Freeing humans to do more has always been a boon to society. Electricity put a lot of people out of work … but, look what it made possible.
We'd be naive to think AI isn't going to influence the job market, but that doesn't mean you can't navigate that shift.
A Look At Industrial Revolutions
The Industrial Revolution has two phases: one material, the other social; one concerning the making of things, the other concerning the making of men. - Charles A. Beard
There are several turning points in our history where the world changed forever. Former paradigms and realities became relics of a bygone era.
Today, we're at another turning point.
Tomorrow's workforce will require different skills and face different challenges than we do today. You can consider this a Fourth Industrial Revolution. Compare today's changes to our previous industrial revolutions.
Third industrial revolution – The world wide web and computers connect the world together, heralding the digital age.
Each revolution shared multiple similarities. They were disruptive. They were centered on technological innovation. They created concatenating socio-cultural impact.
The fourth shares all the same hallmarks.
We're harnessing new technologies like AI, the IoT, renewable energy, and the blockchain. Automation will reach new levels in this revolution. But there also will be an explosion of new fields, new markets, and new necessary skillsets – it's going to impact the world as holistically as electricity did.
How will humans create value in an increasingly automated world?
I believe that, if managed well, the Fourth Industrial Revolution can bring a new cultural renaissance, which will make us feel part of something much larger than ourselves: a true global civilization. I believe the changes that will sweep through society can provide a more inclusive, sustainable and harmonious society. But it will not come easily. - Klaus Schwab
One of the distinctions I've recently made about the industrial revolutions is that for a long time, technology helped humans act like robots. Think about a plow and a farmer, or a seamstress and a sewing machine. After that, it helped robots try to act like humans, which you've seen more recently.
I believe we're at another inflection point, where new capabilities will free up humans to be more human and to pursue more of what they really want.
Robots can do many things, but they've yet to match the creativity and emotional insight of humanity. As automation spreads to more jobs, the need for management, creativity, and decision-making won't go anywhere … they may be bolstered by data analytics, but they won't disappear.
Our uniqueness and flexibility rightly protect our usefulness. AI and automation free us up to be our best selves and to explore new possibilities.
In 2017, I shot my first video with Alan Olsen. Alan is a wealth manager to the ultra-affluent. His American Dreams show is immensely popular with the High-Net-Worth demographic in Silicon Valley.
Alan's show is about finding your path in life, and what it takes to make businesses thrive through adversity and challenging times.
In my first video with him, we talked about defining a meaningful life. We started by talking about my career path from a young lawyer to spending over 25 years running tech companies … and the lessons learned along the way.
The main issue addressed during the video is how you can best get what you want as the world changes and forces like AI terraform the world and your role in it.
It's worth watching.
Ultimately, I believe AI is simply another vehicle freeing human nature. As AI does what humans used to … you have an opportunity to choose what to do with the freedom you get. Will you relax or lift your gaze to something better? The choice is yours.
Similarly, some will want to direct new AI capabilities towards things they want to monetize better. Others will want to weaponize AI. Still others will use it to spread peace and love.
You've seen it with nuclear power (and a host of other technological capabilities) … tools aren't good or bad in and of themselves – it is what people use those capabilities for that determines their impact.
Remote work has been increasingly popular because of the pandemic … but even as more people have vaccines, and some are even getting booster shots, the love for remote work stays.
I'll be honest … when I first saw this, I was like, "Retail's that low? That can't be right". But then I realized… I never really go to stores. What would I know?
Seeing the rise of remote work in Media & Tech is unsurprising. But, I will be curious to see what percentage of these businesses stay remote as we move further away from the "worst" of Covid-19.
As I mentioned in this video, hybrid solutions are the answer. There's too much benefit to the culture of companies that spend real time together in person. While I believe productivity can remain high at home or in the office, the sense of camaraderie is hard to sustain if you rarely see each other in real life.
That being said, employees are reporting being happier and more productive at home. Consequently, I wouldn't bet on the move back to the office happening quickly. Meanwhile, companies also are suffering through the "great resignation." Clearly, the game has changed – and so must their strategies and tactics.
The culture of work is in a massive period of transformation. Regardless of where your specific company or industry ends up, all businesses will have to increase the amount of employee care they provide. Just as the heart of AI is still human, so is the heart of our businesses.
You shouldn't be forced to take care of your employees … you should want to. This past year+ has been challenging for everyone, and it's important to keep that in mind as you make decisions.
I was recently on a podcast with Stephan Spencer where we talked about the future of AI – of course – but also about personal development, mindsets, and the hidden opportunities created by the byproducts of your strategies and business models.
It was a nice talk, and I hope you enjoy it and find it helpful.
The whole video is worth a watch, but the idea of strategic byproducts is a simple but powerful one. Essentially, while you're working on your core business, or operating your core business, you'll often realize that you have created other capabilities or outcomes of that business that can become a complementary business or platform in-and-of-itself. Instead of just being the exhaust of your business, they can become a valuable resource and the path to something new and potentially bigger and better than the original business.
That conversation starts around the 18-minute mark and picks back up around the 38-minute mark.
Stephan Spencer does an excellent job of that, not only in his businesses but with his podcast. What could simply be a video he records with the interviewee becomes audio, a transcript with highlights, a timeline of topics, and a checklist of action items that he (or you) could personally take from the interview.
He's already shot the podcast – so why not capitalize on the "exhaust" of it as well.
When you ask children what they want to be, many likely say YouTuber, Influencer, or some other variant of that theme.
Influence is a complicated thing. From an abstract perspective, it's the ability to affect someone else's behavior. A high schooler can influence their classmates. As entrepreneurs, we can influence our employees, our industry, and more. You can have immense influence over a small number of people or a little bit of influence over many people – both still count as "influence."
But, in this case, many of the most popular influencers aren't famous for changing the world; they are celebrities or just famous for being famous.
Below is a chart of the top 50 "influencers" by social media platform.
In the digital age, it's worth acknowledging social reach as power. People with a large platform have the opportunity to exert enormous influence – and it's why you often see the spread of misinformation reach far, fast.
It would be interesting to see how many of these people use their platforms to be a beacon to their followers (rather than a beacon to attract followers).
It would also be interesting to see how much (or little) engagement many of these "influencers" actually have with their followers (and how that level of engagement relates to the growth or decay of their followings).
While I assume that the readers of this post aren't in the business of being "Influencers," Most of us recognize the value of influence – and getting more of it.
As a result, it is probably worth thinking about influence as an asset. And now is time to think strategically about how to grow and use that asset better.
Thursday was Yom Kippur, the Day of Atonement and one of the High Holy Days in the Jewish religion.
As part of the holiday, participants read a list of sins (available here), apologize for those committed, and ask for forgiveness. Read the list … much has changed, apparently, human nature hasn't.
Even if you have managed to stay on the right side of the Ten Commandments and haven’t killed or stolen … you have most likely been frivolous, stubborn, hurtful, dismissive, or judgmental (I know I have …).
To help mark the importance of the day, participants read a poem called the Unetaneh Tokef. Below is a brief excerpt that captures the spirit.
Who will rest and who will wander, who will live in harmony and who will be harried, who will enjoy tranquillity and who will suffer, who will be impoverished and who will be enriched, who will be degraded and who will be exalted.
On one hand, you can read that and pray for Divine intervention (or perhaps favor) or you can recognize that we each have a choice about who we want to be, how we show up, and what we make things mean. Your choices about these things have very real power to create the experience and environment you will live in during the next year.
This year, the sermon at my local synagogue added an interesting idea. It discussed the Japanese art of Kintsugi. In Kintsugi, the Japanese mend broken pottery by gilding the fractures with gold, silver, or platinum. This treats the breaks and damage as an element that adds value and enhances the beauty of an object (preserving a part of its history) – rather than something that simply diminishes the object.
This concept is a great reminder as we unpack the "trauma" of COVID-19 and 2020 and move on both as individuals and as a society. Our steps backward are just as much a part of our journey as our steps forward. As you heal, it is also important to remember to heal the world around you as well. In the Jewish faith, that concept is called Tikkun Olam.
One of the themes of Yom Kippur is that you're only ever one good deed from tipping the scale towards good for yourself and others. As you recognize and repent for your sins, it's important to appreciate the good you did (and do) as well.
100 Days Left
There are just over 100 days before the start of 2022. Many will spend those 100 days stressing about the upcoming elections, grumbling about how 2020 sucked, and pretending it's the universe's fault they didn't accomplish what they set their mind to … yet, 100 days is enough time to sprint, to make a change, and to end the year on a high note.
There is plenty of time to make this your best year yet. What can you do? What will you do?
I hope you all experience growth in your mental state, your relationships, and your businesses.
Best wishes for a great day, and an even better year!
I am writing this while flying back from watching a Cincinnati Reds game in their Owner’s Box.
It was a great experience – and reminded me of how much you can learn from watching what professional sports teams do.
Frankly, the whole business of professional sports fascinates me.
They have to do so many things right … just to compete. This includes how they build and manage their team, cultivate their brand, support their communities and causes … as well as how well they handle the practical realities of the logistical, operational, and financial challenges they deal with constantly.
It is more than a business. For the most successful, it is a mission or stewardship.
Personally, I pay attention to football more than other sports.
In 2017, I lightheartedly questioned the future of the NFL as a result of bad press around concussions, crimes, and more. I questioned it as a fan that's been a season ticket holder for as long as I can remember. My Dad and I had season tickets to the Eagles when I was young, and to the Patriots when I was a teenager. Recently, I’ve been a Cowboys season ticket holder for over 30 years. I questioned it knowing that the NFL wasn't really at risk. To support that assessment of the NFL’s stability, consider that (despite quarantine) the league-wise Season Ticket renewal rate is at 92%… equaling a 5-yr high.
Part of the stability stems from doing so many things right (or at least well). Which takes us back to the point that you can learn a lot from how sports teams thrive.
There's a lot to learn not only from the NFL's longevity, but from what it's like to be a part of a team, from the coaching, and the management side of things.
Some of these lessons stem back to youth football … which I’m reminded of each time I get to watch a Dallas Cowboys practice at The Star.
Think about it, even in middle school, the coaches have a game plan. There are team practices and individual drills. They have a depth chart, which lists the first, second, and third choice to fill certain roles. In short, they focus on the fundamentals in a way that most businesses don't.
The picture, below, is of my brother's high school team way back in 1989.
Is it possible that most businesses are less prepared to win than an 8th-grade football team? At first, that may sound like hyperbole, but if you think about it … it's likely true.
Losing to an 8th-Grade Team
Even middle school and high school teams have a playbook for offense, defense, and special teams. They scout opponents and create game plans. They think about how to improve and coach the team … and each player. They strategize and drill to perform well each game. Meanwhile, they also work to string together wins to achieve a higher goal.
Contrast that with many businesses.
Entrepreneurs often get myopic … they get focused on today (or survival), and they often lose sight of the bigger picture and how all the pieces fit together.
The amount of thought that goes into football – which is ultimately a game – is a valuable lesson for business.
If an 8th-grade football team is equivalent to a normal business, what would happen to a business that operated similar to an NFL team?
Practice Makes Perfect
How you do one thing is how you do everything. So, they try to do everything right.
Each time I've watched a Cowboys practice session, I've come away impressed by the amount of preparation, effort, and skill displayed.
During practice, there's a scheduled agenda. The practice is broken into chunks, and each chunk has a designed purpose and a desired intensity. There's a rhythm, even to the breaks.
Every minute is scripted. There's a long-term plan to handle the season … but, there was also a focus on the short-term details and their current opponent.
They alternate between individual and group drills. Moreover, the drills run fast … but for shorter time periods than you'd guess. It is bang-bang-bang – never longer than a millennial's attention span. And they move from drill to drill – working not just on plays, but the skillsets as well (where are you looking, which foot do you plant, how do you best use your hands, etc.).
They use advanced technology (including advanced player monitoring, biometric tracking, and medical recovery devices … but also things like robotic tackling dummies and virtual reality headsets).
They don't just film games, they film the practices … and each individual drill. Coaches and players get a cut of the film on their tablets as soon as they leave. It is a process of constant feedback, constant improvement, or constant renewal. Everything has the potential to be a lesson.
Beyond The Snap
The focus is not just internal, on the team. They focus on the competition as well. Before a game, the coaches prepare a game plan and have the team watch tape of their opponent in order to understand the tendencies and mentally prepare for what's going to happen.
During the game, changes in personnel groups and schemes keep competitors on their toes and allow the team to identify coverages and predict plays. If the offense realizes a play has been predicted, they call an audible based on what they see in front of them. Coaches from different hierarchies work in tandem to respond faster to new problems.
After the game, the film is reviewed in detail. Each person gets a grade on each play, and the coaches make notes for each person about what they did well and what they could do better.
Think about it … everyone knows what game they are playing … and for the most part, everybody understands the rules, and how to keep score (and even where they are in the standings). Even the coaches get feedback based on performance, and they look to others for guidance.
Imagine how easy that would be to do in business. Imagine how much better things could be if you did those things.
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