Business

  • Executing Your Vivid Vision of the Future

    Many companies have flashy mission and vision statements. Fewer have mission or vision statements that truly capture the spirit of the business or inspire proper action.

    Likewise, some companies have identified their core values (but fewer have identified the values that truly represent the business and what it aspires to become) … and even fewer have real actionable plans to get where they say they are going. 

    This is easily fixed!

    Cameron Herold is famous for helping entrepreneurs and other organizational leaders translate their "Vivid Vision" into a complete and actionable roadmap for their companies. 

    He originally presented the Vivid Vision exercise in a chapter of his book, the Double Double.

    The basic idea is that most entrepreneurs have an idea in their mind of what the company will look and feel like in the future (literally, a Vivid Vision),  but that employees can't read their mind.  The exercise translates those ideas into actionable direction.

    Here is a short video of Cameron explaining the process. 

     

    It's a fun and useful exercise.  Ultimately, you end up with a 4-5 page document.  Here is an example of Cameron's Vivid Vision for himself.  This can be used internally, for recruiting, and as a way to align with stakeholders.

    He just released his fourth book  (called "Vivid Vision") – and it goes into more detail on how to align your business around a shared vision of the future.  It's terrific … and surprisingly short.

    And, if you want help generating or writing your vivid vision … email Jennifer Hudye.  She can write it from scratch or take your draft and make it “pop”.  Tell her Howard sent you.

    Cameron also has a podcast and offers some tools and exercises you can download.

  • Do Not Adjust Your Set … We Are Now Controlling The Transmission

    There is nothing wrong with your television. Do not attempt to adjust the picture. We are now controlling the transmission. We control the horizontal and the vertical. We can deluge you with a thousand channels or expand one single image to crystal clarity and beyond. We can shape your vision to anything our imagination can conceive. - The Outer Limits (1963)

     

     

    It almost feels like an episode of Black Mirror, watching these stations quote the same pre-determined diatribe on fake news and it's danger to our democracy.

    The very message they are purportedly supporting directly contradicts their actions. 

    I think most people realize this happens to some degree … but, it's different when it's presented like this.

    Personally, I believe I am reasonably aware and somewhat immune from propaganda.  That probably isn't as true as I'd like to believe.

    To put it in context – Sinclar Broadcast Group owns nearly 200 stations in 80 different markets, and are looking to buy out more. That is a powerful platform to deliver mass messages and influence the zeitgeist of its audience.

    It used to be true that winners wrote history (think empires, wars, etc.).  Now, the one that delivers the most broadcast narratives shapes the emotional and seemingly logical responses to what we perceive to be happening around us.

    The result impacts elections, financial markets, buying choices, and countless other areas of our life. 

    As A.I., Bots, and social media grow, our ability to discern truth from 'truthiness' weakens.

    What do you think about this?

  • Here Are Some Links For Your Weekly Reading – April 1st, 2018

     Happy April Fool's Day. What were your favorite pranks?  Here is a list of some that made news this year.

     

    3302018 April Fools

    via LegallyDrawn

    Here are some of the posts that caught my eye recently. Hope you find something interesting.

    Lighter Links:

     

    Trading Links:

  • Why You Can’t Predict March Madness

    Last year, I shared some facts about March Madness. For example, the chances of a perfect bracket are  at 1 in 9,223,372,036,854,775,808. For those who don't wanna do the math that's 9.2 quintillions. 

    This year, 16-seed UMBC (The Chesapeake Bay Retrievers) beat 1-seed Virginia, and left no perfect brackets after only 28 Games. 

    As we came into the Elite Eight, nobody picked all eight. Almost nobody predicted No. 3 Texas Tech making it this far … and there were 17,304,320 digital brackets this year. 

    Is there any way to accurately predict something with this many potentialities and this much discord?

    Different factors can feel like they provide an edge … knowing the history of teams, their ranks, how often they've been to the Final Four, or how great their coach is … but even that knowledge can lead you astray. You'd think an NCAA analyst might have a better shot at a perfect bracket than your grandma or co-worker, but several of the highest-ranked brackets this year were guesses. 

    325 NCAAvia ESPN

    It's fun guessing when you're making bets on college basketball, but what if this is your livelihood …

    Prediction is hard … especially about the future.

    The way people fill out their brackets often mimics the way investors pick trades or allocate assets. Some use gut feel, some base their decisions on rank and past performance, and some use predictive models … and some of us get disappointed when Duke loses.

     Apparently, humans aren't as great at prediction as we think we are. 

  • There’s Always A Best Next Step – The Relentless Pursuit of Something Better

    Someone asked me what one thing best described or accounted for my success.  Here is what I told them.

    Success is not about an event or an outcome. It comes from the relentless pursuit of something better … even in the face of failure, competition, or surprises.

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    It doesn't matter where you are (or how you got there). There is always a best next step. And, if you don't see it, the best next step might be remembering that there is one and shifting your perspective or role until you do.

    What do you think? What's your answer to that question?

     

  • How Blockchain Will Eventually Disrupt Every Industry

    Recently, I shared an infographic with 25 notable cryptocurrencies and restated that the support technologies for coins (specifically, blockchain and smart contracts) are more exciting than any individual currency. 

    Blockchain is radically changing the future of transaction-based industries. Industry leaders are fervently evaluating and exploring blockchain to determine its potential for disruption, and for developing a long-term strategic advantage over their competitors.  

    Blockchain is disruptive because of its ability to digitize, decentralize, and secure the validation of "transactions".  Everywhere there's a hand-off of information or goods, blockchain has the opportunity to improve that process. 

    Imagine being able to see the entire history of a property, and know it's accurate. Imagine being able to track individual shipments globally through your supply-chain with ease. Imagine being able to enter/exit countries without the elongated passport check-ins. 

    The list goes on … Aviation, Big Pharma, Manufacturing, Finance, SaaS … In the same way that artificial intelligence is transforming what's done by humans and what's done by machines, the blockchain is transforming security and how we transfer data. If data is the new currency, blockchain is the banking system. 

    Blockchain enables transparency and accountability on a radically bigger scale. 

    Here are 36 companies already using blockchain to innovate, and here's a simple infographic for some of the basic applications of blockchain in non-financial industries.

     3152018 blockchain

    NewCoShift via Crowd Companies

     

    I've said this before, but it's worth echoing …  Some of what was once Impossible becomes Possible.   Some of what became Possible becomes Probable.  And, and some of what became Probable becomes Inevitable.

    Blockchain is happening.  Technological shifts,  like this, require you to think about your industry and your potential opportunity differently.

    Change is happening faster (and creating bigger edges) than ever before. 

    What a great time to be an entrepreneur.

    Seize the Edge!

    Onwards.

  • Here Are Some Links For Your Weekly Reading – March 11th, 2018

      342018 Diet

    Here are some of the posts that caught my eye recently. Hope you find something interesting.

    Lighter Links:

     

    Trading Links:

  • What Are The Most Notable Cryptocurrencies?

    A few months ago, it seemed like everyone was asking about Bitcoin (and many were investing heavily). While it's still a common topic of discussion, the sentiment has definitely flattened out.

    Making sense of cryptocurrencies is tough. There are over 1000 currencies out there – and the list is growing.  But it isn't just about first-mover advantages or features.  You have to consider government policies and regulations, and a host of other issues.

    Consequently, it's hard to recommend putting money in any coin, as an investment.

    Trading is a different conversation.

    There is a lot of momentum and interest in this space.  If it seems worth learning more, here's an infographic on some of the more notable currencies. 

     

    3112018 cryptocurrencies

    nickwb via Reddit 

    Each currency has it's own strengths and weaknesses, but I stay much more bullish on the underlying technologies (like Blockchain) than any individual coin.

    What about you? 

  • Pro Tip: You’re Not An Author

    I love books … bookshelf after bookshelf confirms that (I’ve even read most of them!)

    So far, however, none of the books on those shelves were written by me.

    Not surprisingly, it’s a lot easier to read one than write one.

    The Internet makes being a bestseller seem easy, and writing the book even easier. It feels like everyone and their mother has a book.

    But it’s not that easy.

    After reading several posts on writing books, listening to experts, talking with friends that have written them, I’ve tried a lot of different approaches. I’ve transcribed speeches and presentations, I’ve chronicled dozens of stories on key points, etc. I've used book writing software, voice transcription services, grammar checkers, and even text expansion software, trying to make it easier. 

    I've spent more time not writing a book than many successful authors spent from start to finish.

    Technology makes most things easier and faster … but, whether we’re talking about writing a book or a trading algorithm, at some point, you realize that it’s not enough to use tools, you also have to know how to use them.

    If you don’t have the right skills and knowledge, tools only help you create garbage faster.

    That is where Tucker Max and Book in a Box come in … When it's time to write your book, they can help.

    Tucker Max has written 4 Best Sellers (for himself) with 3 on the Best Sellers’ List at the same time.

    Here is an interview I did with Tucker about the book-writing process, and why it can be hard, even for very smart people, to write a book. 

     

    via YouTube

    Are you planning on writing a book?

    I am!

     

  • 12 Ways to Get Smarter – In One Infographic

    I just got back from Asia and have been jet-lagged.  Consequently, my mental clock-speed is not yet back to normal.
     
    It got me thinking about productive output … and how to increase it.
     
    According to VisualCapitalist, the level of a person’s raw intelligence, as measured by aptitude tests such as IQ scores, is generally pretty stable for most adults.
     
    While it’s true that there are things you can do to fine tune your natural capabilities (such as doing brain exercises, puzzle solving, and getting optimal sleep) – the amount of raw brainpower you have is difficult to increase in any meaningful or permanent way.
     
    For those of us who constantly strive to be high-performers in our fields, this seems like bad news. If we can’t increase our processing power, then how can we solve life’s bigger problems as we move up the ladder?
     

    The Key is Mental Models

     
    The good news is that while raw cognitive abilities matter, it’s how you use and harness those abilities that really makes the difference.
     
    18 0225 mental-models-infographic
     
    via VisualCapitalist – Click the image to see a larger version.
     
    The world’s most successful people, from Ray Dalio to Warren Buffett, are not necessarily leagues above the rest of us in raw intelligence – they have simply developed and applied better mental models of how the world works, and they use these principles to filter their thoughts, decisions, strategies, and execution.
     
    Today’s infographic comes from best-selling author and entrepreneur Michael Simmons, who has collected over 650 mental models through his work. The infographic (in a similar style to one VisualCapitalist previously published on cognitive biases) synthesizes these models down to the most useful and universal mental models that people should learn to master first.
     
    Concepts such as the 80/20 rule (Pareto’s Principle), compound interest, and network effects are summarized in the visualization, and their major components are broken down further within the circle.
     
    If you want to be a top performer, it’s worth looking into mental models. They can help you better frame reality, so that you can harness your intelligence and effort in the most effective way possible – and it’ll allow you to deliver results along the way.
     
    Otherwise, caffeine and modafinil help.