This morning there was a great article from MPR reporter Tom Robertson that touched on how the elimination of shop class in high schools is seen as a contributor to decline in skilled manufacturing candidate across the state. “Worker skills shortage starts in high school” parallels a book that I had read a few months back from Matthew Crawford titled Shop Class as Soul Craft. In his book Crawford asks us to examine the intent and outcomes of our fervent battle cry for all kids to go to college and to become part of the information economy rather than becoming makers, builders, and fixers.
Over the last year I have done several posts on the importance of mentorship and I am continually surprised by the feedback of how few organizations are investing in a formal mentorship program. In my work driving innovation and new business development I have always found mentorship to be a critical element for success. Today, I published a piece in the entrepreneur and small business publication Under30CEO on the importance of mentorship in driving innovation work. The article focuses on how mentorship can help drive better innovation results, build stronger innovation leaders, and retain the institutional knowledge gained while driving innovation. I conclude the article with 6 elements that I have found to be vital for a successful innovation mentorship program.
We have all seen the endless number of quotes on how we should fail more, fail quickly, and fail often but what do we actually do with all of these failures? If we are lucky we might actually take the time to learn from them but usually we quickly take stock in what happened and make a few mental notes to ensure that we don’t do it again. Rarely do we share the details of your our failures even with friends or family and we certainly would never think of revealing our failures with colleagues or perspective employers. Why do we have this inconsistency? We know that failure is a necessary part of learning and growing for both the organization and the individual but we never want to admit to our failures? If our resume is a collection of our successes… where is our failure resume?
Back in 2009 Silicon Valley entrepreneur Eric Ries (@ericries) had coined the term “pivot” for the technique used by tech startups to change the strategic direction of their companies based on what they had learned (see his original post here). The theory goes that by doing you are actually learning something along the way (see my previous post on learning from feedback loops in systems thinking) and that you might find the “something” that you had learned has a better chance of success than your original strategy. The alternative is that at least it will enable you to extend your organization’s runway further out into the future in search of success.
Inc. Magazine just did a great story “The 22nd Time is the Charm” on entrepreneurship, failure, perseverance, and finally success. When Beachbody first launched the P90X home fitness DVDs in 2005 the product was a huge failure: it was costing too much to make and the sales were dismal. By the end of that year the company’s revenues had sunk from $100m to $83m. With all of the production and marketing expenses involved in launching the product the per order costs were at roughly $250 (much of this due to sizable fixed costs and low sales volume) and they were only selling the DVDs for what they thought customers would be willing to pay at $120 per set – obviously not a sustainable business model.
The Federal Small Business (SBA) association recently calculated their 2012 list of the business franchises that most frequently failed to repay their SBA loans. Blue MauMau, a blog focusing on the business of franchises in the United States, recently published the list as the Worst 25 Franchises to Buy with the Highest Failure Rates 2012 and 4 of the worst 25 were ice cream franchises: Carvel Ice Cream (56.41%), Marble Slab Creamery (43.66%), Cold Stone Creamery (41.93%), and MaggieMoo’s (39.39%).
Receive periodic email updates from Matt Hunt including his published pieces, updates on his progress, and more!
