Entrepreneurial Leadership: Maggie Walker

Posted on 4 September 20244 September 2024 by admin_kingston

The saga of Maggie Lena Walker — a beacon of ingenuity in the turbulent seas of post-Civil War America. Her story, a vibrant tapestry of resilience and creativity, offers a treasure trove of insights for today’s small business leaders and founders through her entrepreneurial leadership.

In a recent podcast on Harvard Business Review, the conversation explored the remarkable navigation into the realm of business both as an insider being a born American and outsider due to being a Black community member in America.

Picture this; You are at the helm of a sinking ship (read: business) with a measly £31 in your account and £400 in debt. What do you do? If you’re Walker, you roll up your sleeves and get to work. She slashed costs (including her own salary — talk about leading by example) while simultaneously drumming up new members. It’s the entrepreneurial leadership, equivalent of patching holes while also building a better boat.

I have put together some of the remarkable learnings discussed in the podcast that SME owner-managers can take away from Walker’s leadership.

Turnaround strategies: When facing financial difficulties, focus on both cost management and revenue growth. Walker reduced costs by cutting her own salary and consolidating operations, while simultaneously working to increase membership and expand services.
Diversification and synergy: Consider creating mutually reinforcing businesses. Walker established a newspaper, bank, and store that supported each other and the broader organisation’s mission.
Community focus: Serve unmet needs in your community. Walker’s businesses catered specifically to the African-American community, providing services that were otherwise unavailable to them.
Perseverance: Be prepared to face and overcome significant challenges, especially if you’re breaking new ground. Walker faced discrimination and attempts to shut down her businesses but persisted.
Continuous learning: Invest in your own education and seek mentorship. Walker attended night school to learn accounting and sought guidance from experienced bankers. (See our Help to Grow programme at Kingston University that grants access to10 hours of personal mentoring from Industry leaders and coaches: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com))
Innovation in leadership: Be willing to challenge norms and create new opportunities. Walker created leadership roles for women when it was uncommon to do so.
Leverage personal networks: Use your connections and deep local roots to overcome challenges and gain support.
Social responsibility: Consider how your business can contribute to broader social causes. Walker used her businesses to advocate for rights and improve her community’s economic situation.
Adaptability: Be ready to pivot or consolidate when faced with insurmountable obstacles. When suppliers were cut off from her store, Walker focused on her other successful ventures.
Start small and grow: Walker’s success came from starting with small, focused initiatives that grew over time.

These takeaways demonstrate how SME owners can navigate challenging environments, serve their communities, and grow their businesses through innovative leadership and perseverance.

Find out more about how 700+ SME business owner-managers and entrepreneurs grew their businesses with support from the Help to Grow Management Programme at Kingston University, took off with a growth action plan and thoughtful entrepreneurial leadership: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com)

“Both/and Thinking – Using innovative thinking to solve toughest business problems

Posted on 31 July 20241 August 2024 by admin_kingston

Being a business leader, imagine you’re faced with a tough decision at work and you need your innovative thinking hats on. Should you focus on short-term profits or long-term growth? Traditionally, you might feel pressured to choose one over the other. But what if there was a way to do both?

In a recent podcast on Harvard Business Review, the co-authors of book Both/And Thinking: Embracing Creative Tensions to Solve Your Toughest Problems, Wendy Smith and Marianne Lewis discussed how a shift in thinking can solve complex problems.

They said, entering “both/and thinking,” is a refreshing approach to problem-solving. It’s like being asked to choose between chocolate and vanilla ice cream, and realising you can have a swirl of both.

This method isn’t about compromise or finding a middle ground. Instead, it’s about embracing the tension between opposing ideas and using that creative friction to spark innovative solutions. It’s like being a tightrope walker, constantly adjusting to maintain balance while moving forward.

Think about the challenges of hybrid work. Instead of fixating on finding the perfect mix of office and remote days, both/and thinking encourages us to dig deeper. What do we value most about each environment? How can we blend these elements to create something even better?

They further discussed, both/and thinking approach isn’t just for boardrooms. It can transform how we handle personal dilemmas too. Wendy shares how it’s improved her parenting discussions with her husband. Instead of butting heads over different approaches, they’ve learned to pause, listen, and combine their perspectives for more creative solutions.

Leaders like Paul Polman at Unilever have used both/and thinking to great effect. He’d challenge his team to find more tension in their proposals, believing that discomfort often leads to breakthrough ideas. It’s like purposely adding a dash of spice to a recipe to elevate the flavour.

Other leaders get creative with metaphors to explain the concept. Terri Kelly at WL Gore compared balancing global and local needs to breathing – you need both inhaling and exhaling to survive. Zita Cobb on Fogo Island used a cauliflower to illustrate how local communities can maintain their uniqueness while still being connected to the global stem.

Now, both/and thinking isn’t a magic wand. It requires practice and can feel uncomfortable at first. It’s not about finding perfect “win-win” solutions every time. More often, it’s a constant dance of balancing different viewpoints.

But by embracing this approach, we open ourselves up to a world of possibilities we might have otherwise missed. It’s about seeing the forest and the trees, having your cake and eating it too. In a world that often pushes us to choose sides, both/and thinking reminds us that sometimes, the best path forward is the one that brings opposing ideas together.

Learn more about Innovative thinking and strategies in the first module of Help to Grow Management Programme at Kingston University. www.kingstonuniversitybusinesstraining.com

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How not to be replaced by Artificial Intelligence (AI)?

Posted on 4 July 20244 July 2024 by admin_kingston

Recently I received a text on my WhatsApp which made me laugh. It was to suggest AI do our laundry instead of taking care of our thinking and creative work. Jokes apart, it is one of the most valid fears in the current technological climate for far too many people and all businesses regardless of their size. A fear of being replaced by AI.

But despite it being the most common fear felt by various sectors including the creative taskforces such as writers, thinkers, product designers etc, some AI leaders and behaviour scientists don’t seem too worried. They insist some aspects AI can’t take away from humankind and one of them is human creativity.

In one of the podcasts published by Harvard Business Review, hosted by Alison Beard with the authors of Tomorrowland, they argued that the human mind is incredibly complex and has an ability to be uniquely creative which cannot possibly be ever replaced by Artificial Intelligence. Gabriella Rosen Kellerman, who is a physicist and chief product innovation officer and Martin Seligman, a psychologist, and author of several books, discussed four ways an individual or an organisation can cultivate creativity in day-to-day life.

Integrative Approach

One of the most popular moves people make when they look for creative solutions to a known or unknown problem by thinking of the integration of seemingly different things in one box. The idea is that things that don’t look similar might be the same. One of the prime examples is a smartphone, which combines a phone on the wall and, a camera that requires film and a record player all in a single device. This was unimaginable forty-something years ago.

Splitting Approach

It is the reverse of integrative, which is, that the things that look the same, may not necessarily be the same. One of the uses of this kind of creative approach can be seen in medicinal science. For instance, symptoms of smallpox can look the same but can cause both mild and deadly reactions depending on the causes. So their treatment will not be the same.

Figure Ground Reverse Approach

Figure Ground reversal is a remarkable approach. It is when certain solutions are invented by doing something unrelated. They helped shape some products such as GPS which was not meant to be GPS or SLACK which was supposed to be a video game for internal communication. This way of looking out for creative solutions comes from triggering a brain circuit that lights up when you are not looking for a solution but it is the same brain circuit that lights up when we are focused.

Distal Thinking Approach

This one requires time traveling in the future while keeping the feet in the present. Using divergent thinking to explore many possible solutions without the constraints of time, space, and any other limiting elements. Tesla’s self-driving cars are one of the examples of Distal thinking.

You can listen more why Artificial Intelligence is not a threat for creative thinkers or SMEs here: A Deeper Understanding of Creativity at Work (hbr.org)

Are you “People” people?

Posted on 3 July 20243 July 2024 by admin_kingston

Business landscape is rapidly evolving, interpersonal skills are crucial across all departments, not just in sales and human resources. At Tesla, a company known for its ground-breaking innovations and disruptive approach to the automotive industry, this principle is particularly evident.

Tesla’s executives have demonstrated that relational know-how encompasses a broader range of abilities than many executives realise. Like Musk’s ability to articulate complex technological concepts to the public, some individuals excel at translating high-level ideas for mass consumption.

Tesla’s success can be attributed, in part, to its recognition that employees perform best when their work aligns closely with their interests and skills. By considering employees’ relational strengths when making personnel decisions and project assignments, Tesla has created a highly productive and innovative work environment.

Similar findings were discovered by the authors Timothy Butler and James Waldroop, after their psychological assessments of over 7,000 business professionals. They identified four key dimensions of relational work:

Influence: The ability to persuade and motivate others.
Interpersonal facilitation: Skill in resolving conflicts and fostering collaboration, essential in the fast-paced, high-pressure work environment.
Relational creativity: The capacity to generate innovative ideas through social interaction, vital for continuous product development.
Team leadership: The aptitude for guiding and inspiring groups, is critical for managing diverse and specialized teams.

To build a well-balanced team, managers may want to consider these four dimensions when hiring and assigning roles. During interviews, candidates’ relational skills can be assessed through targeted questions. For instance, to gauge relational creativity, an interviewer might ask a candidate to describe their favourite innovative product design and explain its effectiveness.

Understanding these four dimensions may enable leaders to:

Optimise employee performance
Provide appropriate recognition and rewards
Assist staff in setting meaningful career goals
Make informed decisions about their own professional development

By embracing this multifaceted approach to relational work, Tesla continues to push the boundaries of innovation while maintaining a dynamic and effective workforce. As the company expands its reach in sustainable energy and transportation, these principles of people management and leadership will undoubtedly play a crucial role in its ongoing success.

So if you are planning to have a team meeting next time, apart from work, use that time to also create a space for conversations by asking open-ended questions concerning your team’s likings and values. Throw a question about their favourite football team or their recent experience at a new restaurant. Ask about their personal projects and why do they like being part of that. It goes a long way.

Disruptive Innovation: Yay or Nay?

Posted on 24 June 2024 by admin_kingston

In today’s fast-paced business world, the mantra for small and medium-sized enterprises and businesses (SMBs and SMEs) is clear: disrupt or be disrupted. But what exactly is disruptive innovation, and why does it matter so much?

Coined by Clayton Christensen in “The Innovator’s Dilemma,” disruptive innovation refers to a process where a smaller company with fewer resources successfully challenges established businesses. These innovations often start in low-end or new market footholds, initially underperforming established products in mainstream markets. However, they gain traction by offering more suitable functionality—often at a lower price—and eventually move upmarket to challenge industry leaders.

To understand disruptive innovation, it’s helpful to contrast it with sustaining innovation. While sustaining innovation improves existing products for current customers, disruptive innovation targets overlooked segments, often with lower initial quality but at a lower price point. It introduces new business models and carries higher risk, but with the potential for industry-wide change.

Some of the real-world examples abound; Netflix disrupted traditional video rental with its DVD-by-mail service and later streaming, transforming entertainment consumption. Airbnb created a new market for private accommodations, challenging the hotel industry. Tesla’s electric vehicles and direct-to-consumer model accelerated the shift to sustainable transportation. Uber’s ride-hailing app revolutionized urban transportation, disrupting the taxi industry.

So, how can SMEs foster disruptive innovation? Here are key strategies:

Create a culture of experimentation, encouraging risk-taking and learning from failures.
Focus on unmet customer needs through extensive market research and design thinking.
Invest in emerging technologies and consider partnering with or acquiring promising startups.
Prioritise long-term success over short-term profits; means sustainable business model and practices.
Embrace open innovation by collaborating with external partners and diverse perspectives.

Innovation experts emphasise the importance of this approach. Clayton Christensen warns, “Disruptive innovation can hurt if you’re not the one doing the disrupting.” Steve Jobs asserted, “Innovation distinguishes between a leader and a follower.” Jeff Bezos advocates for customer focus, allowing for more pioneering work. Netflix CEO Reed Hastings notes, “Companies rarely die from moving too fast, and they frequently die from moving too slowly.” Ignoring disruptive trends can result in loss of market share, obsolescence of core products, and declining revenue and profitability.

For those wanting to dive deeper, recommended reads include “The Innovator’s Dilemma” by Clayton Christensen, “Zero to One” by Peter Thiel, and “The Lean Startup” by Eric Ries.

It’s important for us to realise that the change is constant and disruptive innovation isn’t just a buzzword—it’s a survival strategy. By understanding and embracing it, small and medium sized business leaders can stay ahead of the curve, create new markets, and drive meaningful progress. The choice is clear: disrupt or be disrupted. Do you agree?

3 Technologies Transforming Businesses that are not AI

Posted on 29 May 2024 by admin_kingston

We have all been hearing a lot about how artificial intelligence is going to change not only how businesses operate but also how we go about our day to day lives, but what other technologies are businesses using to offer more to their customers? Here are our top 3.

Internet of things: Most of us will have heard of the idea of a ‘smart home’ or even ‘smart cities’, but the concept of the ‘Internet of things’ is more than that. The Internet of things refers to a network of connected physical items which have different sensors or software which allows them to connect with one another over the internet. This can be everyday household items and systems such as lighting or heating, but it is also a form of technology that can be used in a more industrial context. Examples of businesses that use the internet of things in their processes and products are John Deere, Siemans and Maersk Line.

Augmented and mixed reality: Augmented reality is something that has been around for a while now. This is the process of overlaying photos, videos or other data onto the real world to change a person’s real time perspective of their environment. Mixed reality is a step further and allows for real and virtual objects to ‘interact’- for instance allowing customers to see what an object would look like in their home. Businesses have been utilising both in training staff, sales and marketing, and in apps for their customers. Examples of businesses that use this technology include Ikea, L’Oreal, Ford and Zara.

Robotics: Robotics is the programmable machines and is something a number of businesses across different industries use to automate repetitive tasks, enhance precision, and improve operational efficiency. Robotics can help businesses with logistics, manufacturing, fulfilment and operations- everything from grocery fulfilment to car manufacturing to Surgical processes. Examples of businesses that use robotics include: Ocado, Amazon and Tesla.

New technologies are always emerging and existing technology is constantly improving! What are you using in your business?

We explore Digital Adoption in our Module 2 of Help to Grow Management (Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com))

Start-up to Scale-up – Business world

Posted on 6 May 2024 by admin_kingston

You may have successfully established a start-up but now awaits for you an entirely different ballgame which you wouldn’t be able to win if you don’t know how to retain the main ingredients that initially helped your business started in the first place.

Let’s explore.

Ranjay Gulati, a Harvard Business School Professor calls it ‘a soul’. His recent research explored what mature companies would require to retain as they continue to grow intro larger and long-lasting organisations.

He says that all successful organisations have one thing in common: a soul. Their businesses have an essence which distinguishes them from others and oozes an energy with which a business attracts long-term growth and success. He warns that three components that compose a soul of any business, if not retained, can jolt the foundations of a company.

Those three elements are, business intent, customer connection and employee experience. By strategic business intent, he means to say, it is something intangible in start-ups whose presence company founders sense it. This ‘something essential’ translates into their offerings; service or products, which is eventually felt by employees, customers, and stakeholders they work closely with. This energetic enthusiasm which is felt at the beginning helps companies continue to inspire others. If the spirit is there, organisations can leverage engagement, remain agile and innovative. In the absence of a soul, everyone feels the loss.

Ranjay Gulati extensive research on more than dozen fast-growth venture and over 200 interviews with their founders and executives pointed out towards the second element of the soul, ‘Customer Connection’. He observed all successful companies shared a close bond with their customers. One of the company’s founders were so passionate about their brand, they even got a tattoo on their feet or legs. The idea behind customer connection is to intimately understand the needs of the people company’s offerings are targeted for and create a sense of belonging – what they feel and need, then offer them solutions to make their lives easier, better, recognisable.

The third element of a business’ soul is employee experience. This goes far and wide. Companies that create a space for autonomy and creativity fosters greater engagement and faster growth. First establishing the business intent, companies then create a space for employees to innovate within frameworks and guidelines.

To learn more about the Strategic innovation and organisational design: www.kingstonuniversitybusinesstraining.com