Sustainable Sources of Competitive Advantage
Morgan Housel shares sources of competitive advantage. There's a lot to unpack in the article, but this is my favorite: The ability to empathize with customers more than your competition. So many people build things from an ivory tower without figuring out who their customers are, and what needs they have. If you're an executive, get down and have conversations on the ground. Understand how people experience your product. Do User Research.
If I Knew Then (Advice From Harvard's Class of 1963)
Advice from life, careers & more from Harvard's Class of 1963 on their 50th class reunion.
- Do not be content to be average. Mediocrity breeds boredom, poor opportunity, and an unsatisfactory lifestyle. Instead, decide to excel in everything you do, and be distinctive, if not unique, in your approach.
- Embrace humility and learn from your mistakes, but do not let them consume you with the paralysis of indecision or the depression of regret.
- The totality of one’s life is the sum of the many, many choices that one will face and make. Make your choices thoughtfully.
Being Smart Is Not Enough
We often focus on rewarding the best ideas, and forget that for any innovation to be successful, it needs to be promoted and shared widely within an organization. You need both Geniuses & Butterflies (social people who share & teach) in your teams. Don't overindex on a single type of team member.
We Like What We Choose, Not The Other Way Around
If we commit to something, we can learn to love it. "New research confirms that random choices lead to preferences, and then it follows that preferences lead to habits and habits lead us to become the person we somehow decide we were born to be."