laptops and tablets, but unlike most digital textbooks, it’s not just a scan of a .pdf. The company calls it a “digital reinvention of the textbook,” meaning that students can interact with the material; they can literally match amino acids and corresponding DNA with their fingers. Inc.com’s Eric Markowitz spoke with Vikram Savkar about what it takes to create a culture of innovation in an old-school company. [Read more…]

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A Cautionary Tale of Failing to Continually Innovate

Motorola RAZR phone
In the global phone handset market Motorola went from the market leader to market laggard in just six years. Its earnings fell from US$4bn to $0.6bn and its share price from $180 to $46 over this time. Theirs is a cautionary tale of what can happen when you fail to recognize the changes occurring in the wider market and how quickly customer expectations can change.

How could the company that first invented the mobile phone 35 years ago and then hold the No. 1 market position for most of the next three decades make such a bad error in judgment?

Motorola’s demise actually stemmed from its greatest success – the RAZR handset. Launched in 2003 the ultra-thin handset with the clam shell appearance sold a staggering 110 million units over the next four years. Its impact was so extraordinary that the industry magazine PC World rated it #12 in The Greatest Gadgets of the last 50 years. Buoyed by this success the company introduced nine separate versions of the RAZR in quick succession. [Read more…]

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7 Steps to a Culture of Innovation

Foster Innovation, Culture of Innovationby Josh Linkner –
Hyper-growth companies often credit a culture of innovation as their primary driver of success. They deploy creative thinking to attack problems big and small. Here’s how you can too.

We live in a business world accelerating at a dizzying speed and teeming with ruthless competition. As most of the tangible advantages of the past have become commoditized, creativity has become the currency of success. A 2010 study of 1,500 CEOs indicated that leaders rank creativity as No. 1 leadership attribute needed for prosperity. It’s the one thing that can’t be outsourced; the one thing that’s the lifeblood of sustainable competitive advantage.

Unfortunately, most companies fail to unleash their most valuable resources: human creativity, imagination, and original thinking. They lack a systematic approach to building a culture of innovation, and then wonder why they keep getting beaten to the punch. [Read more…]

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How P&G Tripled Its Innovation Success Rate

Tide logo success by Bruce Brown and Scott D. Anthony –
Back in 2000 the prospects for Procter & Gamble’s Tide, the biggest brand in the company’s fabric and household care division, seemed limited. The laundry detergent had been around for more than 50 years and still dominated its core markets, but it was no longer growing fast enough to support P&G’s needs. A decade later Tide’s revenues have nearly doubled, helping push annual division revenues from $12 billion to almost $24 billion. The brand is surging in emerging markets, and its iconic bull’s-eye logo is turning up on an array of new products and even new businesses, from instant clothes fresheners to neighborhood dry cleaners.

This isn’t accidental. It’s the result of a strategic effort by P&G over the past decade to systematize innovation and growth.

To understand P&G’s strategy, we need to go back more than a century to the sources of its inspiration—Thomas Edison and Henry Ford. In the 1870s Edison created the world’s first industrial research lab, Menlo Park, which gave rise to the technologies behind the modern electric-power and motion-picture industries. [Read more…]

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How the Mighty Fall: A Primer on the Warning Signs

How the Mighty FallBy Jim Collins –
The author of Good to Great on how to spot the subtle signs that your successful company is actually on course to sputter—and how to reverse the slide before it’s too late.

I pondered and puzzled and finally settled upon the question: Is America renewing its greatness, or is America dangerously on the cusp of falling from great to good? While I intended the question to be rhetorical (I believe America carries a responsibility to continuously renew itself, and it has met that responsibility throughout its history), the West Point gathering nonetheless erupted into an intense debate. Half of the participants argued that America stands as strong as ever, while the other half contended that America teeters on the edge of decline.

History shows, repeatedly, that the mighty can fall. The Egyptian Old Kingdom, the Chou Dynasty, the Hittite Empire—all fell. Athens fell. Rome fell. Even Britain, which stood a century before as a global superpower, saw its position erode. Is that the U.S.’s fate? Or will America always find a way to meet Lincoln’s challenge to be the last best hope of Earth?

At a break, the chief executive of one of America’s most successful companies pulled me aside. “I’ve been thinking about your question in the context of my company all morning,” he said. “We’ve had tremendous success in recent years, and I worry about that. So what I want to know is: How would you know?” [Read more…]

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Nine Things Successful People Do Differently

Keys to Success by Heidi Grant Halvorson –
Why have you been so successful in reaching some of your goals, but not others? If you aren’t sure, you are far from alone in your confusion. It turns out that even brilliant, highly accomplished people are pretty lousy when it comes to understanding why they succeed or fail. The intuitive answer — that you are born predisposed to certain talents and lacking in others — is really just one small piece of the puzzle. In fact, decades of research on achievement suggests that successful people reach their goals not simply because of who they are, but more often because of what they do.

1. Get specific. When you set yourself a goal, try to be as specific as possible. “Lose 5 pounds” is a better goal than “lose some weight,” because it gives you a clear idea of what success looks like. Knowing exactly what you want to achieve keeps you motivated until you get there. Also, think about the specific actions that need to be taken to reach your goal. Just promising you’ll “eat less” or “sleep more” is too vague — be clear and precise. “I’ll be in bed by 10pm on weeknights” leaves no room for doubt about what you need to do, and whether or not you’ve actually done it. [Read more…]

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What I Learned About Natural Gas from Boone Pickens

T. Boone Pickens
T. Boone Pickens
by Rich Karlgaard –

Last week I interviewed the Texas energy baron T. Boone Pickens four consecutive nights in front of a live audience. Pickens would talk for 40 minutes and then I would interview him for 50 minutes. (Full disclosure: I was paid a fee to do this, not from Pickens but from the event’s owner.)

The Pickens presentations had an interesting underlying tension: Texas billionaire, oilman and Republican trying to convince earnest San Francisco Bay Area liberals about the virtues of natural gas. How did Pickens do in front of liberal, vaguely hostile audiences? Surprisingly well. He made his case with numbers.

Here is what Pickens said:

– Global demand for oil is 86-88 million barrels per day. It will be 90 million by the end of the year, due to global growth. [Read more…]

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Intel CEO Otellini on Successful Company Culture

Intel CEO Paul Otellini
Intel CEO Paul Otellini
by Rich Karlgaard –
(Note: Last week I sat down with Intel’s Paul Otellini to talk about technology in the 2-to-5-year future. Can Moore’s Law continue? What will smartphones, tablets and PCs look like in two years? I will publish our conversation in the March 14 issue of Forbes magazine. Meanwhile, enjoy Otellini’s riff on Intel’s amazing 43-year-old corporate culture. Steve Jobs may be the iconic entrepreneur/CEO of Silicon Valley, but Intel, I would argue, is the iconic culture.)

Name a Silicon Valley giant that has managed CEO succession well. HP hasn’t. Sun blew it. Advanced Micro Devices never adequately replaced Jerry Sanders. Apple dropped the baton repeatedly its first incarnation – Steve Jobs to John Sculley, Michael Spindler and Gil Amelio — and it’s too early to tell if Tim Cook can replace Jobs this time around. Larry Ellison still runs Oracle, and Cisco is only on its second CEO, John Chambers. Google has gone back to its founders, and Facebook is not even yet public.

Among large companies, only Intel has mastered CEO succession multiple times. [Read more…]

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8 Ways to Foster Innovation in Your Company

Foster Innovation

Creativity fosters innovation, but how can you ignite creative sparks within your organization? Inc.com compiled lessons on developing a vibrant research and development strategy.

To come up with their best new ideas, most companies turn to an inexpensive and efficient source of innovation: their own employees. How can you unleash the creative spirit lurking in your workforce? Here are eight of the best strategies we’ve uncovered in recent months.

1. Let Every Employee Play Designer.
Three years ago, the five-person research and development team at pet-accessory company West Paw Design had a case of collective writer’s block. A production manager named Seth Partain proposed holding a contest for the company’s three-dozen employees. Everyone from salespeople to seamstresses were encouraged to spend an afternoon designing and producing prototypes for new products. Following an end-of-day vote, a winner was crowned at an award ceremony. By making employees feel a part of the idea-creation process, West Paw Design set up a new pipeline of product development. [Read more…]

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Five Reasons Electric Cars Will Disappoint

2011 Nissan Leaf
2011 Nissan Leaf

12/1/2010 – Rick Newman –
They’re cool. That’s for sure.

The Nissan Leaf and Chevrolet Volt could turn out to be the most innovative mass-produced cars in a century. By taking some or all of their power from a household electrical outlet, they offer the first real glimpse of transportation that doesn’t rely on petroleum—and could even crest the magical 100-miles-per-gallon threshold, once the official electricity-to-gasoline conversions are complete. Even better, the two electrics offer something new without the ugly packaging that has doomed futuremobiles in the past. They’re cute, actually.

The Leaf is a perky five-passenger hatchback with sporty handling that can go about 100 miles on an eight-hour charge. The Volt, a bit edgier, is a four-passenger hatch that can go about 40 miles on a charge, with a gas engine that kicks in after that. Both offer a comfortable interior, futuristic controls, and do-gooder credibility. Together, these first-generation electrics set worthy standards for competing models from Toyota, Ford, Smart, and even Chinese manufacturers to meet or beat as they arrive over the next few years.

Now for the bad news: Hardly anybody will buy one, and for a good long while most car buyers will consider electric vehicles to be a great purchase—for somebody else to make. [Read more…]

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Volt Fraud At Government Motors

GM Volt car Government Fraud and Failure10/19/2010 – IBD Editorial –

Government Motors’ all-electric car isn’t all-electric and doesn’t get near the touted hundreds of miles per gallon. Like “shovel-ready” jobs, maybe there’s no such thing as “plug-ready” cars either.

The Chevy Volt, hailed by the Obama administration as the electric savior of the auto industry and the planet, makes its debut in showrooms next month, but it’s already being rolled out for test drives by journalists. It appears we’re all being taken for a ride.

When President Obama visited a GM plant in Hamtramck near Detroit a few months ago to drive a Chevy Volt 10 feet off an assembly line, we called the car an “electric Edsel.” Now that it’s about to hit the road, nothing revealed has changed our mind. [Read more…]

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Want doctors to innovate? Free them!

Doctors Innovate Free 10/11/2010 – Steven Goldfien, MD –

Peter Orszag, formerly the Director of the White Office of Management and Budget, appears to have found a new career as a pundit for the NYT. The fact that he’s chosen to admonish doctors in a recent sermon at least means that the new preacher and his chosen pulpit are well-matched. The contempt for the medical profession shown by Mr. Orszag — and his boss — during health care reform is readily apparent, as he begins his editorial by stating that

[d]octors, like most people, don’t love to work weekends, and they probably don’t enjoy being evaluated against their peers. But their industry can no longer afford to protect them from the inevitable. Imagine a drugstore open only five days a week, or a television network that didn’t measure its ratings. Improving the quality of health care and reducing its cost will require that doctors make many changes – but working weekends and consenting to quality management are two clear ones.

[Read more…]

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Just Manic Enough: Seeking Perfect Entrepreneurs

9/18/2010 – David Segal –
Imagine you are a venture capitalist. One day a man comes to you and says, “I want to build the game layer on top of the world.”

You don’t know what “the game layer” is, let alone whether it should be built atop the world. But he has a passionate speech about a business plan, conceived when he was a college freshman, that he says will change the planet — making it more entertaining, more engaging, and giving humans a new way to interact with businesses and one another. [Read more…]

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Education As We Know It Is Finished

7/12/2010 – Clayton M. Christensen & Michael B. Horn –
Classrooms are giving way to online learning–forever.

School is out, and for most students enjoying their midsummer pleasures, class time is a distant memory. Changes are underway that make it likely to stay that way. The schools students return to in the fall will look quite different from those they left behind. [Read more…]

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Lessons From a Blue-Collar Millionaire

Inc.com | by Bo Burlingham | 2/1/2010
When Nick Sarillo launched his pizza business, he had one goal in mind: to create a corporate culture unlike any he had seen.

It’s Takeout Tuesday at Nick’s Pizza & Pub, and the air is thick with the smells of hot pizza crust, peppers, onions, and cheese. Eighteen young men and women — most of them high school age — form an assembly line between a row of worktables and a long bank of pizza ovens. The kids laugh and shout, even as they focus intently on their tasks.

Nick Sarillo, 47, stands halfway down the assembly line, holding a giant wooden pizza board. As the company’s founder and CEO, he doesn’t usually work the pizza line anymore. [Read more…]

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