Musashi's Dokkodo (The Way of Walking Alone)
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dokkodo
Businessman:
I see this precept as a call for open-mindedness, a willingness to explore any opportunity no matter how bizarre it might seem at first blush, at least until it’s well understood and evaluated. In other words, it’s about thinking outside the proverbial box… Few companies do it better than Amazon. After surviving the dot-com bubble which destroyed most internet startups of that era, Amazon has grown up to become what is arguably the world’s best business- model innovation organization. While most companies tend to focus on refining what they’re already good at, branching out only in narrow ways, Amazon has been able to identify and grasp onto opportunities that virtually no one else saw coming. In the words of their CEO Jeff Bezos, “If you want to continuously revitalize the service that you offer to your customers, you cannot stop at what you are good at. You have to ask what your customers need and want, and then, no matter how hard it is, you better get good at those things.” Sounds simple, but it takes fearlessness, discipline, drive, money, and the willingness to get it wrong from time to time in order to make that happen. To quickly recap their evolution as an enterprise, Amazon originally set out to change the way people bought books. When they found that they had excess capacity they began brokering an online marketplace with other sellers, expanding their core e-retailing model to cover a plethora of products far beyond books. Nowadays it’s tough to find anything (legal) that you can’t buy on their website. With an extremely efficient supply chain and delivery processes, they can either directly sell or broker everything from consumer electronics to handyman services, clothing, sporting goods, and fresh groceries. Their “Prime” subscription service used to be a way to get free shipping, yet now it leverages their IT investments to come with streaming movies and music, cloud photo storage, and a Kindle sharing library. Speaking of Kindle, their e-reading platform leverages an application that can be downloaded onto smartphones and computers or used on their inexpensive tablets so that customers can be continuously in touch with their content no matter where they are or on what device they wish to access it with... And, much like Apple’s iTunes, Amazon takes a small cut out on every transaction. They even own a publishing house, CreateSpace, to help their user base generate original content such as books and videos. Leveraging the technologies that built their own website and vast IT infrastructure, Amazon Web Services (AWS) has commercialized cloud computing to grow their application hosting service into a multibillion-dollar business too. All these innovations flowed from their core business as it continuously expanded, but they did so in unconventional ways. Clearly not every business has a culture that can embrace risk- taking or become as entrepreneurial as Amazon. We may not be Amazon, or want to be for that matter, but we certainly can learn from them. We all need to innovate, but not just in products or services. We also need to be able to identify opportunities to create and deploy new business models too. For example, we must ask ourselves how we can utilize excess capacity better in our enterprise; find ways to leverage our resources toward optimal business value much as Amazon used excess IT capacity to build their AWS hosting services. This requires creative thinking. Everyone has the capacity to be creative, in most cases our imaginations ran wild as kids, but many of us have had the creativity socialized out of us as we grew up. In other words, in school we discovered that there’s only one right answer, which by implication means that everything else is wrong. That may be true in mathematics, but in business more often than not that’s simply not the case. There really is more than one right way to do everything, yet some are more profitable and less risky than others. This means that we need to do the hard work of innovating, churning through, trying out, and discounting ideas, in order to discover the best ones. Oftentimes this means failing along the way… It’s okay to fail from time to time, but it’s not okay to give up. For instance, Thomas Edison created nearly 3,000 different ideas for lighting, evaluating each of them for practicality and profitability, before inventing the light bulb that he became famous for. Clearly creativity isn’t just throwing out a bunch of ideas to see what sticks, it requires hard work, but the end results are worth it. A challenge, however, is that creative thinking draws critics in much the same way that fresh manure draws flies. After all, if we come up with something that has not been done before, our innovation challenges the status quo. It’s threatening. But, we can prove the naysayers wrong, even when it is our own selves who get in our way. For example, a decade or so ago I published an editorial in ForeWord Magazine titled “Romancing the Tome, An Ode to the printed book.” As you can no doubt guess from the title, I wasn’t a big fan of e-readers back then, yet today I do virtually all of my recreational reading on a Kindle or via the Kindle app on my smartphone. At the time I wrote the article I meant every word of it, but it turns out that I was mistaken… After evaluating the benefits like cost and convenience I was also willing to admit that I was wrong and embrace the change. We must all force ourselves to be open-minded in order to be able to adopt valuable new ideas. Albert Einstein once said, “Imagination is more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the entire world, and all there ever will be to know and understand.” If we wish to be truly innovative, to break from customary beliefs, we must let our imaginations soar free. In this precept, Musashi was spot on. |
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