Many business management degree students have probably heard most if not all of these sayings: “Think outside the box.” “Work smarter, not harder.” “Go big or go home.” “There is no ‘I’ in team.” “Failure is not an option.” Some are useful, but many are overused and should be avoided. Jeanne Liedtka and Tim Ogilvie, authors of Designing for Growth, reveal six myths perpetuated in the business world and how they need to be reexamined and revised. Think big. Every company has to start somewhere. Some of the most successful companies today started in garages: Apple, Amazon, Google, and Microsoft to name but a few. They found their niche and built on it to become billion dollar companies. Liedtka and Ogilvie’s suggested revision: “Be willing to start small, but with a focus on meeting genuine human needs.” Be bold and confident. While studying for a business management degree, many students have been taught that decisiveness is positive, as it helps drive momentum, an important factor for success. However, in order to be innovative and grow, a company needs to be flexible and agile. Once a decision has been made, a good leader understands that the path can be adapted, considering all possibilities. Liedtka and Ogilvie say: “Keep an open mind and always explore multiple options.” Don’t ask a question to which you don’t know the answer. This is important for trial lawyers. Not for growing a business. Nobody has all of the answers all of the time. Instead of viewing it as a risk, see it as an opportunity to learn. Liedtka and Ogilvie: “Be willing to start in the unknown and learn.” You can only manage what you measure. Metrics have always been important in business as a way to measure success. Any student in a business management degree has likely honed their Excel spreadsheet skills, but is quantity better than quality? And if you are just starting something, how much is there to really measure to get meaningful insight? Sometimes you just have to start and see what works and what doesn’t. Liedtka and Ogilvie: “Experiment. Place small bets quickly.” Sell your solution. If you don’t believe it in it, no one will. In some ways, this is like putting the cart before the horse. How do you know if you have the right solution if you aren’t quite sure of the problem? Before offering a solution, make sure you are trying to solve the right problem for your client. You may develop a solution and grow attached to it, not realizing that it may not be what the client needs. Instead, offer your client services to help them make the best decision. Liedtka and Ogilvie: “Choose a worthwhile problem and consider your solution to be a hypothesis to be tested.” If the idea is good, success will follow. Of course every business has to start with a good idea, but it’s your customers who will determine that, not you. You need to make sure that you build and nurture that customer base by earning their loyalty and they will become your strongest advocates. Social media is probably one of the most notable examples of customers becoming brand ambassadors. Liedtka and Ogilvie : “Every great idea needs the right supporters.” Any recent graduates of a business management degree would do well to learn to strike a balance between what they learned in the classroom and what happens in the business world in real life. In the past, the focus was on delivering services. Today, the focus is changing to determine what your client needs and then providing it by designing a solution for them. Old management cliches are too outdated to fit into this new way of doing business and business leaders should adjust their speech to reflect this change. *Image courtesy of stockimages / FreeDigitalPhotos.net
