Make Your Change Happen: Taking you and your team to the next level
In many folk tales around the world, the egg is a symbol of unexpected wealth. Perhaps it is because of the golden yellow yolk concealed inside the shell. Also, the yolk could symbolise the sun, an important symbol of life and comfort.
Gooses lay golden eggs and dragons guard them.
Source:
1,001 Symbols: An Illustrated Guide to Imagery and Its Meaning
Toastmasters is a very positive organisation that provides a supportive learning environment for learning public speaking, communication and leadership skills in a low-risk format. The types of people who are attracted to join and stay in Toastmasters are very positive and sharing.
In this facilitated discussion with a group from one of China’s highest quality club - Shanghai Leadership Toastmasters Club - we talked about ways to use the skills used in Toastmasters and apply them in other areas of our life, such as health, wealth and contribution.
The principle is based on leveraging the activities that you spend the most time on. The more applications you can find for a given skill, the higher your ROTI (return on time invested) will be.
You can link to my Toastmasters page here. Or you can download the audio file directly here. (MP3, 18.3MB)
Many many moons ago, I graduated as an economics major. I enjoyed most of the courses I took although it was the six hours of lectures per week that was more of an appeal at the time! Economics can be a rather dry subject so reading a book about demand curves may not be your idea of a good time. But I do recommend you read this book written by editor of Wired magazine. It is easy to digest and holds some valuable lessons in understanding the digital economy that we are in. Here are a few insights I found.
The 98% rule
In his research, Anderson found that the aggregate market for niche products is huge. One online music retailer found that 98% of albums sold at least once per quarter. The implications of this are:
- the tail of variety is long (add up all the sales outside your best-sellers and that comes to a significant amount.
- it is now economically within reach due to digitizing of content, widespread computer usage and broadbank and powerful search ability. Examples of companies featured include Amazon, iTunes, rhapsody, eBay and Netflix.
- Niches aggregate up to a significant market (see below)
Move from hits to niches
In a hit-obsessed culture we are focused on Top 10 lists and the blockbuster movies, music stars and books. Anderson found that online retailers tap into the demand outside this limited range. The size of the long tail was between 25-40% of total sales. Anderson makes a (philosophical) point that this is a shift from scarcity to abundance. The Long tail is culture unfiltered by economic scarcity.
Cultures started from local and fragmented groups. Became much more uniform and global. And are now returning to interest-based niches, where a niche is not confined by geography.
Three forces affecting the Long Tail
1. Production
2. Distribution
3. Connecting supply and demand
1. Production
With computer hardware and software widely available there is a much smaller barrier to entry to produce your own content. Wiki is a example of how the wisdom of crowds can produce a “product” that is accurate, self-correcting and free to use. Anderson refers to this as a probability-based system which although statistically much more accurate than, say, a printed set of encyclopedias, still has a restriction that individual entries can be of a much lower quality. However, the ability to quickly update and correct errors is a powerful feature of these online collaborations. Anderson has case studies on self publishing and a comedy group, The Lonely Island.
2. Markets
Here the key word is aggregators. Familiar examples are Amazon, eBay, iTunes, Google and Facebook. Anderson looks at markets in 5 categories: physical products, digital, advertising / services, information, and community.
The key learning here is that pure digital companies are able to tap the long tail demand more effectively than physical products and hybrids. This can help explain why Amazon is moving towards inventory on demand with its printing on demand services.
3. Connecting supply and demand
Anderson explains the idea of a filter. For example, an editor of a newspaper is a filter as she needs to fit information into a fixed amount of newspaper “real estate”. Certain news stories have to be cut out. This judgement call acts as a filter and by definiation cuts out potential readers.
Examples of old economy “pre-filters” are editors, marketers, advertisers, studio executives. Their main role is to predict the success of a product. This hit and miss approach is based on scarity and is wasteful.
The “recommendation age” has post-filters of blogs, playlists, reviews, recommendations, customers. These new tastemaker’s main role is to amplify word of mouth down the long tail thus increasing possible demand.
Anderson declares the death of Pareto’s 80:20 rule. An example of one 80:20 rule is that 20% of your customers give you 80% of your sales / profit. He makes a good point that this rule could just as easily be 95:20 or 80:10 as “customers” and “sales” are different variables and so do not need to add up to the 100 that you often see mentioned. The Long tail opens up the other eg 20% because in a digital world we are not limited by scarcity or physical limitations like shelf space.
Abundance
One message I liked in this book is that abundance is the correct way to think of the new digital age. Our current models are based on scarcity trade-offs between time/convenience and money which has been a norm since Adam Smith. Anderson recommends that we embrace waste and account for plentitude. He references Moore’s Law and writings by George Gilder as proof of this concept.
From “Or” to “And”
Anderson concludes his book with some tips on how to create a long tail business. In short:
1. Make everything available.
2. Help us find it.
If you are interested in business and how the future will be played online, I recommend this book. It’s easy to read and full of case studies. If you are pressed for time, focus on the first 5 to 6 chapters and then refer to the final chapter. You can read Chris Anderson’s blog here.
Listened to a speech by Daniel Smith this week and he mentioned a question that I wrote down. It was an abstract, big picture question. At first I passed over it as it seemed too vague to be useful, but then I realized that the answer to this question was an important reality check on whether my own life journey was heading in the right direction. The question was:
In the next 15 years what will you do to make the world a better place?
The lens that I look at the world comes under three categories: health, wealth and contribution (in that order). I asked myself would the vision I have for my own dreams actually make the world a better place.
Health
Health is always number one on my list of goals. Without good physical health you limit your energy and potential to live a dynamic life. Whether you like sports, going to the gym, hiking or endurance events, all these are key to making the world a better place. People who exercise believe in self-improvement and are often competitive. I think it’s a real shame that some schools forbid sports day on the grounds that some of the children will lose. This is teaching children something terrible because like it or not the world is a very competitive place and whatever your chosen field you need to be competitive- whether you are stock trading or raising funds for a community project. Being competitive means always improving. Sports teaches this to children in a fun way. Even if you lose today, you can come back tomorrow, train harder and have a chance the next week to compete and win. That is much closer to a winning life philosophy.
During the next 15 years I intend to continue my participation in triathlon races around the world in beautiful locations like Lombok, Thailand, Malaysia. I also will return to another love - scuba diving. This leads onto an important part of outdoors sports, the environment. I am more aware of the importance of maintaining a balanced ecosystem. As I become more involved in these sports over time I will direct my efforts to support efforts that are working to educate people about how to be a responsible tourist.
Good health will keep my energy high, allow me to share my talents and increase my awareness for how I can contribute to keeping nature beautiful. What are your health goals and dreams? How do they help the world around you to become a better place.
Wealth
Many people still have a negative mindset towards money and wealth. Growing up an Irish Catholic we were taught: “It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.” (Matthew 19:24). Which is not exactly an resounding endorsement for wealth creation!
Media sensationalizes wealthy people by focusing on their material possessions, wild and debauched lifestyles and other trivial parts of an abundant lifestyle. But wealth is more than that. Wealth creation is a important part of my philosophy of an abundant life. It says that I am responsible for my own wealth, I have the power to influence and there is absolutely unlimited “wealth” in the world. Having wealth is about having more opportunities to live a life of purpose, passion and sharing.
In 15 years I will have a successful publishing company which spreads important skills around the world to millions of people. Education is a key value for me. I went to a great school on a scholarship and I want to share that opportunity with children and adults everywhere in the world. Educating yourself is an important step to freedom. Wealth creation is the result of that process.
How much wealth do you wish to create in the next 15 years? How will you create it? Will you exchange your time for money? Will you build a business? Are you an avid investor. Allow yourself to imagine how you will use this wealth to create a wonderful life for yourself, your friends and your family. Because once you have a healthy life and you have created wealth, the third part is the most rewarding: contribution.
Contribution
Sharing my talents with the world is my main life purpose. In many ways, I see this as the main life purpose for us all. We all have abilities which other people can benefit from. By maximizing our ability to share them with the world is the journey I believe we are all on. Consider the people we admire. Don’t we admire the fact that they have the ability to influence and contribute to others, more than just their singular abilities. I like Michael Phelps more for his grounded approach to life than for his freakish talent. When he has stopped swimming this attitude will take him further even than his amazing sports achievements. Even if you are the smartest person in the world, this talent is only as good as your ability to share it with other people. Is this perhaps why the most intelligent people around us are never the highest paid? They believe that their internal talent is enough to take them to the top, whereas the less-gifted among us realize that it is only the ability to connect, support, share and build relationships that will help them rise above the more intelligent.
I founded my business on the principle of giving. We have supported Love without Boundaries since 2005 and now my new book has connected with The Library Project to ensure that enlightened self interest will also educate orphans in the rural parts of China. As my wealth grows, so does my ability to contribute. I read Randy Gage’s newsletter this week and he is very direct about his enjoyment of the material parts of life. He talked about buying USD10,000 pairs of shoes and USD250,000 cars. And if this makes you uncomfortable ask yourself why. He also contributed US300,000 to charities. That doesn’t mean he is a saint but isn’t that a tremendous way to live. To have the options to contribute massively to the worthy causes that turn you on.
How will you turn your health and wealth into contribution. What causes do you stand for? Education is my main cause but what’s yours? How are you going to continue your expanding contribution as you become wealthier? Feels good just thinking about it, doesn’t it?
Spend a few minutes today and write down some big, big dreams about how your dream health, wealth and contribution goals will help the world become a better place in the next 15 years. If your read your goals and they seem unbelievable, then great because no one has done anything of note that didn’t first sound unbelievable to themselves. Keep the picture in your mind and keep believing. Have a great week!
I live in a city of 16 million people and I am amazed at what a small world it is. Just yesterday at a gathering for trainers and facilitators in Shanghai I bumped into a friend I had not seen for 8 years and last met in Taipei. Coincidence? Perhaps. But it seems to happen all the time. Let me share a recent example.
Last week, I was asked to evaluate a speech for one of my mentees, Cher, who I had not met for about six months. During a quick conversation as we caught up we found the following connections:
1. I had been a charity auctioneer for the British Chamber Charity Ball from which I was asked to host a similar event for SCAA from which I was asked to host one for Hands On Chengdu.
2. During the Hands On Chengdu event I met one of the organizers, Fang, who was a friend of Cher.
3. Fang’s husband works in the same company as Cher.
4. Another one of Cher’s colleague had just emailed me via the IAF web site on a question about facilitation.
Just for another connection during the event I met a young man who attended a university speech I gave four years ago on “Finding your Passion” - which he still remembered.
It was a good reminder than every little interaction affects so many connection now and in the future. We live in an interconnected world where six degrees of separation often seem to be just one or two degrees. The six degrees of separation started out to link every actor to Kevin Bacon through six or less degrees. One degree of separation are the people you know directly. Two degrees are the people who your friends know but you don’t know and so on. Business networking sites like LinkedIN are built on this principle.
There are lots of books and sites on networking but here are a couple of my simple networking guidelines:
A. Be nice to people
If you assume that every single person you meet will play some important part in the success (or failure) of your future, how would you treat them? Even if you only meet a person once, they still can affect your future by referring people to you, making connections and talking you up to their friends. Be nice. Treat everyone you meet like a long-lost buddy.
B. Pay-forward (not payback)
Instead of waiting for someone to help you, so you can then “pay them back”, why not pay-forward. Be proactive. What service and support can you offer your friends? How can you contribute more to the organisations you are a part of? The best way to build up a name for yourself is through step up and offering help to others.
As we move into the new year, we all set goals in health and wealth. How about setting a few goals under “contribution”. Choose areas that you are passionate in and have something to offer. You will be surprised to find that this selfless contribution accelerates yourself in other areas. People remember you more and in a better light. Be nice. Contribute.
Warwick’s publisher of his book The One Minute Presenter have pledged that for every copy sold, a book will be bought for The Library Project who install library in schools for orphans and under-priviledged children across China.
If you are the kind of person who is always looking to improve yourself: welcome! I have dedicated the last 10 years of my life to getting myself into a space where I can say that I am getting healthier, happier, wealthier and am giving back more to society than I was 10 years ago. I hope to say the same thing in another 10 years time.
The Change Catalyst is a concept I came up with when I was thinking through the major transition points in my life (coming to Asia, quitting alcohol, becoming vegetarian, leaving the corporate world) and I always felt that although I eventually made my change happen, it would have been great to do it a little quicker.
Hence the idea of a catalyst. A catalyst according to The New Choice English Dictionary is “A substance, which accelerates or retards a chemical reaction without itself undergoing any permanent chemical change.” In fact some catalysts (enzymes for example) can accelerate the rate of reaction between 106 and 1012 times - that’s the equivalent of accelerating a life span of 100 years into the space of a second!
Wow! Wouldn’t it be cool if you could speed up your own personal development by even a fraction of that. I hope that The Change Catalyst will help you get to where you need to go a little bit quicker.
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