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Place Those Small Bets, Quickly!



Place Those Small Bets, Quickly!
   

Nothing goes so well with that first cup of coffee as having your biases confirmed!

In yesterday's Wall Street Journal ("In Search of Growth Leaders"), University of Virginia/Darden Graduate School of Business Prof Sean Carr, et al., lay out a growth model. There are, more or less, two flavors of companies:

The first sort, focused on avoiding downsides, treats customers "only as data," "manages risk through analysis," "places big bets, slowly," and frequently fails in new situations; alas, its rigidity and fearfulness increases through time in a vicious circle.

The second sort sees life as a "journey of learning." It treats customers "as people"—and constantly seeks new input through direct contact with those customers. The Type Two group "places small bets, quickly" and manages risk through hustle and an abiding bias for test-try-adjust-action. It is relatively more successful in novel situations—which in turn creates a virtuous circle through which a "growth mindset" becomes the raison d'être of the firm itself.

TP reaction: Amen.

Place Those Small Bets, Quickly! - To learn more about this author, visit Tom Peters's Website.

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Tom Peters
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Tom & Bob Waterman coauthored In Search of Excellence in 1982; the book was named by NPR (in 1999) as one of the "Top Three Business Books of the Century," and ranked as the "greatest business book of all time" in a poll by Britain's Bloomsbury Publishing (2002). Tom followed Search with a string of international bestsellers: A Passion for Excellence (1985, with Nancy Austin), Thriving on Chaos (1987), Liberation Management (1992: acclaimed as the "Management Book of the Decade" for the '90s), The Tom Peters Seminar: Crazy Times Call for Crazy Organizations (1993), The Pursuit of WOW! (1994); The Circle of Innovation: You Can't Shrink Your Way to Greatness (1997); and in 1999 a series of books on Reinventing Work: The Brand You50, The Project50 and The Professional Service Firm50. In 2003 Tom and publisher Dorling Kindersley released Re-imagine! Business Excellence in a Disruptive Age; the revolutionary book, an immediate No.1 international best seller, aims to do no less than reinvent the business book through vibrant, energetic presentation of critical ideas.
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