Maria Konnikova holds a Ph.D. in psychology. She writes about her research on how quickly people make up their minds and how unwilling they are to change them. She’s a New York Times best-selling author and also a world-champion poker player. For her latest book, The Biggest Bluff, she trained with and then competed against some of the best poker players in the world. They taught her to question every hand. She learned to unpack every strategy and pushed herself out of her illusions–beyond her comfort zone–and she won. Konnikova’s research is so fascinating because it flies in the face of what we should do, when it comes to assumptions and failures, and what we actually tend to do. While being wrong should make us question our assumptions, it routinely has the opposite effect.
Dr. Konnikova’s rsearch shows, when we’re presented with signs that we’ve made a mistake, we very often (and quickly) choose to discard the evidence and...
The pandemic and economic crisis have forced Disney to adapt very quickly. Without the anticipated summer blockbuster movie releases, the firm has realigned its priorities. The reopening of Disneyland in California has been postponed indefinitely. Hong Kong Disneyland has shut down again and Disney World in Florida is on shaky ground.
The glue that connected blockbuster stories and characters with retail sales, live entertainment on Broadway and theme park attendance has made Disney extremely vulnerable in a pandemic. Even ESPN, the franchise that is supposed to help weather any economic downturn, was essentially stuck in the mud, without any live sports to broadcast until recently. As a result, Disney’s stock has fallen 18% in the last six months.
But, the Walt Disney Company isn’t the only firm experiencing economic shockwaves following the coronavirus and social distancing. Coca-Cola generates nearly half of its revenue from out-of-home consumption at sporting venues,...
The first half of 2020 was one for the record books. We saw an entire decade’s worth of job gains vanish in two months. Then, about a third of the 21 million lost jobs came back.
More than 1 in 7 U.S. workers lost their jobs during the economic shutdowns. Even though we’ve added jobs at a record pace in May and June, the unemployment rate remains at its highest level since the Great Depression.
In the U.S., the hardest-hit sectors were non-hospital health-care jobs, hotels and restaurants. These types of service industry jobs account for 70% of total U.S. employment. This covers the majority of my members here, who employ audiology and medical assistants.
I've long taught that you must have your ear to the ground in your individual market. Just like I watch the tourists arriving to Southern Utah from my home and pay close attention to the local news where thousands of local workers and families in my practice work, you must do the same.
My advice to clients in Las...
During periods of growth, it is common to create certain complexities inside your business that, left unchecked, will stifle or even strangle growth. Consider this one of the great paradoxes of running a business. The more successful you are and the higher you reach for the stars, the more likely you are to get tripped up by the very things that brought you success.
I’ve seen this with nearly every brilliant chef, turned restaurant owner. They create something truly unique and rave-worthy. Customers start telling all their friends and family about this amazing new place they found and they encourage everyone to go try the restaurant.
Before you know it, the restaurant is over-crowded, the kitchen is bogged down with capacity constraints, long waits ensue, so corners are cut in an attempt to run on time and please the expanding customer base. The menu becomes a little less exciting and a lot less ambitious. The raving fans are no longer impressed. They stop coming, stop...
Today, when someone in Beijing gets the coronavirus again, the entire world knows about it within hours. 52 years after the Hong Kong flu, we still don’t know how many people actually died from it. The WHO says between 1 and 4 million people. That’s a pretty big range.
For the dad reading this on Father’s Day, imagine if someone asked you how many kids you have and you said, “somewhere between 1 and 4.” And yet, somehow we all accepted this final death toll from the Hong Kong flu back in 1968-1969 as somewhere between 1 and 4 million.
Because we weren’t obsessed with instant, always-on communication streaming to us 24/7 through our televisions and smartphones. In the 1950s our average radio use dropped to less than two hours per day while TV viewing climbed to 1 hour and 23 minutes. Back then, we consumed a limited amount of media and shrugged our shoulders at a wildly-inaccurate range of how many people died from the Hong Kong flu and we...
Barbara Kingsolver said, “Memory is a complicated thing, a relative to truth but not its twin.”
In coaching clients, I often ask to see a lot of numbers. KPIs and benchmarks, historical performance and pro forma data are all important. The reason I ask for data is because our memories are not perfect.
Angela Duckworth is the Christopher H. Browne Distinguished Professor of Psychology at the University of Pennsylvania, where she studies grit and self-control. In her book, Grit: The Power of Passion and Perseverance, Professor Duckworth defines grit as “perseverance and passion for long-term goals.”
“In their work with The United States Military Academy at West Point, Duckworth and her team of psychologists have worked for years to understand who will make it through the rigorous training and who will drop out. For weeks on end, new recruits are asked, on an hourly basis, to do things they can’t yet do. Most cadets are tired, lonely, frustrated and ready to quit.
What’s interesting is that those who rise to the occasion and make it through the intense training are not the ones who have the most talent. Many drop out who have all the ability in the world. When presented with challenges that exceeded their current skills, what they lacked was...
Scientific American describes the metamorphosis of the caterpillar into a butterfly like this: “One day, the caterpillar stops eating, hangs upside down from a twig or leaf and spins itself a silky cocoon or molts into a shiny chrysalis. Within its protective casing, the caterpillar radically transforms its body, eventually emerging as a butterfly or moth.”
Recently, I listened to an incredibly fascinating Radiolab segment on caterpillars. Researcher, Martha Weiss, explained how caterpillars go through a biological meltdown that reduces them to soup.
“Not only does the caterpillar turn into a soupy matrix but it also stores away helpful structures inside its body early in life. Jan Swammerdam, a Dutch microscopist from the 1600s, was the first to demonstrate that there are some of the structures of the future butterfly inside the caterpillar. The wings, antennae, and even the legs are actually already formed even before pupation takes place. Crazy,...
In a recent course on passive income streams, while teaching the concept of leveraging one’s time, I quoted the author of Rework, Jason Fried, who also happens to be the co-founder of Basecamp.
Fried said, “40-hour weeks are made of 8-hour days. And 8 hours is actually a long time. It takes about 8 hours to fly direct from Chicago to London. Ever been on a transatlantic flight like that? It’s a long flight! You think it’s almost over, but you check the time and there’s still 3 hours left. Every day your workday is like flying from Chicago to London. But why does the flight feel longer than your time in the office? It’s because the flight is uninterrupted, continuous time. It feels long because it is long!”
Let this sobering fact sink in: every work week, you take the equivalent of five eight-hour flights to London. These days don’t seem so long because your time and attention are constantly interrupted.
When Brian Carroll was laid off unexpectedly from his sales position at a car dealership in Michigan, he received a call from a past customer wanting a car.
Carroll told the buyer he no longer worked at the dealership, but the customer didn’t care. “He hired me to find the exact car he wanted and to negotiate with different dealers to get the best price.” Carroll then drives the new car to wherever the customer wants it delivered.
The car concierge. Brilliant.
This is not new, even though most sales people on the showroom floor have never considered it as an option to break free from working for someone else.
I created this option for myself by working with the same salesman for many years in a large network that sells nearly every brand under the sun. I haven’t gone through the normal motions of buying a car for over a decade.
Carroll says he now sells 30-35 cars a month, doing better than he did at his old job. And, I’d wager, he has more freedom...