Understand and be faithful to core competencies.
Competencies are not to be confused with self-confidence, ambition, intelligence or brain-power.
– monkeys flying space shuttles
– cobbler performing brain surgery – cheap tv.
1. Of you and your business
First, a couple thoughts on what Steven J. Manning define as tangential competencies
– do not be seduced by the mirage of diversification
– how many fortune 100’s have gone hell-bent on diversification in the 80’s? What happened?
Just because you make great cars or build skyscapers or make hyper-sophisticated and nose-bleed expensive drugs, does not mean you can efficiently run a string of laundries in southern Alabama.
— grass is always greener on the other side until you get there and discover is astro-turf
— somebody has to manage those shiny new objects.
— your crew will not be able to resist “running those better”, making big changes, and, ultimately developing that business by adding a chain of clothing stores. All good and well until your core staff has to grow and spend inordinate time fixing the core business that by definition will have started to stagnate because so many execs. Have become mesmerized by the new shining penny in the company’s coffers.
Not to be confused with mostly passive investments.
2. Steven’s experience in competencies … As a young and already driving the truck of our business exec.
– – his boss – 20 years older
— “protect the core business, he named that “THE MOTHER.”
— would not let Steven explore most of the non-core opportunities that he brought to him
[me: this will bring in 3 million dollars!
[him: what will it take?
[me: an extra analyst, an admin person, some rather limited resources – mostly external….
[him: and how about you? What will it take for you to get this implemented and managed?
[me: a couple hours a week – which i can do from my mobile driving to/from work and so on
[him: now you know that it will take more.
How about you find someplace in the world where the snow is great and go skiing for a couple days. You will come up with something much bigger. And not take you away from “the mother.”
[Steven was really upset, annoyed, not understanding.
—- forced Steven to innovate in their lane
—– to breakthroughs in marketing, media,
advertising and operations, making us the most
successful business in our vertical in the US.
3. Of your people
That is an elegant proposition. How do you recognize hidden talent? Competencies that are not obvious? And capitalize on those.
Meet your people!
A. Humbly Steven’s experience walking through the production facilities, multiple buildings, at 6:15 am, 4:30 pm and 3:00 am for weeks, until he was able to touch and feel the physical aspects of operations. And most importantly, meet a lot of people, among who were hidden talents and competencies.
Not to be confused with education and experience.
Just raw brain power and willingness, even eagerness to raise their hands with a resounding yes I will when most people would remain silent. Or to be more accurate, rose to the occasion when pressed into service.
A. The story of the kids who took over big operating units after the Friday the 13th event ….
B. Art the janitor
C. Alecsandra and dice and Amazon and NFL.