I can do it in my sleep. Four years at Wharton, two at Columbia Business School, and a few more in investment banking have drilled into me the most broadly used tool that guides corporate decision-making: the financial projection.
You have an idea that will generate new profits for your company and make you even more of a hero. You can already feel the pats on your back and the industry keynote speech you will deliver, humbly explaining how you did it.
The world seems to have suddenly discovered a nirvana of agile prototyping. Some call it lean or lean start-up, some use human-centered design or design thinking, and you may even hear reference to agile or scrum. Whatever the name, the core message is the same: stop trying to build an idea (a business plan, product, marketing message) to perfection. Instead, conduct small experiments with your stakeholders to learn and improve.
You’ve got the idea. You know it will work. If only you can move fast enough, keep up the pace of those younger, smaller startups. The opportunity should be yours but you worry that bureaucracy will slow you down.
I’d say I bat about 500. For every 1,000 goals I’ve set for myself, if I am truly honest, I’ve hit maybe 500 of them. I wanted to write a book … and I wrote a book. I wanted to build a successful investment fund … well, that’s still a work in progress. I married the woman of my dreams but I don’t (yet) have the six-pack abs of my dreams.
Thousands of years ago, hunter-gatherers huddled around campfires would share stories of the “great hunt” or battle. Our heroes in these narratives left the safety of camp, clad in leather, wielding swords, stepped into dark woods to battle a mythically large creature or enemy, and returned in glory with meat to feed a village.
Whether you come up with an idea on your own or a colleague shares it with you, you will invariably find yourself at a fork in your career road. Is this an idea worth pursuing?
I wrapped up 2014 with a flurry of mind-opening interviews. I spoke to everyone from Steve Blank, the man who invented the “lean” concept, to the man who first applied that concept in a major corporation (GE). I spoke to chief innovation officers and entrepreneurs responsible for some of the most memorable
We had the opportunity to speak with Thomas Healy, CEO of HeadSmart Labs. Healy is a graduate student at Carnegie Mellon University and the starting punter for the school’s football team. He started HeadSmart Labs with researchers from Carnegie Mellon and the University of Pittsburgh to develop new testing methods and safety devices for athletes to help prevent head and neck injuries.
You were first curious. Now you love them or smoke them. Since their invention (in China) in 2003, electronic cigarettes (e-cigarettes) have fought their way into our minds and markets. Today 2.5 million Americans spend over $1billion a year on them. By the end of 2014 that number is projected to reach $1.7 billion.