How do you build success from a “good idea”? How do you accelerate growth through innovation? How do you prosper through disruption? Keynote speaker, serial entrepreneur, Kevin Gaskell, will reveal his insights at the IRU World Congress next week.
Sit back and wait?
Brexit, Trump, Brazil, Russia, FX rates, cyber currency bubbles, Middle East, fake news, earthquakes. Things have never been so turbulent and it’s the wrong time to be making any substantial business decisions, right?
It’s a reasonable approach. And it’s certainly one a lot of people seem to taking: just wait six months and things will be clearer.
It might feel like things are accelerating at the moment but change is also a continuum. After all British Prime Minister Harold MacMillan talked about fearing ‘events, dear boy, events’ back in the late 1950s. It’s simplistic to blame inertia on events and it’s actually just an excuse to sit back.
Or find new ways?
Of course threats and opportunities often come hand in hand. But it takes imagination and forethought to see the opportunities in what feels like turbulent times and the people who can do that are the true leaders.
It isn’t enough for just an individual to have the vision. It needs to permeate the entire organisation so it becomes part of everything you do. A good indicator of the success of inculcating this philosophy is how much people have a licence to fail.
Playing safe is an approach that doesn’t work in today’s context. The way to progress is to push the boundaries, try new things, explore different directions. Inevitably some, perhaps plenty, won’t work. But you only need one to succeed and the rewards can be very high.
Push boundaries
Look at what Daimler, Einride, Nikola One, Tesla, Volvo and others are doing with the development of electric vehicle technology. It’s easy to say the tech isn’t ready yet, but the industry is pushing hard and the results will follow.
Market share or opportunity share?
Many companies are typically focused on market share. How much of the available market do you own, compared to your competitors? It is of course important to keep an eye on your competitors but the danger is becoming obsessed by them. The result is a focus on what they’re doing and not what you could be doing.
Another approach is the concept of opportunity share. It’s not about a focus on your current market, it’s about seeing spaces in the market and where you could be. It’s about having the vision to create tomorrow’s market and, importantly, make sure your company is the one that will do the best in that new market.
Which brings us back to the indicator. You can tell the companies that give people a licence to fail, that focus on opportunity share, because they are the ones that consistently out-perform the market.
What next?
What does this mean in reality? How can you put these things in place in your organisation? How is it relevant to your business and today's (or tomorrow's) transport industry?
Kevin Gaskell is one of our speakers at the IRU World Congress in Muscat next week. He has been CEO of four successful world class brands and, as a serial entrepreneur who has built international companies from 'a good idea’, Kevin has created over $1 billion in shareholder value.
If anyone knows the answers to these questions, Kevin does.
We look forward to seeing you in Oman.