Let’s take a look at some of the Pacific Northwest companies. They are all successful, with many of them dominating their industries. Some, however, are widely successful. The question is: What sets apart successful companies from those that achieve extraordinary success?
The answer I find is imagination—and the courage to execute it. Obviously, excellent execution is a given for any successful company. But is that enough?
A company begins with an idea or concept—call it an egg. That egg eventually hatches when customers can interact with it, turning it into a baby. It becomes a toddler when it finds product-market fit. Then comes the teenage growth spurt. During this phase, the product is refined—just like a teenager gains education and skills. Eventually, it reaches adulthood, where it produces net profits and becomes self-sustaining. Like life itself, maturity arrives.
Successful companies understand this cycle. Their baby will inevitably mature, so they keep imagining new ideas—sometimes even wild ones. They recognize that a 1% chance of success for a new idea is far more valuable than a 90% chance of success from improving an existing feature (which they already do).
In many successful companies, selling a 1% chance of success is difficult because of the fear of 99% failure. Even when they adopt a 1% idea, internal resistance—the antibodies of the company—try to reject it.
Widely successful companies, however, will do anything to capture that 1% chance and nurture it.
In upcoming posts, we’ll explore some examples. Meanwhile, feel free to share your own examples in the comments—we might even highlight them!
Disclaimer: The opinions expressed are solely my own and do not reflect those of my current or past employers.
Other posts in the series: Microsoft: A Story of Imagination and Courage; Expedia: A Success Story Despite Missed Opportunities; T-Mobile: How an Underdog Outweighed Elephants; and Starbucks: From 4 to 40,000 in 40 Years
Chief Scientist, Executive, Entrepreneur, Economist, Inventor, and Investor
Hitech Advisors
