What separates winners from losers?
I am often asked this question by my clients and it was asked of me yesterday, so last night I decided to have a look on the web for some new thoughts on this topic. I came across this article on more than 1 site, so I decided to share it with you all courtesy of my blog.
What separates winners from losers?
This question was the impetus behind the creation of Hoovers Inc. the business and enterprise information directory founded by Gary Hoover. Hoover's quest began at the age of 12 when he first subscribed to 'Fortune' magazine which then led him to visit hundreds of corporate offices before he was 18. Citing 'Federal Express' as an example, Hoover said, "Very few companies who are first are best," and his research led him to identify eight characteristics that are integral to business success
1. Curiosity "Look to the future for upcoming trends," Hoover says, but "you can only look as far forward as you look backward."
2. People who build successful enterprises have a sense of history. "Learn from the experiences of those who preceded us"
3. It is important to have a sense of geography too. "The world is smaller, but it is more important to understand what is going on right around the corner."
4. "Study, learn how things change through time and space, and get a real sense of your context," Hoover advises and then articulate a clear vision. "Adopt a third grade vision so everyone can understand"
5. Consistency "More enterprises have failed because they changed than those who failed to change" Hoover attributed Sears' decline in the retail market to "taking its eye off the customer" The company diversified by buying Coldwell Banker and commissioning the Sears Tower. Comparatively, Sam Walton was driven to make life better for customers, resulting in Wall-Mart's tremendous success.
6. Serving "Learn why your company exists. Enterprises should only provide goods and services to people."
7. Unique "Great enterprises are memorable and have unique vision" Hoover says that Volvo sold safety and reliability not cars "Once an enterprise finds its soul the vision becomes clear.
8. Passion "You're hurting customers if you don't love what you are doing."
Hoover presented the information as if each characteristic was a building block to the next, with successful entrepreneurs integrating these philosophies into the company fabric. But to faithfully maintain these principles so that others in the company absorb and model that behaviour is no easy feat. Size of the company notwithstanding solo entrepreneurs can fail just as easily as multinational corporations with 50,000 employees. To be able to unwaveringly live and drive the strategic goals of an enterprise requires true leadership.
posted by Appleton Associates Ltd at
Thursday, 13 September 2007
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