Issues Facing Successful Companies:
- Resistance to change
Case Study: Nokia cell phones had 50% market share and shrunk to 5% in just 3 years.
As human life spans get longer, corporate life spans have gotten tremendously shorter.
Case Study: Football Analytics
Newcastle United went from 5th to 16th place in one year.
“The league table never lies” assumes the final standings are accurate based on the long season.
Attempted to break the correlation between spending and results for a football team with FC Midtjylland in Denmark and Brentford FC in England.
In reality, “The league table always lies!” because the fewer goals in a game the more random moments matter.
Outcome Bias: assuming good results come from superior performance.
Success turns luck into genius.
We ask tough questions when a company fails.
We need to ask tough questions when a company is succeeding too!
Never trust success blindly.
Treat success with the same skepticism as failure.
Case Study: Sprint Coach
Lack of urgency: we hesitate to change until we have a burning platform.
Ankersen wrote Gold Mine Effect: Crack the Secrets of High Performance after researching some remarkable “coincidences” in the following places:
- A village of 17,000 people called Bekoji Ethiopia has produced long-distance runners who have won 16 Olympic medals in 20 years.
- The best sprinters came from the exact same club on the outskirts of Jamaica called MVP Track and Field.
Success breeds a desire for comfort.
Too much comfort. No real improvement.
We need to create enough discomfort to keep making progress.
Re-think your potential.