Some of the most talented, promising, and well-rounded people the author has known— Harvard graduates and Rhodes Scholars—go on to lead lives of personal failure, unhappiness, and even disgrace. What went wrong? Using relevant examples from business management, this book tries to illuminate the theories that might explain what produces a successful career and life, written by an HBS professor who has discussed this with each of his classes. I found the book offers some useful lessons: we must allocate resources (time and energy) into our relationships, just like with other long-term important, but not urgent or immediately rewarding, goals; we need to empathize to be more effective interpersonally; we should pursue meaning not money (which is a “hygiene factor”) in our jobs; and our moral compass should not waver, even once. And the most important thing: define a clear purpose for your life to act as your beacon.
- A theory is a framework that helps analyze, explain, and importantly, predict consequences. A good theory explains the fundamental causes, and goes beyond correlation and anecdotal evidence. It is a better way of “how to think” about problems.
- Incentives are not true motivation. Real motivation is when people intrinsically want to do something.
- Helzberg motivation theory: satisfaction and dissatisfaction is not a linear spectrum—they are two separate dimensions. Dissatisfaction stems from satisficing “hygiene” factors; happiness comes from maximizing “motivators”.
- Hygiene (extrinsic): pay, status, job security, work conditions, company policies
- Motivators (intrinsic): challenge, achievement, recognition, personal development, learning, responsibility, meaning
- Christensen learned from his children that having the playhouse was not fun—building the playhouse was. The journey is more important than the destination.
- If your career choice is not clear, embrace an “emergent” mindset—try new opportunities and get ready to pivot, instead of focusing (i.e. deliberate mindset) on one career choice. Experiment continuously and quickly.
- Discovery-driven planning: test “what assumptions must prove true for this to be successful?”. Honestly analyze these assumptions/ risks.
- “To understand a company’s strategy, look at what they actually do rather than what they say they will do.” —Andy Grove.
- How we spend our resources (energy, time, money) shows what we value. Strategy is only intent; resource allocation is execution. Focus on spending on long-term goals (e.g. family, relationships), not short-term rewards (e.g. promotion, projects).
- For a new business strategy, use an emergent strategy—be patient for growth but impatient for profit. Once a good strategy is found, use a deliberate strategy—be impatient for growth but patient for profit.
- Every successful product or service, implicitly or explicitly, is structured around “a job to be done”. In personal relationships, this lens helps us think through what “job” we are implicitly “hired’ for.
- Commuters buy milkshakes not only for a breakfast, but “hire” it to keep them occupied while driving.
- People shop IKEA not just for furniture, but “hire” them to kit out an apartment quickly.
- People drink V8 not only to quench their thirst, but primarily to fulfil a promise to mom of eating vegetables.
- Kids go to school not just to learn, but really “hire” it to feel successful and to socialize.
- If worthwhile, sacrifice actually deepens commitment instead of causing resentment. Ex.: Marines.
- Capabilities model:
- Resources (tangible): people, equipment, technology, brands, cash, suppliers, customers
- Processes (non-tangible): coordination, communication, decision-making, research, manufacturing, budgeting, resource allocation
- Priorities: values, how of decision-making
- With children, make sure to provide not only resources (the ‘what’), but also the right values (the ‘why’), and give them the opportunity to learn processes (the ‘how’ to solve problems) on their own. Find the right experiences (“school of life”) to allow them to be challenged, to possibly fail, but always to learn.
- Culture: way of repeatedly doing things that combine processes and priorities.
- Should be articulated (communicated) and enforced (implemented)
- Culture will emerge regardless. Deliberately influence it towards good. Tackle bad behavior immediately and reinforce good behavior.
- Strong culture is a strength if the environment doesn’t change; it is a barrier if it does.
- All or none. It’s easier to implement a rule 100% of the time than 98%. “Marginal thinking” makes it easy to make exceptions “just one time”. Commit fully; beware the trap of the slippery slope.
- Define a clear life purpose. Three steps: 1) likeness (vision), 2) commitment (boundaries), and 3) metrics.
Finished: 30-Jul-2018. Rating: 8/10.