Podcast Summary
Adapting to Change: Inspired by Exceptional Things: Embrace change and adapt to thrive in uncertain times. Identify root causes and leverage technology to future-proof careers and businesses.
Exceptional things, whether it's a supportive snowboard or advanced technology in a luxury vehicle, can inspire us to push beyond our limits and adapt to change. The bubonic plague, a seemingly devastating event from centuries ago, actually led to significant advancements in the labor market and other areas. Today, as we navigate an uncertain future, it's essential to adopt a mindset of adaptability and openness to change, rather than resisting it. By doing so, we can not only survive but thrive in the face of adversity. In the interview with Jason Pfeiffer, editor in chief of Entrepreneur Magazine, we delve deeper into the importance of future-proofing our careers and businesses, drawing on his unique perspective from observing successful and unsuccessful ventures. The conversation covers various topics, including the importance of identifying the root causes of change and the role of technology in shaping our lives.
A significant change can lead to new opportunities and value creation: The bubonic plague led to the birth of employment contracts and the emergence of the merchant class. The shift to remote work presents challenges and opportunities, including increased productivity, happier employees, and experiments with shorter work weeks.
Periods of significant change, even those marked by hardship and loss, can lead to new opportunities and the creation of value. The medieval economy, marked by a lord and serf system, was drastically altered when the bubonic plague killed approximately 60% of Europe's population. With fewer serfs available, lords had to compete for labor, leading to the birth of the employment contract and the recognition of labor as having value. This moment of change brought about a shift in power dynamics and paved the way for the emergence of the merchant class. Similarly, the shift to remote work, brought about by the COVID-19 pandemic, has presented both challenges and opportunities. While commercial real estate markets face uncertain futures, companies are discovering benefits such as increased productivity and happier employees. Experiments with shorter work weeks, like the 4-day work week, have shown promising results, leading to increased efficiency and overall job satisfaction. In essence, we can learn from history that even in the face of significant change and loss, there is always the opportunity to create something new and valuable. The future of work is likely to be a combination of the best of what came before and the new possibilities that emerge from this moment of change.
Exploring the pros and cons of the 4-day work week: Companies should evaluate if new challenges of a 4-day work week are better than the old ones, and embrace innovations and efficiencies for remote work while learning from past failures.
The 4-day work week experiment, which is gaining popularity among companies in various countries including Japan, has brought about happiness and increased productivity for employees. However, it has also introduced new challenges such as feelings of disconnection from colleagues due to the elimination of non-essential meetings and downtime. Instead of focusing on whether this new model is perfect, companies should ask if the new problems are better than the old ones. The crisis brought about by the pandemic has forced change, but it's important for organizations to make these changes on their own terms. Innovations and efficiencies can be found in the new tools and methods available for remote work. Failures, like Netflix's rejected offer to sell itself to Blockbuster, may look like epic failures in the short term but can lead to significant successes in the long run. The future of work will likely be a combination of the best of the old, the best of the new, and the best of what's coming next. Crisis can indeed be an opportunity for growth and change.
Learning from Failure: Failure is a learning experience and an opportunity to inform the next steps towards success.
Failure is not the end, but rather an opportunity to learn and grow. Reed Hastings, the founder of Netflix, could have given up after his failed attempt to sell Blockbuster, but instead, he saw it as a learning experience. The statistic that 9 out of 10 businesses fail within 4 years can be discouraging, but the truth is that many of those businesses didn't fail due to catastrophic reasons, but rather due to natural conclusions or the next successful venture. Entrepreneurs like Slack, which started as a video game company that failed for years, are proof of this. When faced with setbacks, it's essential to remember that failure is data and can inform the next steps towards success. So, the next time you encounter a failure, try to see it as an opportunity to learn and grow rather than the end of the road.
Uncovering innovation through customer feedback and failure: Failure can provide insights to improve products and stay competitive by observing customer feedback on competitors' products.
Failure can lead to valuable insights and opportunities. The speaker's experience with purchasing a product from the company Hype, and his subsequent investigation into its origins, led him to discover that the company, run by Chaim at CNA Marketing, used Amazon as a research and development facility. By observing customer feedback on competitors' products, Chaim's team could identify areas for improvement and create new versions of existing products. This strategy allowed them to pivot in failing industries and stay competitive. Despite initial confusion and curiosity, the speaker's determination to uncover the truth led him to a fascinating discovery about innovation and entrepreneurship.
Learning from failures: Viewing failures as opportunities to gain unique insights and knowledge can lead to innovative ideas and a competitive edge. Recognize that previous experiences, skills, and relationships can play significant roles in future successes.
Every experience, including failures, can provide valuable lessons and advantages for future endeavors. The story of Jason Pfeiffer, who built a massive business, CNA Global, after learning from his past failures, is a great example of this concept. Instead of viewing failures as terrible events, individuals can look at them as opportunities to gain unique insights and knowledge that others may not have. This perspective can lead to innovative ideas and a competitive edge. As Pfeiffer mentioned, it's essential to zoom out and recognize that previous experiences, skills, and relationships can play significant roles in future successes. Sometimes, instead of trying to pivot or remodel an old system, it may be more effective to start fresh with a new approach. This idea, which can be applied to various aspects of life, is an essential lesson for anyone looking to grow and adapt in a constantly changing world.
Embrace change instead of resisting it: Instead of trying to halt change, businesses should adapt and find ways to meet consumer needs to thrive
During times of change, it's natural to feel panic and resist. But instead of trying to stop the change entirely, as the butter industry did with margarine, it's more productive to adapt and find ways to improve. The butter industry's response resulted in unnecessary laws and consumer confusion, while margarine sales outpaced butter's for decades. A better approach would have been for butter to understand why people were turning to margarine and find ways to meet their needs, such as reducing costs or embracing new technology like refrigeration. By viewing change as an opportunity rather than a threat, businesses can not only survive but thrive.
Fear of change and its consequences: Understanding the reasons behind shifts and finding innovative solutions is key to overcoming fear of change and its negative consequences in industries and society.
Panic and resistance to change can lead to harmful consequences in the long run. This was evident in the dairy industry's attempt to restrict the use of alternative milk terms, much like how previous generations reacted negatively to new technologies like radio and books. Instead of trying to stop people from leaving, it's essential to learn from the reasons behind the shift and find innovative solutions. For instance, Sherry Turkle's concerns about technology inhibiting meaningful conversations might not hold up when considering people's motivations for documenting their lives through photos with celebrities like Aziz Ansari. Ultimately, it's crucial to understand the context and perspective of both parties involved in any perceived change.
People's interactions with celebrities evolve with technology: Embrace new expressions of human connection instead of dismissing them as inferior, as people's ability to quickly find and process info is now a sign of intelligence.
People's interactions with celebrities and public figures have evolved with technology, and it's essential not to judge these interactions negatively just because they look different from the past. The speaker emphasizes that people who approach celebrities for a photo or a brief interaction are not necessarily seeking a deep connection but rather validating their own social worth. This transactional relationship is not a new phenomenon; it's just taking on new forms as technology advances. The speaker also highlights that our fundamental humanness adapts to new environments and expressions, and it's crucial to recognize and appreciate these differences instead of labeling them as broken or unfamiliar. For instance, people's ability to quickly find and process information is now a sign of intelligence, while in the past, it was the ability to retain and recall information. Overall, it's important to remember that change is a natural part of life, and it's essential to adapt and embrace new expressions of human connection rather than dismissing them as inferior.
The Impact of Technology on Learning and Interaction: Technology changes how we learn and interact, some skills may become obsolete but new ones emerge, embrace change and adapt to new technologies
Technology has drastically changed the way we learn and interact with the world around us. The speaker shares his experience of growing up with a love for computers and how he thought he wouldn't need to memorize multiplication tables or write by hand because of computers. However, he acknowledges that while some skills may become obsolete, new ones emerge. He uses the example of recorded music and the resistance from musicians to this new technology as an analogy for the fear of change and loss. The speaker encourages us to adapt and learn new skills instead of lamenting over what we may have lost. He concludes by emphasizing the importance of being aware of technological advancements and embracing them rather than resisting them.
Fear of change and its impact on individuals: Change can bring about new opportunities and economic gains, instead of fearing it, we should embrace it and look for potential benefits.
Fear of change can lead individuals to resist new technologies or ways of doing things, even if those changes ultimately bring about significant benefits. This was exemplified in the case of John Philip Sousa, who feared the rise of recorded music and the potential displacement of live performances. However, as Jason Pfeiffer pointed out, change can also bring about new opportunities and economic gains. By reframing the situation and focusing on the potential benefits, individuals can adapt and thrive in the face of change. This is a valuable lesson for us all, especially in today's rapidly changing world. Additionally, the example of Airbnb shows how change can also provide opportunities to share experiences and connect with people from all over the world. So, instead of fearing change, we should embrace it and look for the potential gains it can bring.
Stay focused on core value during disruptive changes: Identify your 'why' and adapt to evolving delivery methods to thrive during disruptive changes in content creation and consumption.
When faced with disruptive changes in the way we create and consume content, it's essential to focus on the core value we bring to our audience, rather than getting bogged down by the specific medium or format. The example given was the shift from physical media like VHS tapes to streaming services, which initially caused panic but ultimately led to new opportunities and growth for the music and film industries. Similarly, entrepreneurs and content creators can adapt by identifying their "why" or the fundamental value they offer, which remains constant even as the "what" or the means of delivery evolves. By maintaining this perspective, we can navigate change with resilience and continue to thrive.
Introduce yourself based on your core identity: Focus on your core identity when introducing yourself to others for a stable and authentic presentation, rather than tasks or skills.
When introducing yourself to others, instead of focusing on your tasks or skills, consider sharing your core, the deep inner driving force that shapes who you are and what you do. This core identity remains constant despite changes in your life and career. By understanding and expressing this core, you can present a stable sense of self to others and reduce clinging to external circumstances. For example, a podcaster might define their core as "making wisdom accessible to others through storytelling in their own voice." This identity allows them to adapt to various formats and opportunities, while maintaining a sense of stability and authenticity.
Self-conceptions can limit personal growth: Recognizing core skills can help us adapt to change and discover new opportunities, while limiting self-conceptions can hinder growth.
Limiting self-conceptions can hinder personal growth and new opportunities. Malcolm Gladwell emphasized this point during an interview, stating that self-conceptions can be powerfully limiting and encourage us to turn down opportunities that don't fit neatly into our preconceived identities. The speaker shared a personal experience of defining herself as a podcaster, which prevented her from embracing speaking engagements and other opportunities. However, by recognizing her core skill set as communication, she was able to expand her horizons and discover new possibilities. To navigate big changes, the speaker suggested asking oneself three questions: what did I overcome before, what skills do I still possess, and what new knowledge have I gained since then. By focusing on these aspects, we can better adapt to change and continue growing.
Reflecting on past successes: Recognize personal role in past achievements, reflect on challenges faced and skills gained to build confidence for future challenges
It's essential to recognize that our past successes were not solely due to external circumstances but rather the result of our own hard work, determination, and skill set. We tend to romanticize our past, forgetting the challenges we faced and the skills we gained. By reflecting on our past experiences and answering questions like "what did I overcome," "what skill set did I have then that I have now," and "what do I know now that I didn't then," we can gain a better understanding of our strengths and be able to face new challenges with confidence. Remember, you are the source of your own success.
Viewing change as an opportunity: Successful people embrace change, adapt to it, and continue to innovate to ensure long-term success
Successful people view change as an opportunity rather than a reset. They understand that every success and failure is a combination of various factors, including hard work, timing, and chance. This perspective helps them navigate change more effectively, as they are prepared for the unknown and don't dwell on what they've lost. The hardest part of change, according to the speaker, is reaching the "new normal" stage, where we become comfortable with the change and value the new situation. However, this comfort can be short-lived, as change is inevitable. Successful people, like Sam from Dogfish Brewing, anticipate change and adapt accordingly, limiting their reliance on any one product or success. By doing so, they stay ahead of the curve and continue to innovate, ensuring their long-term success.
Embracing change leads to growth: Adaptability and openness to new opportunities can transform a business or personal journey, leading to significant growth and success.
Embracing change and being open to new opportunities can lead to significant growth and success. As exemplified by Sam Calagione, the founder of Dogfish Head Brewery, recognizing and capitalizing on change can transform a business from being known for one product to an innovative brand. Calagione's ability to adapt and introduce new styles of beer to customers helped him build a company worth $300 million. Jason Pfeiffer, the interviewee, echoed this sentiment when discussing his experience as a boxer, emphasizing the importance of having the mindset and determination to seize opportunities and overcome challenges. In both cases, the individuals' willingness to adapt and change played a crucial role in their achievements.
The Declinism Fallacy: Believing Things Were Better in the Past and Will Be Worse in the Future: Recognize the present as a great time to be alive, embrace change, build relationships, and explore evidence-based strategies for happiness
The belief that things were better in the past and will be worse in the future, known as the declinism fallacy, is a logical fallacy. This illusion can prevent us from recognizing the present as a great time to be alive and taking control of our future. Jason Pfeiffer, author of "Change: Make Big Happen," emphasizes this perspective in his book and encourages readers to embrace change and practical strategies for dealing with it. He also recommends learning how to build relationships and networks to support a stable and successful career. The 6 Minute Networking course at jordanharbinger.com/course can help with that. Remember, we can lift others up and grow together. For more insights on happiness, check out the Happiness Lab Podcast, where Yale professor Dr. Laurie Santos explores evidence-based strategies for living with more joy.