Billion Pound Learnings

I was recently at an event from a founder of a multi-billion pound business, who gave a very entertaining and thoughtful presentation on his learnings. I would normally quote him, but given it was off the record...

• Be Hungry Like The Wolf - the mighty wolf is a strong & crapricous carnivore, but it is not too proud to eat the lichen off the rocks in winter when it can't find enough food so it can survive another day.  So be proud, but not too proud to change the plan when an opportunity presents itself so you can survive for another day.
• Too much money means too little focus. A number of start-ups need loads of financing and this can sometimes be their own downfall, as the less money you have the less options you have to focus on.  This means that you prioritise behind the things that will really make a difference.
• Rip Up The Business Plan - If you need a detailed business plan to get funding, then once you have the cash, rip up the plan and learn.  Look for capital funders who are happy to have a company learn rather than stick to the plan.
• Beware of doing it properly - basically understand why things have to be done "properly" or why things are done the way they have always been done and if nobody can truly explain the reason why things are done "properly" or the way they've always been done.
• Take a gun to a knife fight - ensure that if you are competing, that you have a clear, differentiated & unfair advantage.  And don't get into a gun fight if you only have a knife!
• Don't get drawn into it rusty - a reference to a Gary Larsen Far Side cartoon and basically means not to get drawn into a fight on somebody else terms.  Always fight on your own terms.
• Focus - get the 5 things done that need to be done, then go home!
• There are no rules for innovation.  Innovation is about breaking the rules. So therefore you can't learn the rules of innovation.
• Take a risk, especially with people. Look for people who are different and develop a true meritocry.
• Create urgency - speaks for itself!
• Allow the space for things to grow. But also once you've given it the time, if it's not growing, stamp on it. Basically use a Disney Creative Technique.