Business 14 October 2016
Every entrepreneur possesses the capabilities to spot the right opportunities and turn them into multi-million dollar businesses. But what does it really take to turn a small idea into a high-growth business?
“The entrepreneurs that are out there in the world that are really successful – they’re not memorizing or repeating an equation; they’re creating the new equations, they’re building the new models. It’s an impossible thing to do with perfection.”
Amy Wilkinson has been a White House Fellow for nearly four years doing international trade and economics before she decided to embark on a 5-year research-filled journey of creating a fool-proof handbook to be a creator. Her journey resulted in 10,000 pages of transcripts from interviewing 200 top creators, including Elon Musk of Tesla, SpaceX, and PayPal.
She asked a series of questions and then came up with a pattern recognition to figure out what skills they have in common. Finding and tracking down the founders to interview was the hardest thing Wilkinson had ever done – harder even than working in a high-pressured M&A environment.
What she learned through her research was that anyone can create and scale an idea. She came up with five codes that every single creator that she interviewed already possessed:
Decoding your success
1. Drive for daylight. Focusing on the horizon requires moving beyond the familiar. People’s perspectives on their own progress have profound effects on their accomplishments. “To-Go” thinking refers to how much you have left to go, while “To-Date” thinking refers to how much you’ve done to date. To-Go thinking is what accelerates accomplishment when individuals are committed to a goal.
2. Fly the OODA Loop. OODA stands for: observe, orient, decide, act. The OODA loop is a “framework for making rapid decisions that would ensure success in fast-changing environments.”
3. Fail Wisely. Because failure provokes learning, set a failure ratio to maximize your learning. Being prepared for a certain number of failures allows creators to experiment to find the way forward. Place small bets.
4. Network Minds. It’s the difference in how we think, what perspectives we bring to a problem, and the steps we take to tackle difficult challenges that, when combined, unlock breakthrough results. “By engaging with diverse minds, we become more alert to information, more open to reevaluating our own assumptions, and more attuned to solving the task.”
5. Gift Small Goods. “Creators view caring as a competitive advantage and strengthen ties by paying attention to others’ needs.” Generosity can set off a “chain reaction” because “when reputations spread quickly, cooperation increases.”
“You don’t have to be in a certain city at a certain moment in time. You don’t have to have that many dollars. You don’t have to have a certain degree. These ideas can pop up almost anywhere and across different kinds of pursuits.”
Now a professor at the Stanford Graduate School Business, Wilkinson – a graduate herself – passed up many unique and rare opportunities in order to write this book. “At the outset, I believed it would matter, and therefore I pursued it. That’s a very common thing for entrepreneurs – regardless of what their pursuit is – you have to believe that it will matter.”
“One of the really important things that entrepreneurs know and that most people are figuring out now is: there is no right answer in a globally linked and technologically-accelerated world. It’s almost impossible to anticipate where an idea is going to go.”
Listen to our interview with Amy on Entrepreneurs En Vogue Podcast get more exclusive insights from Amy Wilkinson on how to be a creator and to discover more details on the 6 essential skills she talks about in her book, The Creator’s Code.
3 Min Read
With a lack of certainty surrounding the future, being and feeling healthy may help bring the security that you need during these unpredictable times.
When it comes to your health, there is a direct relationship between nutrition and physical activity that play an enormous part in physical, mental, and social well-being. As COVID-19 continues to impact almost every aspect of our lives, the uncertainty of the future may seem looming. Sometimes improvisation is necessary, and understanding how to stay healthy and fit can significantly help you manage your well-being during these times.
Tip 1: Communicate with your current wellness providers and set a plan
Gyms, group fitness studios, trainers, and professionals can help you to lay out a plan that will either keep you on track through all of the changes and restrictions or help you to get back on the ball so that all of your health objectives are met.
Most facilities and providers are setting plans to provide for their clients and customers to accommodate the unpredictable future. The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C. An enormous amount is on the table for this coming fall and winter; if your gym closes again, what is your plan? If outdoor exercising is not an option due to the weather, what is your plan? Leaving things to chance will significantly increase your chances of falling off of your regimen and will make consistency a big problem.
The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C.
Tip 2: Stay active for both mental and physical health benefits
The rise of stress and anxiety as a result of the uncertainty around COVID-19 has affected everyone in some way. Staying active by exercising helps alleviate stress by releasing chemicals like serotonin and endorphins in your brain. In turn, these released chemicals can help improve your mood and even reduce risk of depression and cognitive decline. Additionally, physical activity can help boost your immune system and provide long term health benefits.
With the new work-from-home norm, it can be easy to bypass how much time you are spending sedentary. Be aware of your sitting time and balance it with activity. Struggling to find ways to stay active? Start simple with activities like going for a walk outside, doing a few reps in exchange for extra Netflix time, or even setting an alarm to move during your workday.
Tip 3: Start slow and strong
If you, like many others during the pandemic shift, have taken some time off of your normal fitness routine, don't push yourself to dive in head first, as this may lead to burnout, injury, and soreness. Plan to start at 50 percent of the volume and intensity of prior workouts when you return to the gym. Inactivity eats away at muscle mass, so rather than focusing on cardio, head to the weights or resistance bands and work on rebuilding your strength.
Be aware of your sitting time and balance it with activity.
Tip 4: If your gym is open, prepare to sanitize
In a study published earlier this year, researchers found drug-resistant bacteria, the flu virus, and other pathogens on about 25 percent of the surfaces they tested in multiple athletic training facilities. Even with heightened gym cleaning procedures in place for many facilities, if you are returning to the gym, ensuring that you disinfect any surfaces before and after using them is key.
When spraying disinfectant, wait a few minutes to kill the germs before wiping down the equipment. Also, don't forget to wash your hands frequently. In an enclosed space where many people are breathing heavier than usual, this can allow for a possible increase in virus droplets, so make sure to wear a mask and practice social distancing. Staying in the know and preparing for new gym policies will make it easy to return to these types of facilities as protocols and mutual respect can be agreed upon.
Tip 5: Have a good routine that extends outside of just your fitness
From work to working out, many routines have faltered during the COVID pandemic. If getting back into the routine seems daunting, investing in a new exercise machine, trainer, or small gadget can help to motivate you. Whether it's a larger investment such as a Peloton, a smaller device such as a Fitbit, or simply a great trainer, something new and fresh is always a great stimulus and motivator.
Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine.
Just because you are working from home with a computer available 24/7 doesn't mean you have to sacrifice your entire day to work. Setting work hours, just as you would in the office, can help you to stay focused and productive.
A good night's sleep is also integral to obtaining and maintaining a healthy and effective routine. Adults need seven or more hours of sleep per night for their best health and wellbeing, so prioritizing your sleep schedule can drastically improve your day and is an important factor to staying healthy. Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine. This can help the rest of your day feel normal while the uncertainty of working from home continues.
Tip 6: Focus on food and nutrition
In addition to having a well-rounded daily routine, eating at scheduled times throughout the day can help decrease poor food choices and unhealthy cravings. Understanding the nutrients that your body needs to stay healthy can help you stay more alert, but they do vary from person to person. If you are unsure of your suggested nutritional intake, check out a nutrition calculator.
If you are someone that prefers smaller meals and more snacks throughout the day, make sure you have plenty of healthy options, like fruits, vegetables and lean proteins available (an apple a day keeps the hospital away). While you may spend most of your time from home, meal prepping and planning can make your day flow easier without having to take a break to make an entire meal in the middle of your work day. Most importantly, stay hydrated by drinking plenty of water.
Tip 7: Don't forget about your mental health
While focusing on daily habits and routines to improve your physical health is important, it is also a great time to turn inward and check in with yourself. Perhaps your anxiety has increased and it's impacting your work or day-to-day life. Determining the cause and taking proactive steps toward mitigating these occurrences are important.
For example, with the increase in handwashing, this can also be a great time to practice mini meditation sessions by focusing on taking deep breaths. This can reduce anxiety and even lower your blood pressure. Keeping a journal and writing out your daily thoughts or worries can also help manage stress during unpredictable times, too.
While the future of COVI9-19 and our lives may be unpredictable, you can manage your personal uncertainties by focusing on improving the lifestyle factors you can control—from staying active to having a routine and focusing on your mental health—to make sure that you emerge from this pandemic as your same old self or maybe even better.