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The Road Less Stupid: Advice from the Chairman of the Board
“It is not supposed to be easy. Anyone who finds it easy is stupid.” —Charlie Munger, Vice Chairman of Berkshire Hathaway Smart people do dumb things. Here’s the How much money would you have right now if I gave you the ability to unwind any financial decision you have ever made? It turns out that the key to getting rich (and staying that way) is to avoid doing stupid things. The vast majority of dumb tax in both our lives is a direct result of three 1. Generalizations (which kill clarity), 2. Obsessing about Oz (instead of the yellow brick road) and 3. Faulty assumptions (ignoring risk). Here it is on a bumper Operators react and sweat. Owners think and plan. It all hinges on Thinking Time.
340 pages, Kindle Edition
Published November 21, 2017
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Displaying 1 - 30 of 111 reviews
November 11, 2019
Definitely one of the best business books I have ever read. It’s filled with nuggets of wisdom and life advice. After absorbing the advice in this book you will make smarter decisions, guaranteed.
Some nuggets I enjoyed:
“I’m not smart enough to be unprepared.”
“You can have anything you want. Just not everything you want.”
“You can’t shift priorities without simultaneously shifting resources.”
“The key to focus: Start fewer things. Finish more things.”
“The key to getting rich is to avoid doing stupid things. The vast amount of dumb tax is direct result of emotional and optimistic decisions.”
“Operators react and sweat. Owners think and plan.”
“Scaling mediocrity produces bigger piles of mediocrity, not success. Doubling the horsepower on your car engine doesn’t make it go double the speed.”
“Growth is what you say yes to. Success is what you say no to.”
As other reviewers suggested, this book is filled with common sense advice. Unfortunately common sense is not that common and people look for complex solutions for simple problems in life. Simple and fundamental ideas are much more powerful and carry most of the freight compared to complex and specialized solutions.
Although it’s an awesome book, be ready to hear “here it is on a bumper sticker” and “now go think, you will thank me later” in great frequence. I’m not sure about the obsession with the bumber stickers but “thinking time” is something almost all of us could use more of in our busy lives.
Some nuggets I enjoyed:
“I’m not smart enough to be unprepared.”
“You can have anything you want. Just not everything you want.”
“You can’t shift priorities without simultaneously shifting resources.”
“The key to focus: Start fewer things. Finish more things.”
“The key to getting rich is to avoid doing stupid things. The vast amount of dumb tax is direct result of emotional and optimistic decisions.”
“Operators react and sweat. Owners think and plan.”
“Scaling mediocrity produces bigger piles of mediocrity, not success. Doubling the horsepower on your car engine doesn’t make it go double the speed.”
“Growth is what you say yes to. Success is what you say no to.”
As other reviewers suggested, this book is filled with common sense advice. Unfortunately common sense is not that common and people look for complex solutions for simple problems in life. Simple and fundamental ideas are much more powerful and carry most of the freight compared to complex and specialized solutions.
Although it’s an awesome book, be ready to hear “here it is on a bumper sticker” and “now go think, you will thank me later” in great frequence. I’m not sure about the obsession with the bumber stickers but “thinking time” is something almost all of us could use more of in our busy lives.
June 26, 2021
FORTY-EIGHT CHAPTERS? Seriously, Keith? I wonder what your editor was thinking (if they were 'really' thinking). It could have been a decent action-oriented book if Keith had hired an A-player who had 'the technical chops to do the job.'
I mean, some of the insights he shares are quite insightful, but dragging it to another 100 pages makes the book sound like 'Mmm... kool-aid.'
Suggestion: The book asks good questions at the end of each chapter under the heading Thinking Time. That's the action-oriented part of the book you can actually use to take calculated risks and make rational decisions about your business or whatever. I'm gonna use Thinking Time questions to structure my thinking time because that's what I need.
I mean, some of the insights he shares are quite insightful, but dragging it to another 100 pages makes the book sound like 'Mmm... kool-aid.'
Suggestion: The book asks good questions at the end of each chapter under the heading Thinking Time. That's the action-oriented part of the book you can actually use to take calculated risks and make rational decisions about your business or whatever. I'm gonna use Thinking Time questions to structure my thinking time because that's what I need.
July 15, 2018
I have just finished reading this excellent book. It is a bit daunting - so much to absorb; at the same time so exciting. I keep thinking of the saying "Every great journey starts with the first step". I now have such a clearer idea of where my business journey needs to go, and also a lot thinking tools to guide me more efficiently towards that goal.
The author asks us to review the beliefs we bring to business, and more broadly to the way we think and behave generally, then provides guidance as to why the assumptions behind those beliefs may be counter-productive to achieving our desired outcomes. It is easy to believe that there is a lifetimes’ experience and careful thought crystallised into the content here. Content well worth the time spent reading it.
The Road Less Stupid is easy to read, I seemed to be able to spend 45 minutes per session comfortably. I found the chapter layout especially useful - the topic is discussed, then major concepts are encapsulated into a "Bumper Sticker" as a memorising tool; each chapter then has a list of questions around the topic you can work with to think about your own particular business needs. Ideas mentioned in one chapter are referenced back to chapters discussing that idea in more detail.
For me, this is a great format to allow me to continue to use this book as a key reference in my business, and life, development.
Highly recommended.
The author asks us to review the beliefs we bring to business, and more broadly to the way we think and behave generally, then provides guidance as to why the assumptions behind those beliefs may be counter-productive to achieving our desired outcomes. It is easy to believe that there is a lifetimes’ experience and careful thought crystallised into the content here. Content well worth the time spent reading it.
The Road Less Stupid is easy to read, I seemed to be able to spend 45 minutes per session comfortably. I found the chapter layout especially useful - the topic is discussed, then major concepts are encapsulated into a "Bumper Sticker" as a memorising tool; each chapter then has a list of questions around the topic you can work with to think about your own particular business needs. Ideas mentioned in one chapter are referenced back to chapters discussing that idea in more detail.
For me, this is a great format to allow me to continue to use this book as a key reference in my business, and life, development.
Highly recommended.
June 27, 2021
One of the top business books I've ever read.
Will revisit this again and again.
Here are my takeaways from this read through.
Must schedule thinking time daily!
5 CORE DISCIPLINES OF THINKING:
Find the unasked question.
Remframe statements into positive questions using HOW MIGHT I... SO I CAN... EX: Instead of "I'm poor" change to how might I make an extra $2k a month do I can invest?
Must simplify the problems into solvable terms.
Separate the problem from the symptom. Identify the real issue.
Check Assumptions. Focus on facts.
Define consequences.
Create the machine. This is the plan.
Ask: WHAT DON'T I SEE?
THINKING TIME:
Go in with a great question you want to answer.
Tweak it on different ways.
Ex: Who is my target market. Who was my target market. Who is my competitors target market. If I started over who would be my target market? If I wanted to double sales who would be my target market? Why aren't my current sales doubled with my target market?
Eliminate distractions and think for 45 minutes uninterrupted.
The final 3rd of the time is where the best ideas come from.
Typically have 2-3 thinking times each week. Then at the end be sure to capture the top ideas.
- Create a BOARD OF DIRECTORS to point out problems you can't see!
- You get what you tolerate.
Culture is the disciplines.
Culture is how you treat each other, trust level, and how conflict is handled. It is accountability
WANTED AD:
- IF YOU CAN COMMIT TO AND LIVE WITH THE FOLLOWING PRINCIPLES, THEN YOU ARE WHO WE ARE LOOKING FOR AND WILL THRIVE IN OUR ENVIRONMENT. OUR EXPECTATIONS ARE THAT OF DOING WHAT WAS SAID WOULD BE DONE. IN OTHER WORDS MODEL THE EXAMPLE! HERE ARE OUR PRINCIPLES:
- Accountability means if you see it, own It, solve it and do it!
- Become part of the solution.
- Respect others and their feelings.
- Ask "what else can I do? And" where else can I improve?"
- Reject the thought of average or just enough.
- Show others you truly care.
- Remain coachable. The driving mindset asks where can I get better and what can I learn to grow.
Must have employees be your #1!
GENERALIZATIONS KILL CLARITY!
- How will we achieve this outcome?
- What specific actions are required to be performed?
- Who will perform them?
- What are the standards of performance?
NEVER DELEGATE THE FOLLOWING:
1. Clarity on point A (where company currently is) and point B (where it needs to be in the future.)
2. Identify the gap and the obstacle. Must understand exactly what is obstructing your progress and defining in it solvable terms.
3. Design the plan amd machine.
4. Allocate resources.
5. Scoreboard that tells them if they're winning or losing amd what needs to be done to change the performance.
THINKING TIME:
- Reflect on biggest losses and mistakes and write out top 50 lessons.
- What do I need to change to avoid paying the dumb tax again.
- What rules and disciplines must you put in place?
FOWTW: Find out what they want. Anticipate problems, identify pain points, discover their needs.
GAGI: Go amd Get It. Build solutions for problem, pain, need.
GITT: Give It to Them. How you deliver the solution. The experince. The execution.
- What do customers want and how do I get it to them?
HOW TO REPRIMAND:
- I THINK I OWE YOU AN APOLOGY. APPARENTLY I'VE DONE A POOR JOB OF:
- COMMUNICATING WHAT I WANT.
- MAKING SURE YOU OWN THE CLEANLINESS OF X.
- EXPLAINING WHY IT'S IMPORTANT TO BE DONE A CERTAIN WAY.
- PROVIDNG YOU WITH ADEQUATE TRAINING.
- TOLERATING WHAT YOU'VE DONE IN THE PAST WITHOUT PROPER COACHING ON HOW TO DO IT BETTER.
- I AM VERY SORRY. (EXPLAIN WHAT WANT).
- I AM CONFUSED. HELP ME UNDERSTAND WHY (ISSUE PERSISTS). I KNOW WE'VE DISCUSSED THIS SEVERAL TIMES IN THE PAST. IS THE PROBLEM THAT:
- You don't understand what we want?
- You haven't been adequately trained?
- You just don't care despite this being a critical part of your job?
- We just got slammed with a bunch of clients and hasn't been time yet?
- You don't understand the importance of this job?
- You don't own your job and are not aware of thr consequences of not doing the job we hired you to do?
- Help me understand why this problem doesn't get fixed and stay fixed. To keep your job you must do the work as the job and the work go hand in hand. It now feels like we are begging you to do the work which makes no sense because you never have to beg me for your paycheck. When my effort to help you get better exceeds your effort to get better, this no longer works for either of us.
WHAT HAS TO HAPPEN IN ORDER FOR THIS EMPLOYEE TO BE SUCCESSFUL AT THEIR JOB?
A culture of accountability, measuring, and ownership becomes one of high performance.
2 key phrases for employers..
1. Help me understand...
2. What do you recommend?
What is the real problem I'm facing and how will it take a new approach to solve than the usual way?
Most BE PAINSTAKINGLY HONEST with where you are and look to where you want to go.
- Innovation happens by engaging with the clients.
THE BIG 8:
1. THE SPECIFIC MEASURABLE OUTCOMES (STANDARDS).
2. THE PRIMARY OBSTACLE PROHIBITING PROGRESS FROM WHERE CURRENTLY ARE TO WHERE YOU WANT TO GO! MUST CLARITY ON THE GAP!
3. THE STRATEGY AND PLAN TO OVERCOME THE OBSTACLE WITH TARGETS AND TIME LINES.
4. ACQUIRE THE KNOWLEDGE, TACTICS, AND EXECUTABLES TO DRIVE RESULTS.
5. THE SCORECARD TO SET PERFORMANCE STANDARDS.
6. THE CRITICAL DRIVERS THAT MUST BE EXECUTED.
7. THE DASHBOARD THAT DISPLAY THE CRITICAL DRIVER RESULTS FOR IMMEDIATE OPTICS.
8. THE CANDID AND REGULAR COACHING AND ACCOUNTABILITY CONVERSATIONS TO CORRECT.
What are the top 3-4 critical activities that must be performed and measured on a regular basis to ensure significant progress.
THINKING TIME:
- What are we missing the mark on delivering our promise and meeting clients expectations?
- How can I ensure we are constantly executing and meeting our clients expectations?
- How can I train the team better and ensure correct implementation?
- What is sabotaging our client experince?
THE 3 PILLARS OF SUCCESS:
1. WRITE DOWN DAILY MAJOR OUTCOMES.
2. PLAN THE DAY.
3. BE ACCOUNTABLE FOR PLANS, COMMITMENTS, AND RESULTS.
SPEND 10 HOURS ON THESE 4 Q'S
- WHO DO I WANT TO BUY FROM ME.
- WHAT MUST HAPPEN TO CAUSE THEM TO BUY.
- WHAT MUST HAPPEN TO KEEP THEM COMING BACK.
- WHAT COULD HAPPEN TO CAUSE THEM NOT TO BUY.
PG 145 apology letter
Hell in earth is netting the man you could have been!
Clarifying the Gap is critical because residing in the Gap is the obstacle that is preventing forward progress from where you are to where you want to go. If you cannot identify the Gap, the obstacle isn't even on your radar.
IF MY BUSINESS COULD TALK WHAT WOULD IT SAY?
IT'S NOT ABOUT THE PLAN, BUT HOW WELL YOU PIVOT ONCE THERE IS CONTACT WITH THE EMEMY!
- Understand your current situation.
- Describe the clear outcome!
- Define obstacles.
- Design pivots.
BIGGEST PROBLEM: YOU DON'T DO WHAT YOU KNOW YOU SHOULD.
- Would you rather have more of less of something?
- Would you rather have it sooner or later?
- Would you rather have it easier or harder?
WHAT WE HAVE JUST ESTABLISHED IS THAT HUMAN NATURE IS TO BE GREEDY, IMPATIENT, AND LAZY... WHICH IS NOT THE FORMULA FOR SUCCESS AND MASTERY.
HAVING TOO MANY CHOICES DOES NOT CREATE FREEDOM, IT CREATES CONFUSION AND LEADS TO HESITATION! FOCUS ON THE 1 THING AND EXECUTE!
You can have ANYTHING you want, just not EVERYTHING you want. Use your laser focus wisely.
DON'T JUST MEASURE KPI'S AS THOSE ARE THE RESULTS. ONE MUST MEASURE THE CRITCAL DRIVERS AS WELL!
- OPERATORS REACT AND SWEAT!
- OWNERS THINK AND PLAN!
SUMMARY:
- FIND THE UNASKED QUESTION THAT RESULTS IN CLARITY AND CREATES THE OUTCOME YOU DESIRE!
- DEFINING THE ROOT PROBLEM BY DISCOVERING THE OBSTACLE THAT RESIDES IN THE GAP!
- YOU MUST CARE ENOUGH TO HAVE THOSE HARD CONVERSATIONS
- WHEN MY EFFORT TO HELP YOU GET BETTER EXCEEDS YOUR EFFORT TO GET BETTER, THIS STOPS WORKING FOR BOTH OF US.
- MY LIFE WORKS TO THE EXTENT I KEEP MY COMMITMENTS.
CEO SCORECARD:
1. FINANCIAL GOAL: 1/3/5 YEAR.
2. CREATE AND MAINTAIN A COMPANY THAT'S PROUD OF AND PROTECTS ITS CULTURE OF RESPECT, INTEGRITY, AND PRODUCTIVITY BASED ON TRUST, APPRECIATION, AND IMPROVEMENT.
1. CLIENT SATISFACTION.
2. EMPLOYEE SATISFACTION.
3. QUARTERLY EMPLOYEE COACHING ON SPECIFIC RESULTS.
4. ALL EMPLOYEES USE WEEKLY METRICS.
5. LOWER EMPLOYEE TURN OVER.
3. BE OUTCOME BASED.
1. ONBOARD EVERY EMPLOYEE.
2. USE EMPLOYEE DASHBOARDS FOR METRICS
3. BONUSES BASED ON PERFORMANCE AND ATTAINMENT OF OUTCOMES.
4. CREATE AND MAINTAIN COMMITMENT TO EXCELLENCE AND GROWTH THROUGH LEARNING AND TRAINING (MON 5 HOURS PER QUARTER.)
1. ALL READ 1 BOOK PER QUARTER.
2. ALL WORK IS DOCUMENTED PROCESSES.
3. ESTABLISH CLEAR OUTCOMES.
5. ALWAYS ASK WHAT CAN I DO TODAY TO IMPROVE OUR SITUATION.
6. SPEND AT LEAST 4 HOURS A WEEK IN THINKING TIME SESSIONS WITH A HIGH QUALITY QUESTION.
Will revisit this again and again.
Here are my takeaways from this read through.
Must schedule thinking time daily!
5 CORE DISCIPLINES OF THINKING:
Find the unasked question.
Remframe statements into positive questions using HOW MIGHT I... SO I CAN... EX: Instead of "I'm poor" change to how might I make an extra $2k a month do I can invest?
Must simplify the problems into solvable terms.
Separate the problem from the symptom. Identify the real issue.
Check Assumptions. Focus on facts.
Define consequences.
Create the machine. This is the plan.
Ask: WHAT DON'T I SEE?
THINKING TIME:
Go in with a great question you want to answer.
Tweak it on different ways.
Ex: Who is my target market. Who was my target market. Who is my competitors target market. If I started over who would be my target market? If I wanted to double sales who would be my target market? Why aren't my current sales doubled with my target market?
Eliminate distractions and think for 45 minutes uninterrupted.
The final 3rd of the time is where the best ideas come from.
Typically have 2-3 thinking times each week. Then at the end be sure to capture the top ideas.
- Create a BOARD OF DIRECTORS to point out problems you can't see!
- You get what you tolerate.
Culture is the disciplines.
Culture is how you treat each other, trust level, and how conflict is handled. It is accountability
WANTED AD:
- IF YOU CAN COMMIT TO AND LIVE WITH THE FOLLOWING PRINCIPLES, THEN YOU ARE WHO WE ARE LOOKING FOR AND WILL THRIVE IN OUR ENVIRONMENT. OUR EXPECTATIONS ARE THAT OF DOING WHAT WAS SAID WOULD BE DONE. IN OTHER WORDS MODEL THE EXAMPLE! HERE ARE OUR PRINCIPLES:
- Accountability means if you see it, own It, solve it and do it!
- Become part of the solution.
- Respect others and their feelings.
- Ask "what else can I do? And" where else can I improve?"
- Reject the thought of average or just enough.
- Show others you truly care.
- Remain coachable. The driving mindset asks where can I get better and what can I learn to grow.
Must have employees be your #1!
GENERALIZATIONS KILL CLARITY!
- How will we achieve this outcome?
- What specific actions are required to be performed?
- Who will perform them?
- What are the standards of performance?
NEVER DELEGATE THE FOLLOWING:
1. Clarity on point A (where company currently is) and point B (where it needs to be in the future.)
2. Identify the gap and the obstacle. Must understand exactly what is obstructing your progress and defining in it solvable terms.
3. Design the plan amd machine.
4. Allocate resources.
5. Scoreboard that tells them if they're winning or losing amd what needs to be done to change the performance.
THINKING TIME:
- Reflect on biggest losses and mistakes and write out top 50 lessons.
- What do I need to change to avoid paying the dumb tax again.
- What rules and disciplines must you put in place?
FOWTW: Find out what they want. Anticipate problems, identify pain points, discover their needs.
GAGI: Go amd Get It. Build solutions for problem, pain, need.
GITT: Give It to Them. How you deliver the solution. The experince. The execution.
- What do customers want and how do I get it to them?
HOW TO REPRIMAND:
- I THINK I OWE YOU AN APOLOGY. APPARENTLY I'VE DONE A POOR JOB OF:
- COMMUNICATING WHAT I WANT.
- MAKING SURE YOU OWN THE CLEANLINESS OF X.
- EXPLAINING WHY IT'S IMPORTANT TO BE DONE A CERTAIN WAY.
- PROVIDNG YOU WITH ADEQUATE TRAINING.
- TOLERATING WHAT YOU'VE DONE IN THE PAST WITHOUT PROPER COACHING ON HOW TO DO IT BETTER.
- I AM VERY SORRY. (EXPLAIN WHAT WANT).
- I AM CONFUSED. HELP ME UNDERSTAND WHY (ISSUE PERSISTS). I KNOW WE'VE DISCUSSED THIS SEVERAL TIMES IN THE PAST. IS THE PROBLEM THAT:
- You don't understand what we want?
- You haven't been adequately trained?
- You just don't care despite this being a critical part of your job?
- We just got slammed with a bunch of clients and hasn't been time yet?
- You don't understand the importance of this job?
- You don't own your job and are not aware of thr consequences of not doing the job we hired you to do?
- Help me understand why this problem doesn't get fixed and stay fixed. To keep your job you must do the work as the job and the work go hand in hand. It now feels like we are begging you to do the work which makes no sense because you never have to beg me for your paycheck. When my effort to help you get better exceeds your effort to get better, this no longer works for either of us.
WHAT HAS TO HAPPEN IN ORDER FOR THIS EMPLOYEE TO BE SUCCESSFUL AT THEIR JOB?
A culture of accountability, measuring, and ownership becomes one of high performance.
2 key phrases for employers..
1. Help me understand...
2. What do you recommend?
What is the real problem I'm facing and how will it take a new approach to solve than the usual way?
Most BE PAINSTAKINGLY HONEST with where you are and look to where you want to go.
- Innovation happens by engaging with the clients.
THE BIG 8:
1. THE SPECIFIC MEASURABLE OUTCOMES (STANDARDS).
2. THE PRIMARY OBSTACLE PROHIBITING PROGRESS FROM WHERE CURRENTLY ARE TO WHERE YOU WANT TO GO! MUST CLARITY ON THE GAP!
3. THE STRATEGY AND PLAN TO OVERCOME THE OBSTACLE WITH TARGETS AND TIME LINES.
4. ACQUIRE THE KNOWLEDGE, TACTICS, AND EXECUTABLES TO DRIVE RESULTS.
5. THE SCORECARD TO SET PERFORMANCE STANDARDS.
6. THE CRITICAL DRIVERS THAT MUST BE EXECUTED.
7. THE DASHBOARD THAT DISPLAY THE CRITICAL DRIVER RESULTS FOR IMMEDIATE OPTICS.
8. THE CANDID AND REGULAR COACHING AND ACCOUNTABILITY CONVERSATIONS TO CORRECT.
What are the top 3-4 critical activities that must be performed and measured on a regular basis to ensure significant progress.
THINKING TIME:
- What are we missing the mark on delivering our promise and meeting clients expectations?
- How can I ensure we are constantly executing and meeting our clients expectations?
- How can I train the team better and ensure correct implementation?
- What is sabotaging our client experince?
THE 3 PILLARS OF SUCCESS:
1. WRITE DOWN DAILY MAJOR OUTCOMES.
2. PLAN THE DAY.
3. BE ACCOUNTABLE FOR PLANS, COMMITMENTS, AND RESULTS.
SPEND 10 HOURS ON THESE 4 Q'S
- WHO DO I WANT TO BUY FROM ME.
- WHAT MUST HAPPEN TO CAUSE THEM TO BUY.
- WHAT MUST HAPPEN TO KEEP THEM COMING BACK.
- WHAT COULD HAPPEN TO CAUSE THEM NOT TO BUY.
PG 145 apology letter
Hell in earth is netting the man you could have been!
Clarifying the Gap is critical because residing in the Gap is the obstacle that is preventing forward progress from where you are to where you want to go. If you cannot identify the Gap, the obstacle isn't even on your radar.
IF MY BUSINESS COULD TALK WHAT WOULD IT SAY?
IT'S NOT ABOUT THE PLAN, BUT HOW WELL YOU PIVOT ONCE THERE IS CONTACT WITH THE EMEMY!
- Understand your current situation.
- Describe the clear outcome!
- Define obstacles.
- Design pivots.
BIGGEST PROBLEM: YOU DON'T DO WHAT YOU KNOW YOU SHOULD.
- Would you rather have more of less of something?
- Would you rather have it sooner or later?
- Would you rather have it easier or harder?
WHAT WE HAVE JUST ESTABLISHED IS THAT HUMAN NATURE IS TO BE GREEDY, IMPATIENT, AND LAZY... WHICH IS NOT THE FORMULA FOR SUCCESS AND MASTERY.
HAVING TOO MANY CHOICES DOES NOT CREATE FREEDOM, IT CREATES CONFUSION AND LEADS TO HESITATION! FOCUS ON THE 1 THING AND EXECUTE!
You can have ANYTHING you want, just not EVERYTHING you want. Use your laser focus wisely.
DON'T JUST MEASURE KPI'S AS THOSE ARE THE RESULTS. ONE MUST MEASURE THE CRITCAL DRIVERS AS WELL!
- OPERATORS REACT AND SWEAT!
- OWNERS THINK AND PLAN!
SUMMARY:
- FIND THE UNASKED QUESTION THAT RESULTS IN CLARITY AND CREATES THE OUTCOME YOU DESIRE!
- DEFINING THE ROOT PROBLEM BY DISCOVERING THE OBSTACLE THAT RESIDES IN THE GAP!
- YOU MUST CARE ENOUGH TO HAVE THOSE HARD CONVERSATIONS
- WHEN MY EFFORT TO HELP YOU GET BETTER EXCEEDS YOUR EFFORT TO GET BETTER, THIS STOPS WORKING FOR BOTH OF US.
- MY LIFE WORKS TO THE EXTENT I KEEP MY COMMITMENTS.
CEO SCORECARD:
1. FINANCIAL GOAL: 1/3/5 YEAR.
2. CREATE AND MAINTAIN A COMPANY THAT'S PROUD OF AND PROTECTS ITS CULTURE OF RESPECT, INTEGRITY, AND PRODUCTIVITY BASED ON TRUST, APPRECIATION, AND IMPROVEMENT.
1. CLIENT SATISFACTION.
2. EMPLOYEE SATISFACTION.
3. QUARTERLY EMPLOYEE COACHING ON SPECIFIC RESULTS.
4. ALL EMPLOYEES USE WEEKLY METRICS.
5. LOWER EMPLOYEE TURN OVER.
3. BE OUTCOME BASED.
1. ONBOARD EVERY EMPLOYEE.
2. USE EMPLOYEE DASHBOARDS FOR METRICS
3. BONUSES BASED ON PERFORMANCE AND ATTAINMENT OF OUTCOMES.
4. CREATE AND MAINTAIN COMMITMENT TO EXCELLENCE AND GROWTH THROUGH LEARNING AND TRAINING (MON 5 HOURS PER QUARTER.)
1. ALL READ 1 BOOK PER QUARTER.
2. ALL WORK IS DOCUMENTED PROCESSES.
3. ESTABLISH CLEAR OUTCOMES.
5. ALWAYS ASK WHAT CAN I DO TODAY TO IMPROVE OUR SITUATION.
6. SPEND AT LEAST 4 HOURS A WEEK IN THINKING TIME SESSIONS WITH A HIGH QUALITY QUESTION.
October 29, 2019
О ЧЕМ КНИГА:
Мудрость и опыт для владельцев бизнеса от Техасского предпринимателя и бизнес-консультанта с 40-летним стажем. Жестко, точно и по делу. В книге 48 глав, каждую из которой можно читать отдельно и в произвольном порядке. Автор раскрыл все основные проблемы и вопросы, которые преследуют любого владельца бизнеса. В конце каждой главы вопросы на подумать. Уверен, что не раз буду возвращаться к этой работе.
КАКАЯ БЫЛА ЦЕЛЬ ЧТЕНИЯ:
- Получить еще один взгляд на основные составляющие управления собственным бизнесом.
Г��АВНЫЕ ВЫВОДЫ:
- Нужно меньше хороших, новых идей, а больше анализа и обдумывания текущей ситуации в бизнесе и возможных будущих проблем.
- Основные ошибки в бизнесе мы совершаем не потому, что находим неправильные решения для текущих проблем, а потому что задаем себе неправильные вопросы.
- Даже если я построил отличную систему в своем бизнесе, то если я запущу туда сотрудников класса В или С, то они угробят эту систему, несмотря на её качество. Значит частью настоящей и полноценной бизнес-системы должны быть процедуры, когда нанимаются только сотрудники класса А)
- У владельца бизнеса есть 4 роли(шляпы, которые он регулярно надевает)
- Специалист(изобретатель)
- Менеджер
- Предприниматель
- Инвестор
Надо в каждой ситуации понимать и осознавать, какая шляпа на мне сейчас надета.
ЧТО Я БУДУ ПРИМЕНЯТЬ В ЖИЗНИ И БИЗНЕСЕ:
- Буду устраивать себе каждый день "Академический час обдумывания", когда я буду сконцентрированно и по системе решать главную проблему дня.
- Буду чаще задавать себе вопрос - «Какую проблему я действительно сейчас решаю в своем бизнесе?».
ЕЩЕ НА ЭТУ ТЕМУ:
Дэн Кеннеди «Жесткий менеджмент»
Мудрость и опыт для владельцев бизнеса от Техасского предпринимателя и бизнес-консультанта с 40-летним стажем. Жестко, точно и по делу. В книге 48 глав, каждую из которой можно читать отдельно и в произвольном порядке. Автор раскрыл все основные проблемы и вопросы, которые преследуют любого владельца бизнеса. В конце каждой главы вопросы на подумать. Уверен, что не раз буду возвращаться к этой работе.
КАКАЯ БЫЛА ЦЕЛЬ ЧТЕНИЯ:
- Получить еще один взгляд на основные составляющие управления собственным бизнесом.
Г��АВНЫЕ ВЫВОДЫ:
- Нужно меньше хороших, новых идей, а больше анализа и обдумывания текущей ситуации в бизнесе и возможных будущих проблем.
- Основные ошибки в бизнесе мы совершаем не потому, что находим неправильные решения для текущих проблем, а потому что задаем себе неправильные вопросы.
- Даже если я построил отличную систему в своем бизнесе, то если я запущу туда сотрудников класса В или С, то они угробят эту систему, несмотря на её качество. Значит частью настоящей и полноценной бизнес-системы должны быть процедуры, когда нанимаются только сотрудники класса А)
- У владельца бизнеса есть 4 роли(шляпы, которые он регулярно надевает)
- Специалист(изобретатель)
- Менеджер
- Предприниматель
- Инвестор
Надо в каждой ситуации понимать и осознавать, какая шляпа на мне сейчас надета.
ЧТО Я БУДУ ПРИМЕНЯТЬ В ЖИЗНИ И БИЗНЕСЕ:
- Буду устраивать себе каждый день "Академический час обдумывания", когда я буду сконцентрированно и по системе решать главную проблему дня.
- Буду чаще задавать себе вопрос - «Какую проблему я действительно сейчас решаю в своем бизнесе?».
ЕЩЕ НА ЭТУ ТЕМУ:
Дэн Кеннеди «Жесткий менеджмент»
November 2, 2021
Labai gera, thumbs up. Kalba trumpai aiškiai ir knyga tikras aiškių ir teisingų patarimų rinkinys. Vietomis net norisi sustoti ir įsigilinti į kiekvieną sakinį. Pasiėmiau kelis aiškius take-out, pirmiausia laiko "galvojimui" filosofiją ir technikas kaip tai įgyvendinti. Jau neskaitęs tos knygos anksčiau girdėjai ir bandau vertinti per sprendimų filosofiją trimis principais: ką galima laimėti, ką galima pralošti ir ar galima gyventi pralošus.
Rekomenduoju - parašyta verslininkams, bet ir kiti tikrai gali daug pasiimti darbui ir gyvenimui.
Rekomenduoju - parašyta verslininkams, bet ir kiti tikrai gali daug pasiimti darbui ir gyvenimui.
August 21, 2021
What a book, I wish I had a chance to read it when I started my senior management career, full of gems, and experience. It cannot be summarized, just read it. Suitable for managers of managers, board members, and CEOs. Must read if you have a team of 50+ members!
July 6, 2018
Couldn't even finish listening to the entire 11 hours, it's so boring, pretty much filled with common sense information.
June 21, 2023
This is one of the very best books on being a business owner I have ever read. Page after page I had to stop and take notes. Sometimes I wrote down what he said so I could think more on it or share it with someone else. But I also stopped to write down big questions I needed to wrestle with about my own life and business.
Being a leader isn't the same thing as being the business owner. The way you work on developing the overall engine is different than what you when you're working inside the engine. Both are real work. But this book pushes you (he is very direct in his style) to think differently.
At the core of this book, he makes the case that it's important to schedule regular "thinking time" where you prepare questions on the areas you need to grow (he gives tons of great questions to start with--much of writing was capturing one of these).
I strongly recommend this book for anyone who is in senior leadership--who has the option of shaping the overall system of their organization.
[Note: for the first time in my life I'm re-reading my favorite books, to reinforce their messages and to see if I would still consider them one of the greats. The review above is my original reaction. The comments below are my thoughts now.]
How does it compare to my memory of the book? Would I still recommend it to others?
I think I got more out of this book the second time through! Even though I had read it before--even though I had made a bunch of changes back then--I stopped and wrote down things to do every single chapter. Such a great book.
Being a leader isn't the same thing as being the business owner. The way you work on developing the overall engine is different than what you when you're working inside the engine. Both are real work. But this book pushes you (he is very direct in his style) to think differently.
At the core of this book, he makes the case that it's important to schedule regular "thinking time" where you prepare questions on the areas you need to grow (he gives tons of great questions to start with--much of writing was capturing one of these).
I strongly recommend this book for anyone who is in senior leadership--who has the option of shaping the overall system of their organization.
[Note: for the first time in my life I'm re-reading my favorite books, to reinforce their messages and to see if I would still consider them one of the greats. The review above is my original reaction. The comments below are my thoughts now.]
How does it compare to my memory of the book? Would I still recommend it to others?
I think I got more out of this book the second time through! Even though I had read it before--even though I had made a bunch of changes back then--I stopped and wrote down things to do every single chapter. Such a great book.
August 25, 2020
Keith Cunningham is mostly a business mind with a lot of great advice to share combined with part comedian which makes his content even more fun to read. He also reads this book himself on audible which I highly recommend because his accent just really lands the advice coming from your sage straight shooting grandpa from Texas. For a business book it's very entertaining.
Keith comes from a humble place, admitting to his failures and areas he has learned in life. He's not preachy at all. This isn't a pump you up make you feel good, go take on the world, you can do it book. It's almost the opposite. You're going to hit a lot of landmines, this is going to hurt, are you sure you are ready for this, put your body armor on kind of book.
Having gone through bankruptcy and successfully built many businesses on both sides of that event he teaches a lot of tools for reflection and self questioning to identify area you may be blind to because you are over focused on either your failure or your success. His thinking time strategies and questions are the most valuable part of the book and will help you discover what you don't know that you should be paying attention to.
The Road Less Stupid aims to illuminate all of the rocks in the business ocean to help you navigate them. You can't get rid of them, and you're probably going to hit a few. Most of us don't even know where they are. This book will help you identify them as well as navigate them. Be prepared for some business self discovery.
Keith comes from a humble place, admitting to his failures and areas he has learned in life. He's not preachy at all. This isn't a pump you up make you feel good, go take on the world, you can do it book. It's almost the opposite. You're going to hit a lot of landmines, this is going to hurt, are you sure you are ready for this, put your body armor on kind of book.
Having gone through bankruptcy and successfully built many businesses on both sides of that event he teaches a lot of tools for reflection and self questioning to identify area you may be blind to because you are over focused on either your failure or your success. His thinking time strategies and questions are the most valuable part of the book and will help you discover what you don't know that you should be paying attention to.
The Road Less Stupid aims to illuminate all of the rocks in the business ocean to help you navigate them. You can't get rid of them, and you're probably going to hit a few. Most of us don't even know where they are. This book will help you identify them as well as navigate them. Be prepared for some business self discovery.
April 20, 2019
THis was not for me. Although he did say some things I agree with I didn't find this book very informative. Having gone from boom to bust several times, I did laugh at a few of the things Keith J. Cunningham mentioned. Recognizing truths can be funny. That said, this audio annoyed the dickens out of me. Keith J. Cunningham's dialect, word choice, and over-use of metaphors drove me to distraction. Not to mention that he constantly re-hashes and repeats phrases. Ugh. Maybe this would be okay for somebody who is young and just starting out but mostly I found it annoying. "Go think, you'll thank me later." NOT!
January 13, 2020
One of the best ever business books. I had a possibility to listen to Keith’s speech and then I took the book. He gives the best insights of his life and the setups “thinking time” questions, which are incomparable. I will definitely get back to them to listen again and again. And of course his texas style humour is outrageous.
August 24, 2022
Бизнес мудрость, практичная и по делу. По-немногу о разных аспектах бизнеса - от стратегии и корп к��льтуры до рисков
October 29, 2019
This is a really helpful book for thinking through your business. It has some real pearls of wisdom, but after you've read a dozen of these books, you know they cover the same material a lot. So, is it 100% unique? No. None of them are. Does it give you enough unique stuff to justify a read? Yes. The thinking exercises are very helpful in many cases, but of course, it depends on what kind of business you run. And in some cases, his advice may lead you astray, but again, true of all of these books. You should read it, see his model, then, think it through with your situation. Don't drink anyone's koolaid. Thankfully, that's one of his lessons.
But it does have some annoying features. Like he says, "Now go think. You'll thank me later" at the end of every chapter and there are like 50 chapters. I listened to this book. So, it was a bit much.
But it does have some annoying features. Like he says, "Now go think. You'll thank me later" at the end of every chapter and there are like 50 chapters. I listened to this book. So, it was a bit much.
Read
February 15, 2022It feels somewhat awkward to mark ”read” a book that is not technically meant to be read as such, from cover to cover, then put away. The book contains short chapters covering different angles to look into one’s business, explains why the particular angle matters, and includes a list of questions to use as a basis in a recurring ”Thinking time” - a time reserved for business development separated from day-to-day actions and fighting fires.
The points seemed valid and the questions solid - will be using them in the future, and maybe can update the review in due time. But, to repeat, this is the book you will get the value by actually doing the work.
The points seemed valid and the questions solid - will be using them in the future, and maybe can update the review in due time. But, to repeat, this is the book you will get the value by actually doing the work.
July 29, 2019
Having been a long time student of Keith and his works, this is one of his best books so far. He cuts through the BS of people peddling “hope-ium” in the personal development industry, and brings us back to the grounded reality of business and what it really takes to make it successful.
He does not hold back in sharing his strategies and approach in business in this book. It will prove to be a valuable resource for business owners and CEO’s to comeback over and over again throughout their career.
I listened to the audio book and highly recommend listening Keith read his own work.
He does not hold back in sharing his strategies and approach in business in this book. It will prove to be a valuable resource for business owners and CEO’s to comeback over and over again throughout their career.
I listened to the audio book and highly recommend listening Keith read his own work.
June 27, 2018
I recently finished the Road Less Stupid and I found it a very helpful book. If you feel you need to do more critical thinking about your business then this book will help you to think about the right stuff to get RESULTS.
April 30, 2018
Great business book, simple and to the point!
September 24, 2018
Just like his other books, I think Keith Cunningham is a sadly overlooked author. A brilliant business mind; an easy to read author.
February 25, 2019
Since i participate in this seminar, i call him, one of my mentors. This book is dense, full of insights
May 10, 2019
Good thoughts!
This is more of a study than a book. Take your time and become better today than you were yesterday.
This is more of a study than a book. Take your time and become better today than you were yesterday.
June 6, 2019
A book you could re-read every year and catch new and valuable things. Keith is an old school bad ass who doesn't mess around.
March 22, 2021
Great concepts and points to consider. The author’s insistence on being rude and gruff distracts from what are valuable lessons.
October 2, 2022
Some really useful tips to improve your business in this one and they are very well presented and summarised. One to keep referring back to.
November 13, 2020
WOW, I rarely find a book that is so full of wisdom that I do not manage to write it all down. So this would be one of my top recommendations and I’ll be listening to it again myself.
Anyway, my notes =>
Think of the biggest financial mistakes you have made - now they seem stupid ones, where You should have dome more (pessimistic) thinking, right? Well, to get richer, we don’t have to do super smart things, but just to avoid the stupid decisions by thinking more. * When emotions go up, intelligence goes down. Optimism is a dangerous emotion that leads to stupid decisions. Everybody sees the benefits, but it’s essential to be also pessimistic - what is the worst case scenario and can I live with that? Always check Your assumptions - What do I not see? * The classic book from Napoleon Hill is titled THINK and grow rich - not “USE YOUR GUT and”, “VISUALIZE and”, “DO WHAT YOU LOVE and”... It’s THINK for a reason. * You have to find the right question, that has not yet been asked. We are not stuck because of bad answers, but because of bad questions. “How might I (...) So that I can (...)”. * Too often we are looking for ways to lessen the symptoms, but not to cure the root disease. Buying 10 different sports equipment at home does not solve the root issue of having a bad diet. The way to sell more is the same - don’t use tactics on selling, but ask, why are the customers not buying this product/service? What am I not seeing, that is causing the symptom? What in the outside world could happen to lessen of the symptom? What by stopping is causing the symptom to lessen? Get Your clients to think “I would be crazy to do business with someone else” * A fun story about golf - a “Double Boogie” (+2 shots) is a “bad shot, made after a stupid shot”. Don’t do the miracle shot, play it safe! Actually this mindset is what the book is about - avoid the “opportunities” that can end up with a serious mistake. * The author talks about his 60m session of “thinking time” - he has a thinking chair, pen, journal (only to be used on his “thinking time”). 45 minutes is to ask questions and write down answers - the last 15 minutes is to sum up some wisdom gained. He does not move at all during this session, only his right arm writing down thoughts. And adding one answer, he adds the starting dot on the other line, as if there were more to come up with. He mentions that often his most creative ideas are in the last third of the time (when all obvious is already written out). * If You want to have a successful plumber business, then do not educate yourself on the subject of plumbing, but on the subject of business! Do You want to be the gold medal of plumbers - or do You want to have plumbing business of 1 million euros? Few things are as unrewarded as artistic and technical expertise! * When starting out with a new business, the founder must fill all the roles - but you need to keep them separated. Do not carry Your investor hat to do the artistic work, and vice versa. The artist will presume more beauty means more profit, but McDonalds does not reinvent the big Mac. The artistic people are control freaks - but when You want more growth, the less control you have. * Separate the roles if You carry them by Yourself 1) The artist is creating it 2) The operator is doing it 3) The owner is leading, structuring and levering it (asking “what needs to be measured and delegated?”) and 4) the board is protecting the business and keeping it alive (start a peer group etc as soon as possible) providing world class defense. * Ask Yourself - what “hat” is Your comfort zone? What roles are You avoiding? * Company culture is very important - but PERKS do not create a culture (nap room, Jacuzzi), they only drive entitlement. More money does not help to save the marriage, You know that. * “Show me a disinterested employee and I'll show you a lousy work culture and a disinterested boss". Work culture is not something you set once (build a nap room) and forget about it. It has to be continuous, rewarding. And working on the right culture is always the right thing to do. * When setting a high standard company culture, there are always some star players who think that rules do not apply to them. You want to make exceptions, BUT You can not - there are no exceptions, when it comes to culture. And an rule not enforced is not a rule, it is a suggestion. If You don't do the hard conversations, it’s because you don't care. If you cared enough, you'd do them. Peter Drucker - "culture eats strategy for breakfast" * A CEO must never delegate 7 things: 1) Clarity on point A (where the business is today) and point B (where it is going) 2) Identify the gap (from A to B) and the obstacles 3) Design the team and the machine (to overcome the gap and obstacles) 4) allocate resources (all machines require resources) to both tackle the day-to-day and the bigger plans, “cooking tonight's dinner while planning for tomorrow's breakfast”. Profound - each time You take on new challenges and goals with the team, you MUST decide where You will be taking resources from. The reality is that something will suffer. 5) Get top grade A players. When you have a good machine, it can not be operated by a mediocre team. The business success is all about who you hire and who you don't fire. People need to A) see a scoreboard and need to know what to change on their performance. B) high internal need to succeed. Motivation is for amateurs, the professionals never need motivating. Instead of pep talk, create a challenge for them - good players love to be challenged. C) they love to be measured and held accountable on their results. People who get A grades wait for the report day, while C grade people dread those days. And when A level players do get a B grade, they want to fix it themselves. D) Good tech knowledge E) They are humble enough to ask for coaching - “What else can I do, where can I get better, what can I do or learn to continue to grow?” F) They see opportunities in every problem. Continue with CEO list => 6) Build the operating chart hierarchy the company needs. Outcome based, not just to think about the current work force and to allocate them in Your boxes. 7) Create the work culture. * Mistakes are unavoidable, but learning from them is optional. A mistake is not a sin, when they are admitted. * Go slow and avoid the do-overs. We don't admire people that made it, we admire people that kept it. * Always up the talent pool, each new person should raise the average salary. * When we diet and have expectations of losing 5 KG within a week, we fold. Don't get crazy expectations. * When marketing is done right, selling becomes unnecessary. Find out what Customers want! * When guiding the B level team members, some dialog to help: "My effort for You to get better cannot exceed Your effort to get better. Your work and the job are connected - if you will not do the work, you can not keep the job. You don't have to beg for the paycheck, so why should I beg you to do your work? Help me to understand and what do you recommend?” * But do keep in mind - controlling others brings disgusting emotions to BOTH parties. * Your life works on the level you keeping your commitments. * Inventions happen in the laboratory, innovation happens when it reacts to market (getting feedback and evolving the solution). * Be flexible in Your plans. Think back where You were at the age of 18. It was not massive goal setting and grinding that got You here, but being adaptable and choosing better opportunities. So do the same now, don’t be blindly stuck on the plan. * Let the team be more involved with all strategy - when they come up with the “perfect A level player”, they hold themselves to a higher standard too. And when they come up with some plans, they own it and get it done with a higher motivation. Let your employees design the dashboard of daily metrics so that they can own it and are motivated to work on the key objectives themselves. * There is nothing passive in this world that is everlasting. The passive income is an illusion, “Money for nothing”, not being active. You can’t win any race passively. Even if You manage to get a good momentum, it will slow down when You don’t deal with it at all. No achievers started their business with the goal of being passive, but growing their business. * Just like in nature, the key is to evolve - so self development is not for growing who You already are, but evolving into something more suitable for the new environment. The world does not change in 5 years like the nature did, but You do switch the environment, so You need to evolve Yourself. So Charles Darwin (evolution and survival) is a business philosophy too. * Don't start with tactical questions (how can we increase our sales) but strategic questions (why are our sales so low)? * Harv Eker - “How you do anything, is how you do everything.”. * How advanced is Your business dashboard - is it like a F16 fighter jet, or like a bike? With the latter it is not possible to get much done. * Don’t live the way You’d be ashamed to meet the man “You could have been”. Live up to Your potential so You are proud to meet him. * Knowing Your strengths is essential for business growth because You can make better real time decisions based on that, what to sacrifice going forward. * UVP - Unique Value Proposition, don’t just think of some selling arguments, but try to match with the client’s idea of success. Customers Want more than value - they want success. * Clients say NO for a reason, find out what that is. When they would make the switch to you, what risks do they imagine? So every “No” is an opportunity to find out more about Your business. * Mothers love their babies, and some of them are ugly. The same is with Your business model - it does not matter how passionate and loving You are, other people do not like it more because of that. You need to fall in love with your customers, not your product. That being said, employees are no #1, not clients. * About exiting strategies - whether to aim at it or not, You should build a stable revenue and bring down the risks. The things that CAN go wrong lower Your exit price. * Problems deferred are problems multiplied, deal with them before they grow. “The risk is in control” is an illusion, solve it. * Before a sports game players need an optimistic prep talk in the locker room, making them believe they are gods. But the manager of the team should stay away - being optimistic will kill the financial part of the stadium/team. Business need clean rational thinking, because optimism will end in bankruptcy. This is where the board comes in - they will be without optimism and feelings, just plain facts. They stand for a good defense and stop doing stupid decisions. The higher you go, the more you need people in your life who tell you the brutal truth. * The second or tenth chocolate bar is never as good as the first, so don’t confuse pleasure with happiness. * The price for entrepreneurship is discipline and structure. * Do not confuse sustainability with stability, you need to rock the boat to get ahead. * Scaling mediocrity ends up with massive mediocrity, so always optimize first. * The author often recommends peer group of a board - so You help others, and they help You. Prepare before a meeting and give value to others too. And the board meeting is not a seminar where You listen, but an active discussion where You need to provide value. * A good CEO schedules time to talk to both employees and clients, face to face time. Make human connections. Demonstrate that you need your people more than they need you. * A good CEO is known for filtering and hiring A level players. And when one of them leaves (or joins) we should always investigate the reasons and learn from them.
Anyway, my notes =>
Think of the biggest financial mistakes you have made - now they seem stupid ones, where You should have dome more (pessimistic) thinking, right? Well, to get richer, we don’t have to do super smart things, but just to avoid the stupid decisions by thinking more. * When emotions go up, intelligence goes down. Optimism is a dangerous emotion that leads to stupid decisions. Everybody sees the benefits, but it’s essential to be also pessimistic - what is the worst case scenario and can I live with that? Always check Your assumptions - What do I not see? * The classic book from Napoleon Hill is titled THINK and grow rich - not “USE YOUR GUT and”, “VISUALIZE and”, “DO WHAT YOU LOVE and”... It’s THINK for a reason. * You have to find the right question, that has not yet been asked. We are not stuck because of bad answers, but because of bad questions. “How might I (...) So that I can (...)”. * Too often we are looking for ways to lessen the symptoms, but not to cure the root disease. Buying 10 different sports equipment at home does not solve the root issue of having a bad diet. The way to sell more is the same - don’t use tactics on selling, but ask, why are the customers not buying this product/service? What am I not seeing, that is causing the symptom? What in the outside world could happen to lessen of the symptom? What by stopping is causing the symptom to lessen? Get Your clients to think “I would be crazy to do business with someone else” * A fun story about golf - a “Double Boogie” (+2 shots) is a “bad shot, made after a stupid shot”. Don’t do the miracle shot, play it safe! Actually this mindset is what the book is about - avoid the “opportunities” that can end up with a serious mistake. * The author talks about his 60m session of “thinking time” - he has a thinking chair, pen, journal (only to be used on his “thinking time”). 45 minutes is to ask questions and write down answers - the last 15 minutes is to sum up some wisdom gained. He does not move at all during this session, only his right arm writing down thoughts. And adding one answer, he adds the starting dot on the other line, as if there were more to come up with. He mentions that often his most creative ideas are in the last third of the time (when all obvious is already written out). * If You want to have a successful plumber business, then do not educate yourself on the subject of plumbing, but on the subject of business! Do You want to be the gold medal of plumbers - or do You want to have plumbing business of 1 million euros? Few things are as unrewarded as artistic and technical expertise! * When starting out with a new business, the founder must fill all the roles - but you need to keep them separated. Do not carry Your investor hat to do the artistic work, and vice versa. The artist will presume more beauty means more profit, but McDonalds does not reinvent the big Mac. The artistic people are control freaks - but when You want more growth, the less control you have. * Separate the roles if You carry them by Yourself 1) The artist is creating it 2) The operator is doing it 3) The owner is leading, structuring and levering it (asking “what needs to be measured and delegated?”) and 4) the board is protecting the business and keeping it alive (start a peer group etc as soon as possible) providing world class defense. * Ask Yourself - what “hat” is Your comfort zone? What roles are You avoiding? * Company culture is very important - but PERKS do not create a culture (nap room, Jacuzzi), they only drive entitlement. More money does not help to save the marriage, You know that. * “Show me a disinterested employee and I'll show you a lousy work culture and a disinterested boss". Work culture is not something you set once (build a nap room) and forget about it. It has to be continuous, rewarding. And working on the right culture is always the right thing to do. * When setting a high standard company culture, there are always some star players who think that rules do not apply to them. You want to make exceptions, BUT You can not - there are no exceptions, when it comes to culture. And an rule not enforced is not a rule, it is a suggestion. If You don't do the hard conversations, it’s because you don't care. If you cared enough, you'd do them. Peter Drucker - "culture eats strategy for breakfast" * A CEO must never delegate 7 things: 1) Clarity on point A (where the business is today) and point B (where it is going) 2) Identify the gap (from A to B) and the obstacles 3) Design the team and the machine (to overcome the gap and obstacles) 4) allocate resources (all machines require resources) to both tackle the day-to-day and the bigger plans, “cooking tonight's dinner while planning for tomorrow's breakfast”. Profound - each time You take on new challenges and goals with the team, you MUST decide where You will be taking resources from. The reality is that something will suffer. 5) Get top grade A players. When you have a good machine, it can not be operated by a mediocre team. The business success is all about who you hire and who you don't fire. People need to A) see a scoreboard and need to know what to change on their performance. B) high internal need to succeed. Motivation is for amateurs, the professionals never need motivating. Instead of pep talk, create a challenge for them - good players love to be challenged. C) they love to be measured and held accountable on their results. People who get A grades wait for the report day, while C grade people dread those days. And when A level players do get a B grade, they want to fix it themselves. D) Good tech knowledge E) They are humble enough to ask for coaching - “What else can I do, where can I get better, what can I do or learn to continue to grow?” F) They see opportunities in every problem. Continue with CEO list => 6) Build the operating chart hierarchy the company needs. Outcome based, not just to think about the current work force and to allocate them in Your boxes. 7) Create the work culture. * Mistakes are unavoidable, but learning from them is optional. A mistake is not a sin, when they are admitted. * Go slow and avoid the do-overs. We don't admire people that made it, we admire people that kept it. * Always up the talent pool, each new person should raise the average salary. * When we diet and have expectations of losing 5 KG within a week, we fold. Don't get crazy expectations. * When marketing is done right, selling becomes unnecessary. Find out what Customers want! * When guiding the B level team members, some dialog to help: "My effort for You to get better cannot exceed Your effort to get better. Your work and the job are connected - if you will not do the work, you can not keep the job. You don't have to beg for the paycheck, so why should I beg you to do your work? Help me to understand and what do you recommend?” * But do keep in mind - controlling others brings disgusting emotions to BOTH parties. * Your life works on the level you keeping your commitments. * Inventions happen in the laboratory, innovation happens when it reacts to market (getting feedback and evolving the solution). * Be flexible in Your plans. Think back where You were at the age of 18. It was not massive goal setting and grinding that got You here, but being adaptable and choosing better opportunities. So do the same now, don’t be blindly stuck on the plan. * Let the team be more involved with all strategy - when they come up with the “perfect A level player”, they hold themselves to a higher standard too. And when they come up with some plans, they own it and get it done with a higher motivation. Let your employees design the dashboard of daily metrics so that they can own it and are motivated to work on the key objectives themselves. * There is nothing passive in this world that is everlasting. The passive income is an illusion, “Money for nothing”, not being active. You can’t win any race passively. Even if You manage to get a good momentum, it will slow down when You don’t deal with it at all. No achievers started their business with the goal of being passive, but growing their business. * Just like in nature, the key is to evolve - so self development is not for growing who You already are, but evolving into something more suitable for the new environment. The world does not change in 5 years like the nature did, but You do switch the environment, so You need to evolve Yourself. So Charles Darwin (evolution and survival) is a business philosophy too. * Don't start with tactical questions (how can we increase our sales) but strategic questions (why are our sales so low)? * Harv Eker - “How you do anything, is how you do everything.”. * How advanced is Your business dashboard - is it like a F16 fighter jet, or like a bike? With the latter it is not possible to get much done. * Don’t live the way You’d be ashamed to meet the man “You could have been”. Live up to Your potential so You are proud to meet him. * Knowing Your strengths is essential for business growth because You can make better real time decisions based on that, what to sacrifice going forward. * UVP - Unique Value Proposition, don’t just think of some selling arguments, but try to match with the client’s idea of success. Customers Want more than value - they want success. * Clients say NO for a reason, find out what that is. When they would make the switch to you, what risks do they imagine? So every “No” is an opportunity to find out more about Your business. * Mothers love their babies, and some of them are ugly. The same is with Your business model - it does not matter how passionate and loving You are, other people do not like it more because of that. You need to fall in love with your customers, not your product. That being said, employees are no #1, not clients. * About exiting strategies - whether to aim at it or not, You should build a stable revenue and bring down the risks. The things that CAN go wrong lower Your exit price. * Problems deferred are problems multiplied, deal with them before they grow. “The risk is in control” is an illusion, solve it. * Before a sports game players need an optimistic prep talk in the locker room, making them believe they are gods. But the manager of the team should stay away - being optimistic will kill the financial part of the stadium/team. Business need clean rational thinking, because optimism will end in bankruptcy. This is where the board comes in - they will be without optimism and feelings, just plain facts. They stand for a good defense and stop doing stupid decisions. The higher you go, the more you need people in your life who tell you the brutal truth. * The second or tenth chocolate bar is never as good as the first, so don’t confuse pleasure with happiness. * The price for entrepreneurship is discipline and structure. * Do not confuse sustainability with stability, you need to rock the boat to get ahead. * Scaling mediocrity ends up with massive mediocrity, so always optimize first. * The author often recommends peer group of a board - so You help others, and they help You. Prepare before a meeting and give value to others too. And the board meeting is not a seminar where You listen, but an active discussion where You need to provide value. * A good CEO schedules time to talk to both employees and clients, face to face time. Make human connections. Demonstrate that you need your people more than they need you. * A good CEO is known for filtering and hiring A level players. And when one of them leaves (or joins) we should always investigate the reasons and learn from them.
April 13, 2020
This is the first book I’ve read by Keith - wow! This is such a fun read filled with a great new take on much of the conventional wisdom we know but many times fail to practice consistently. Here is a sampling of some good stuff:
The key to getting and staying rich is to avoid doing stupid things - do fewer dumb things; avoid making emotional decisions and swinging at bad pitches.
What sabotages our dreams and causes most of our problems is our excessive optimism and emotional belief in magic pills and secret formulas. We gravitate towards impulsive, glandular decisions instead of thoughtful, rational ones.
“Emotions and intellect work inversely. When emotions go up, intellect goes down.” Warren Buffett said, “Optimism is the enemy of the rational investor.”
“More often than not, critically thinking about what could go wrong and doing the work to mitigate those risks before taking action is abandoned in favor of comfort zones, the path of least resistance, and speed (instant gratification).”
Warren Buffett said, “I insist on a lot of time being spent thinking, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
Great business owners work hard, practice, study, test, think, correct, and practice some more. All are committed to excellence and mastery of the game.
“If you want to be better, you must get better.”
“Running the wrong direction enthusiastically is stupid.”
Economist Peter Bernstein said, “The riskiest moment is when you think you are right.”
The 5 core disciplines of Thinking Time:
1. Find the unasked question - “What keeps us stuck are inferior questions that produce tactical or unattractive choices.” “Most unanswered questions remain unanswered because the question was never asked.” Frame the problem by asking, “How might I...?” “Having the right answer is smart. Having the right question is genius.” Peter Drucker said, “The truly dangerous thing is asking the wrong question.” Design better questions.
2. Separate the problem from the symptom - “Find the drip, fix the leak.” The gap between where you are and where you’d like to be is not the core underlying problem; it’s the symptom. The symptom is what indicates something is wrong, but it does not shed light on what is causing it to show up. They key to defining the root problem is discovering the obstacle (it resides in the gap). It is the obstacle that is the problem, not the dissatisfaction with your current circumstances. “Our tendency is to search for obvious answers and tactical solutions to alleviate the discomfort of the symptom. Bad questions beget wrong answers. Tactical questions always produce tactical answers.” Inadequate sales are a symptom of something else. “Don’t confuse activity with productivity.” “If we misdiagnose or mislabel the problem, we will gravitate toward designing solutions and building machines for the symptoms.” Separating the “problem that is” from the “symptom we see” is not easy. It often requires peer input, brutal honesty, and penetrating questions. Example: the symptom is - I weigh too much. The problem - a lack of discipline, consistent diet and exercise. “You can’t out-exercise a bad diet.” Sustaining forward progress is only possible by identifying: exactly where you are; where the goal line is, and then overcoming the specific obstacle preventing you from reaching your goal.
3. Check assumptions - Validate assumptions. Ask - “What don’t I see?”
4. Consider 2nd-order consequences - clarify the risks and the possibility and cost of being wrong. Ask: “What is the upside? What is the downside or what could go wrong? And Can I live with the downside?” Consider the possibility of being wrong. [the venomous king cobra debacle in colonial New Delhi where breeders received bounty for every dead cobra collected. After the British became aware of the scheme, they immediately scrapped the bounty program. The cobra farmers released the cobras and the # was twice as larger as before the “good idea” was hatched.]
5. Create the machine - create the executable plan and identify the resources required to solve the real (core) problem and make forward progress. “A good idea that can’t be executed is a bad idea.” Measurement is the key to sustainability and a culture of accountability. The “Paprika Effect” - “Finding the dash of paprika that is ruining your pie requires careful thinking and close observation.”
Successful CEO’s have 7 primary, non-delegable jobs:
1. Clarity on Point A (where the business is today) and Point B (vision of where the business should be in the future). Clarity about reality is rare.
2. Identify the Gap and the Obstacle. The obstacle is buried within the gap.
3. Design the Plan and Machine to overcome the obstacle.
4. Allocate Resources.
5. Top grade for A Players - Machines don’t operate themselves. The caliber of your team is the single most important component of successfully and efficiently operating. Business success is highly dependent on who you hire and who you don’t fire. A Players: Have a scoreboard (they love to be measured and held accountable for their results); have a high internal, emotional need to succeed; they love be challenged and tested (Pros never need motivating; Inspiration is another story); have the technical chops to do the job; they are humble enough to ask for coaching (asking: What else can I do? Where can I get better? What do I need to do or learn so that I continue to grow?); They see opportunities (C players see only problems)
6. Build the Organizational Structure - creating an outcomes-based org chart.
7. Create the Culture - Showing other people that you care, accountability, measuring, and a desire for excellence. The CEO sets the example and tone. “Show me a lousy culture and I will show you a lousy CEO.”
One must provide clarity on the obstacle and consistency of disciplined execution on the critical drivers. “Consistency requires measurement. Discipline requires standards. Execution requires resources.”
The key to getting and staying rich is to avoid doing stupid things - do fewer dumb things; avoid making emotional decisions and swinging at bad pitches.
What sabotages our dreams and causes most of our problems is our excessive optimism and emotional belief in magic pills and secret formulas. We gravitate towards impulsive, glandular decisions instead of thoughtful, rational ones.
“Emotions and intellect work inversely. When emotions go up, intellect goes down.” Warren Buffett said, “Optimism is the enemy of the rational investor.”
“More often than not, critically thinking about what could go wrong and doing the work to mitigate those risks before taking action is abandoned in favor of comfort zones, the path of least resistance, and speed (instant gratification).”
Warren Buffett said, “I insist on a lot of time being spent thinking, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
Great business owners work hard, practice, study, test, think, correct, and practice some more. All are committed to excellence and mastery of the game.
“If you want to be better, you must get better.”
“Running the wrong direction enthusiastically is stupid.”
Economist Peter Bernstein said, “The riskiest moment is when you think you are right.”
The 5 core disciplines of Thinking Time:
1. Find the unasked question - “What keeps us stuck are inferior questions that produce tactical or unattractive choices.” “Most unanswered questions remain unanswered because the question was never asked.” Frame the problem by asking, “How might I...?” “Having the right answer is smart. Having the right question is genius.” Peter Drucker said, “The truly dangerous thing is asking the wrong question.” Design better questions.
2. Separate the problem from the symptom - “Find the drip, fix the leak.” The gap between where you are and where you’d like to be is not the core underlying problem; it’s the symptom. The symptom is what indicates something is wrong, but it does not shed light on what is causing it to show up. They key to defining the root problem is discovering the obstacle (it resides in the gap). It is the obstacle that is the problem, not the dissatisfaction with your current circumstances. “Our tendency is to search for obvious answers and tactical solutions to alleviate the discomfort of the symptom. Bad questions beget wrong answers. Tactical questions always produce tactical answers.” Inadequate sales are a symptom of something else. “Don’t confuse activity with productivity.” “If we misdiagnose or mislabel the problem, we will gravitate toward designing solutions and building machines for the symptoms.” Separating the “problem that is” from the “symptom we see” is not easy. It often requires peer input, brutal honesty, and penetrating questions. Example: the symptom is - I weigh too much. The problem - a lack of discipline, consistent diet and exercise. “You can’t out-exercise a bad diet.” Sustaining forward progress is only possible by identifying: exactly where you are; where the goal line is, and then overcoming the specific obstacle preventing you from reaching your goal.
3. Check assumptions - Validate assumptions. Ask - “What don’t I see?”
4. Consider 2nd-order consequences - clarify the risks and the possibility and cost of being wrong. Ask: “What is the upside? What is the downside or what could go wrong? And Can I live with the downside?” Consider the possibility of being wrong. [the venomous king cobra debacle in colonial New Delhi where breeders received bounty for every dead cobra collected. After the British became aware of the scheme, they immediately scrapped the bounty program. The cobra farmers released the cobras and the # was twice as larger as before the “good idea” was hatched.]
5. Create the machine - create the executable plan and identify the resources required to solve the real (core) problem and make forward progress. “A good idea that can’t be executed is a bad idea.” Measurement is the key to sustainability and a culture of accountability. The “Paprika Effect” - “Finding the dash of paprika that is ruining your pie requires careful thinking and close observation.”
Successful CEO’s have 7 primary, non-delegable jobs:
1. Clarity on Point A (where the business is today) and Point B (vision of where the business should be in the future). Clarity about reality is rare.
2. Identify the Gap and the Obstacle. The obstacle is buried within the gap.
3. Design the Plan and Machine to overcome the obstacle.
4. Allocate Resources.
5. Top grade for A Players - Machines don’t operate themselves. The caliber of your team is the single most important component of successfully and efficiently operating. Business success is highly dependent on who you hire and who you don’t fire. A Players: Have a scoreboard (they love to be measured and held accountable for their results); have a high internal, emotional need to succeed; they love be challenged and tested (Pros never need motivating; Inspiration is another story); have the technical chops to do the job; they are humble enough to ask for coaching (asking: What else can I do? Where can I get better? What do I need to do or learn so that I continue to grow?); They see opportunities (C players see only problems)
6. Build the Organizational Structure - creating an outcomes-based org chart.
7. Create the Culture - Showing other people that you care, accountability, measuring, and a desire for excellence. The CEO sets the example and tone. “Show me a lousy culture and I will show you a lousy CEO.”
One must provide clarity on the obstacle and consistency of disciplined execution on the critical drivers. “Consistency requires measurement. Discipline requires standards. Execution requires resources.”
January 3, 2021
Increadibly powerful business book
After listening to many books on business, this is one if the best. Keith is pushing the idea of thinking, its clear the more thinking needs to be done. His idea of ‘thinking time’ is extremely valuable to avoid the dreaded ‘dumb tax.’ You will learn a lot from this book!
After listening to many books on business, this is one if the best. Keith is pushing the idea of thinking, its clear the more thinking needs to be done. His idea of ‘thinking time’ is extremely valuable to avoid the dreaded ‘dumb tax.’ You will learn a lot from this book!
November 28, 2023
Another great book that I definitely will be re reading sometime soon!
May 27, 2020
It is a book full of advice for business owners / managers. Not many stories, not many examples - just calls for action.
I found many of them useful. One of the cornerstones of the whole book is the concept of "Thinking Time": planning an interrupted time for thinking over important questions that your business is facing. A leader / manager needs to plan time for thinking - otherwise he/she will just be "doing" stuff. I liked that there was a rich menu of questions to pick from - and to ask yourself in one of those "Thinking Time" sessions.
The metaphor of multiple hats that a leader has (Artist, Operator, Owner, Board/Investor) - which he/she can pick in different situations - is also quite interesting. There are many questions in relation to these different "hats" you can ask yourself and challenge your status quo as a manager.
There are also useful tools for risk assessment, strategic options thinking as well as planning in this book. I intend to use at least some of them in practice.
The book is obsessed with focus on a customer - and that is a good thing. As an example of a question to ask yourself: "What has to happen so the customer will say ‘I’d have to be crazy to do business with someone else!’?
Another obsession of the book is on finding a focus, finding a core problem to work upon. Again - simple but invaluable advice that can best be utilised when honestly asking yourself something like "What one meaningful, specific outcome, if I achieved it, would have a significant positive impact on my business?
The book itself is no fun read. It is not difficult, but should probably be taken literally as a manual for action. The author's style is often obnoxious: "Go try yourself. You will thank me later". There were also those numerous annoying references to "bumper stickers" (high-sounding slogans) and "how not to be stupid". Overall, a lot of the theses / questions of this book are rather obvious.
Nevertheless, I am looking forward to go through many of the questions designed for the "Thinking Time" sessions and to reflect on them in relation to the business line I am running - on my own and with our leadership team.
I found many of them useful. One of the cornerstones of the whole book is the concept of "Thinking Time": planning an interrupted time for thinking over important questions that your business is facing. A leader / manager needs to plan time for thinking - otherwise he/she will just be "doing" stuff. I liked that there was a rich menu of questions to pick from - and to ask yourself in one of those "Thinking Time" sessions.
The metaphor of multiple hats that a leader has (Artist, Operator, Owner, Board/Investor) - which he/she can pick in different situations - is also quite interesting. There are many questions in relation to these different "hats" you can ask yourself and challenge your status quo as a manager.
There are also useful tools for risk assessment, strategic options thinking as well as planning in this book. I intend to use at least some of them in practice.
The book is obsessed with focus on a customer - and that is a good thing. As an example of a question to ask yourself: "What has to happen so the customer will say ‘I’d have to be crazy to do business with someone else!’?
Another obsession of the book is on finding a focus, finding a core problem to work upon. Again - simple but invaluable advice that can best be utilised when honestly asking yourself something like "What one meaningful, specific outcome, if I achieved it, would have a significant positive impact on my business?
The book itself is no fun read. It is not difficult, but should probably be taken literally as a manual for action. The author's style is often obnoxious: "Go try yourself. You will thank me later". There were also those numerous annoying references to "bumper stickers" (high-sounding slogans) and "how not to be stupid". Overall, a lot of the theses / questions of this book are rather obvious.
Nevertheless, I am looking forward to go through many of the questions designed for the "Thinking Time" sessions and to reflect on them in relation to the business line I am running - on my own and with our leadership team.
May 27, 2022
This book is a winner! It is well worth my time. It took over and secured the #1 spot as my favorite business book.
Highly recommend reading this book!
Fun fact - Keith Cunningham is supposedly known to be the Rich Dad from Rich Dad Poor Dad.
So if you are a CEO or entrepreneur, it's a must read!
If you are thinking about starting a business, this book is for you too.
If you are a manager, you will benefit from this book too. It has a great take on culture and team.
This book will help you stop making big mistakes that can cost you a fortune.
Keith tells it as it is. He lost it all and he came back. He shares many stories, insights and lessons from his experience doing business and consulting other business owners.
You don't have to read the book in a linear fashion. Keith didn't write the book that way. You can pick it up and choose to read any chapter you like.
The chapters are short and it contains valuable insights and stories.
And at the end of each chapter, there are GREAT questions for you to think about and answer.
Asking great questions is important because you will gain valuable insights to help you understand your problem better and to spot opportunities.
Most of our stupid mistakes are made with emotions. When you ask great questions, think it through and work it out on paper, you will get great answers. PLUS, you'll make less mistakes that cost you a fortune.
Set some Thinking Time aside and use it to answer the questions. Your answers will benefit you greatly.
I will definitely be reading this book over and over again...as well as implementing Thinking Time.
Keith ends every chapter with "NOW...Go Think! You will thank me later."
So I will end this with:
NOW...Go get this book and read! You will thank me later.
Highly recommend reading this book!
Fun fact - Keith Cunningham is supposedly known to be the Rich Dad from Rich Dad Poor Dad.
So if you are a CEO or entrepreneur, it's a must read!
If you are thinking about starting a business, this book is for you too.
If you are a manager, you will benefit from this book too. It has a great take on culture and team.
This book will help you stop making big mistakes that can cost you a fortune.
Keith tells it as it is. He lost it all and he came back. He shares many stories, insights and lessons from his experience doing business and consulting other business owners.
You don't have to read the book in a linear fashion. Keith didn't write the book that way. You can pick it up and choose to read any chapter you like.
The chapters are short and it contains valuable insights and stories.
And at the end of each chapter, there are GREAT questions for you to think about and answer.
Asking great questions is important because you will gain valuable insights to help you understand your problem better and to spot opportunities.
Most of our stupid mistakes are made with emotions. When you ask great questions, think it through and work it out on paper, you will get great answers. PLUS, you'll make less mistakes that cost you a fortune.
Set some Thinking Time aside and use it to answer the questions. Your answers will benefit you greatly.
I will definitely be reading this book over and over again...as well as implementing Thinking Time.
Keith ends every chapter with "NOW...Go Think! You will thank me later."
So I will end this with:
NOW...Go get this book and read! You will thank me later.
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