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trekking
a newsletter on practical strategic thinking and action
issue #72
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Red Sox-Yankees, Green Monster seats
The
other day I got a call at 4 PM from a former colleague saying, "I was just
given seats to the Red Sox-Yankees game tonight at 7 PM. These are first row seats up on the Green
Monster and I'm inviting three other interesting business people - can you make
it?"
Let
me preface this story by saying that I've been to many games in Fenway Park, but
never to watch a game from the seats above the 37-foot Green Monster. Needless to say, I would have accepted the
offer even if they were playing the Toledo Mud Hens, but the arch-rival Yankees
made it even more special. The other guests were definitely interesting
business people, so that was a bonus. And we did have a
Green Monster moment, when the Yankees' Nick Swisher hit a
double off the wall just one foot from clearing the wall and landing in
our seats. Sox lost 6-4.
Time
is our precious resource. For business, how and with whom we spend it has a
direct impact on the level of our productivity, the quality of our network and
our future. So, it's important to take advantage of opportunities to expand
your circle of acquaintances whenever possible.
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a different approach
When
I was invited to the Red Sox game, I had to make a quick decision about whether
this was a good use of an evening. I know that may sound dramatic, but life is
hectic and I knew this would be a substantial investment of time - getting to
Fenway Park, the game itself and the trip home. Yankees - Red Sox games are usually
four-hour affairs, and I got home after midnight.
Very
often we have to make strategic decisions about who to connect with and how.
What groups or committees should we join? Who should we invite to lunch? Who's a good golf partner? These
decisions are especially important for business development.
I
heard on the radio the other day that you likely have a salary commensurate
with the five people you spend the most time with. Other studies say your
weight will approximate the people you see most frequently. Without taking this too far, it still makes an
interesting point.
This
idea about being selective about how you invest your time, and with whom, has a
direct impact on many other phases of your life.
Are you hanging with time-wasters (sometimes
called a warm cup of coffee) or do you opt to spend time with people who
challenge you to be better than you are? Surrounding yourself with people who
make you strive to think more broadly, encourage you to take on new challenges
and help you get to the next level can prove profitable not only personally but
professionally as well.
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reading list
"From
Poverty to Prosperity: Intangible Assets, Hidden Liabilities and the Lasting
Triumph Over Scarcity" By
Arnold Kling
and Nick Schulz
If
you took economics in school, your mind could be trapped inside a box. Don't
worry, it's not alone. Most minds in our business and economic communities
today are still inside that box.
The
knowledge economy breaks some of the fundamental rules of economics as we know
them. That's because the economics that we learned w ere based on the
concept of scarcity - I sell you a shirt and I have one less in inventory.
Knowledge
is not a finite asset. If I share an idea with you, my inventory of ideas
doesn't go down. We will probably collaborate to improve the idea. If I sell
you a software license, my software doesn't decrease in value, it will probably
increase in value because I'll get user feedback.
This
book does a good job of helping you appreciate this new economic reality and
the great possibilities that the economics of knowledge create for us all.
There are chapters by the authors mixed in with interviews of leading thinkers
about what they call Economics 2.0. This book will help you understand why
future sources of wealth for your business are intangible but very real-and
full of potential.
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announcements
The Exit
Planning Exchange Summit at Babson on March 16 was a big success - over 140
people attended. Attendees participated in a case study about an exiting owner,
they selected from nine breakout sessions on various topics relevant to the
business owner's path to exit and took advantage of networking to meet
with others from a wide range of professions that serve closely held
businesses.
The next XPX eventis on Thursday, April 29 at the Babson
Executive Conference
Center in Wellesley, MA. Two veterans of the boards of private
companies will present. Les Charm, who teaches
entrepreneurship at Babson
College and is a partner
at Youngman & Charm, has been  working with privately held businesses since
1972 and serves as a professional director. Les made an enlightening presentation at an XPX breakfast in January
2008 -"Will the Owner Really Sell?" Les
will be joined by Larry Stybel,
who is currently an Executive in Residence at the Sawyer
School at Suffolk University,
and is Entrepreneur/CEO of Stybel Peabody Lincolnshire, and co-founder and Vice
President of BoardOptions.com. Through BoardOptions, Larry advises clients on
filling Board positions, provides Board education, and consults on governance
matters. Hollis Chase,
of Chase & Associates, will moderate.
Our book, "Intangible Capital: Putting Knowledge to Work for the  21st Century
Organization"will be published on May 1. It's already up on Amazon. More on that in next month's Trekking!
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Trek Consulting is proud to announce that our Trekking newsletter was named a 2008 Constant Contact All Star! |
about trek consulting
Trek works with owner-managed businesses to develop and execute action plans for
growth. Trek also works with the owners to prepare for their successful
exit by coordinating the resources necessary to increase and preserve
the firm's value, creating the succession plan and assembling the right
transaction team, financing and post-transaction plan. Our clients report improved market focus, greater
revenues, better margins and increased profits. To learn more about
Trek Consulting and how we can help you improve your company's results,
visit us on the web at www.trekconsulting.com or call us at 781.729.1008. |
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