What Could We Possibly Learn from a 24 year old?
It is simply amazing what one can learn even if it comes from a 24-year-old on the other side of the world.
Why is it that some businesses hit it out of the park, while others in the same industry flounder and even cease to exist? Similarly, with individuals, why do some utilise all their talents and attributes and have a profound impact on the world, whilst others with similar attributes and desire, can’t/don’t/won’t?
My wife and I were fortunate enough to take some time away in NYC recently. We met up with one of our closest friend’s oldest child, Arnold (not his real name, nor the person in the image above) who has been living in NYC for 5 years now. At 24 years old, he’s recently graduated from college, and was hellbent on a career in the finance industry. The challenge for Arnold has been that the finance industry globally, and particularly in the US has been hit hard by a range of global economic trends. Job cuts have been significant, organisations are downsizing, and a number of businesses are even exiting once lucrative sectors.
Arnold has put himself through college, and has funded his own lifestyle in NYC. An amazing achievement itself for a then 19-year-old! Having worked several jobs to “survive” in one of the most expensive cities in the world, the jobs he was performing weren’t going to provide him with the lifestyle nor fulfilment he was seeking.
Arnold shared with us, that over the last 12 months (plus) he had applied for 150 graduate type positions. Whilst not at one of the most prestigious colleges, he still achieved a High Distinction average grade score. From his 150 job applications, he had not heard back from ONE! Quite shocking on a number of levels!!! And so he learnt to become reliant on other methods to seek employment such as cold-calling, seeking referrals, networking with well-connected, successful business people, and other techniques. He used whatever arsenal he had at his disposal.
One week before we met Arnold, he had just secured an incredible opportunity in a highly regarded firm in a capacity broader and more exciting than Arnold even considered possible at his stage of life. And whilst it will start as an internship, not a full graduate role, there is a very high likelihood, Arnold will secure the permanent role he has been so desperately seeking.
Leaving the details of this story aside, our discussion with Arnold reminded me of Jim Collin’s term of “return on luck”. Arnold has the same conditions as any other graduate in the world. They are vying for roles in an extraordinarily tight market. And whilst Arnold is not a unique success story, his approach, dedication, persistence, guile, and grit, enabled him to enhance his ”return on luck”.
We obviously work with your business and a number of other high performance, growth focused CEOs and their leadership teams. And whilst ALL are facing market turbulence and headwinds, I have been reflecting on your approach, commitment, persistence, alignment, to position yourself better than most as we attack this tough period and maximise your “return on luck” at a BUSINESS level.
With this in mind, I’d encourage you to consider a couple of things WITH your leadership team…
What specific things do we as an organisation need to do to enhance our potential return on luck?
For example:
Should we be “pulling the trigger” to hire that strategic role we’ve been holding back on for some time?
Should we exit a non-performing market that has drained our funds AND focus, and shift our resources to another area that we believe has greater growth prospects etc?
Should we be doubling down on product development opportunities?
Should we have committed more heavily into new technology?
There are numerous other possibilities (many of which will not cost anything) that will position us better than ever and continue to enhance our return on luck…
What specific things does each of your leaders need to do to enhance their division or function’s return on luck?
Have them think about it, share their options with the team, and hard-wire these into their functional plans for the coming quarter(s). There may be some themes that emerge across your group that would warrant a coordinated and more efficient approach across the whole business and connect back into point 1 above.
As always, love to hear stories of how you’re applying some of these principles in your business.
We’re heading into interesting times. Opportunities are there for those who look for them! It’s all about maximising your return on luck!
Have a great week and grow well.