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Uncomfortable Truths2001
Tom Peters
SDRC/Orlando/05.30.2001
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1. The Performance of Big Companies
Stinks!
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Forbes100 from 1917 to 1987: 39 members of the Class of ’17 were alive in ’87; 18 are in ’87 F100; the 18 F100 “survivors” underperformed the market by
20%; just 2 (2%), GE & Kodak, outperformed the market from 1917 to 1987.
S&P 500 from 1957 to 1997: 74 members of the
Class of ’57 were alive in ’97; 12 (2.4%) of 500 outperformed the market from 1957 to 1997.
Source: Dick Foster & Sarah Kaplan, Creative Destruction: Why Companies That Are Built to Last Underperform the
Market
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“When asked to name just one big merger that had lived up to expectations, Leon
Cooperman, former cochairman of Goldman Sachs’ Investment Policy
Committee, answered: I’m sure there are success stories
out there, but at this moment I draw a blank.”
Mark Sirower, The Synergy Trap
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2. The Web:
100% or Don’t Bother!
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“Ebusiness is about rebuilding the organization from the
ground up. Most companies today are not built to exploit the Internet.
Their business processes, their approvals, their hierarchies, the
number of people they employ … all of that is wrong for running an
ebusiness.”
Ray Lane, Kleiner Perkins
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Forget>“Learn”
“The problem is never how to get new, innovative
thoughts into your mind,
but how to get the old ones out.”
Dee Hock
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3. Get a [NEW] Metabolism/Life!
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“We don’t sell insurance
anymore. We sell speed.”
Peter Lewis, Progressive
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Enron = 1000X in
12 months.
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4. Web-driven White Collar Roadkill Will
Amount to about
100%
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108 X 5vs.
8 X 1** 540 vs. 8 (-98.5%)
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90+% of White Collar Jobs Will Be Destroyed
or Re-configured Beyond Recognition in the Next
10 Years.
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5. All Are in Desperate
Pursuit of New Sources of Value
Added
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11 September 2000
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09.11.2000: HP bids
$18,000,000,000for
PricewaterhouseCoopersConsulting business!
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[“These days, building the best server isn’t enough. That’s the
price of entry.”
Ann Livermore, Hewlett-Packard]
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“We want to be the air traffic
controllers of electrons.”
Bob Nardelli, GE Power Systems
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“UPS wants to take over the sweet spot in the endless loop of goods,
information and capital that all the packages [it moves]
represent.”ecompany.com/06.01 (E.g., UPS Logistics manages the
logistics of 4.5M Ford vehicles, from 21 mfg. Sites to 6,000 NA dealers)
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GE … IBM … UPS … Springs … General Mills … Anheuser-Busch …
Carpet One … Etc. … Etc.
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6. Learn Not to Be Careful
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“Reward excellent failures. Punish
mediocre successes.”Phil Daniels, Sydney exec
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The greatest dangerfor most of us
is not that our aim istoo high
and we miss it,but that it is
too lowand we reach it.
Michelangelo
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“Learn not to be careful.”
Photographer Diane Arbus to her students (Careful = The sidelines,
per Harriet Rubin in The Princessa)
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“There is no use trying,” said Alice. “One can’t believe impossible things.” “I daresay
you haven’t had much practice,” said the Queen. “When I was your age, I always did
it for half an hour a day. Why, sometimes I’ve believed as
many as six impossible things before breakfast.”
Lewis Carroll
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Internet …
… allows you to dream dreams
you could never have dreamed
before!
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7. Pursue
Radical Simplicity!
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“Revenues on the Web
are determined almost completely
by usability.”Jakob Nielsen (The Economist 04.28.01)
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8. Systems Must be Designed to
Cope with & Exploit Ambiguity
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“There will be more confusion in the business world in the next decade than in any decade in history.
And the current pace of change will only accelerate.”
Steve Case
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“The corporation as we know it, which is now 120 years old, is
not likely to survive the next 25 years. Legally and
financially, yes, but not structurally and economically.”
Peter Drucker, Business 2.0 (08.00)
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Think Organization & Systems Design that Promotes … Agility
… Plasticity … Impermanence.
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9. (Change-the-World) Project Management Is
Politics! (Period.)
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Message: eBusiness is not a technology play! It is a
relationship, partnership, organizational and
communications play, made possible by new
technologies.
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Message: There is no such thing as an effective
eBusiness/B2B/Internet-supply chain strategy in a low-trust, bottlenecked-
communication, six-layer organization.
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People.Politics.Trust.
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10. Talent!
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“When land was the productive asset, nations
battled over it. The same is happening now for talented people.”
Stan Davis & Christopher Meyer, futureWEALTH
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Message: Some people are better than other
people. Some people are a helluva lot better than other
people.
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“We have transitioned from an asset-based strategy
to a talent-based strategy.”
Jeff Skilling, CEO, Enron
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Enron
COO: Louise Kitchen, F, 29; created
EnronOnline as “Skunkworks”
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“AS LEADERS, WOMEN RULE: New Studies find that female managers
outshine their male counterparts in almost
every measure”Title, Special Report, Business Week, 11.20.00
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“Collaboration” is a BIG Word. Hint:
Women Collaborate & Connect. Men Posture &Fight.
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“Women speak and hear a language of connection and intimacy, and men
speak and hear a language of status and independence. Men communicate to obtain information, establish their
status, and show independence. Women communicate to create
relationships, encourage interaction, and exchange feelings.”
Judy Rosener, America’s Competitive Secret
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The Cracked Ones Let in the Light
“Our business needs a massive transfusion of talent, and talent, I believe, is most likely to be found
among non-conformists, dissenters and rebels.”
David Ogilvy
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QCC/Quick Culture Change
Hire Weird
Promote Deep
Rule of Three (3 = Critical Mass)
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Nasser’s Triad*: The Internet Is the New Job 1
Brian Kelley, 40, head of global sales and service (GE appliances); first non-“car guy”
in the job
Karen Francis, 38, eBusiness czar (Olds brand boss)
Marv Adams, 43, CIO (Bank One’s IT infrastructure consolidator)
* All three are “direct reports”
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11. THE
PRODUCT [Still] MATTERS!
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“Companies have defined so much ‘best practice’
that they are now more or less identical.”
Jesper Kunde, A Unique Moment
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“The ‘surplus society’ has a surplus of
similar companies, employing
similar people, with similar educational backgrounds, working in
similar jobs, coming up with similar
ideas, producing similar things, with
similar prices and similar quality.”
Kjell Nordstrom and Jonas Ridderstrale, Funky Business
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“We make over three new product announcements a
day. Can you remember them?
Our customers can’t!”Carly Fiorina
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12. Pursue & Engage Freaks!
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“Our strategies must be tied to leading edge
customers on the attack. If we focus on the defensive
customers, we will also become defensive.”
John Roth, CEO, Nortel
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“The highest performing companies have well-developed systems for killing ideas
their customers don’t want. As a result, these companies find it very difficult to invest adequate resources in disruptive
technologies—lower margin opportunities that their customers don’t want—until they
want them. And by then it’s too late.”
Clayton Christensen, The Innovator’s Dilemma
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Saviors-in-Waiting
Disgruntled CustomersFringe CompetitorsRogue Employees
Edge SuppliersWayne Burkan, Wide Angle Vision: Beat the
Competition by Focusing on Fringe Competitors, Lost Customers, and Rogue
Employees
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13. To Lead Is to Inflame!
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“Create a Cause, not a ‘business.’
”Gary Hamel, Fortune (06.00), on re-inventing a
company (Exemplar #1: Charles Schwab)
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“Let’s make a dent in the universe.”
Steve Jobs