Tag Archives: #career management

The Startup of You v2.0

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Through my blogs on startups, meetups and portfolio careers, I was recently interviewed by Peter Judd from News Corp., who is trying to bring the discussion on entrepreneurship, startups and innovation to a wider audience, particularly people who may be looking at a career change. (We both agree that the National Innovation and Science Agenda is not cutting through to the general public.)  Apart from being an advocate for portfolio careers, I also pointed out that entrepreneurship or working with startups is not for everyone. Instead, it may be possible to change your current role to the one you want. Alternatively, taking a new look at your current circumstances can provide some fresh perspective on finding your dream career.

Francis Kenna: The Unbearable Lightness of Seeing (2016) [Photo by Rory Manchee]

Francis Kenna: The Unbearable Lightness of Seeing (2016) [Photo by Rory Manchee]

The impetus following the 2012 publication of “The Startup of You” has done much to fuel the current entrepreneurial phenomenon, combined with lean startup business models and agile product development processes. The drive for innovation in response to digital disruption and lowering technology costs also means that launching your own venture can be increasingly de-risked.

For example, I recently saw some data by Ian Gardner from Amazon Web Services, that showed the “cost of failure” has come down from $5m to $5k, in just 15 years. This is based on a comparison between what it typically cost to launch a new business at the height of the dot.com boom/bust in 2000, and what it costs today. With a mix of open source tools, cloud computing, APIs, SDKs and social media platforms, launching a new business has never been cheaper or easier.

Of course, there is a paradox here: if an increasing number of people, especially younger graduates and new entrants to the workforce, are more interested in doing their own thing and less interested in joining large or established organisations, it’s going to get harder for employers to attract and retain the best talent; on the other hand, without appropriate experience, on-the-job training and personal development, how do these aspiring entrepreneurs acquire the necessary business, technical and leadership skills to succeed in their own ventures?

For some people, it may be appropriate to take their entrepreneurial spirit of adventure into a “traditional” role to test some of their ideas, as well as build networks and get some practical experience. Equally, I can see a huge opportunity for companies to create the right opportunities to engage employees for flexible roles aligned with specific projects or objectives (rather than plugging them into org charts). Companies are also finding new ways of tapping into their existing workforce to identify hitherto hidden and unknown skills and knowledge. Many employers also recognise that leadership roles will increasingly be filled by people who are comfortable with rapid change, increasing complexity and heightened uncertainty, as well as having enhanced soft skills. (There’s even some current thinking that utilising “rebel talent” is a good thing.)

Whether you are starting out on your entrepreneurial journey, looking to reboot your career, or searching for meaningful work that aligns with your values and purpose, there are numerous opportunities (via meetups, hackathons, pitch nights and networking forums) to explore your options before you make a decision. And for companies looking to re-invigorate your workforce and unleash hidden talent, there are many ways to experiment through taking informed risks, by building in-house innovation hubs, running consultative and collaborative workshops, and inviting ideas and inspiration from your existing people, who are familiar with the challenges you face.

Next week: Banksy – an artist for our times?

My Extended Gap Year

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I was recently interviewed for a story about the Future of Work. One of the questions asked how I had arrived at my current portfolio career. As I reflected on the past few years of my working life, I realised that my ongoing journey resembled something of an extended gap year, because of the wide range of interests I have been exploring and the variety of projects I have been working on.

gap-year

Image sourced from Ivy League Admissions Club

During my “original” gap year between school and university, I was a postman, I volunteered at a community law centre, I worked in a bread factory, on a building site and at a law firm, and travelled abroad. My primary goals then were to get some “real” life and work experiences and think about what I might like to do as a career once I graduated. If nothing else, it showed me how to work with other people, develop some resilience and resourcefulness, and discover what I might be passionate about. And while my career went in quite a different direction to the one I had imagined, the gap year experience was an invaluable part of the learning process.

Since my last corporate gig, I have embarked on what feels to be a continuous personal development programme. Aside from undertaking some professional development, participating in hackathons, serving on advisory boards, guest blogging, co-presenting numerous radio shows, developing a prototype HR app, joining various Meetup Groups, and working with a number of startups and entrepreneurs, most recently I have been working in the digital asset space (Bitcoin, Blockchain etc.) and in innovation using design thinking and collaboration models.

As part of my extra-curricular activities, I have continued to explore various digital tools and platforms for composing, recording and distributing my music – I even wrote a piece for Melbourne’s Federation Bells which is on semi-regular rotation – and I have learned some practical skills in picture framing and constructing display boxes out of Perspex.

What this all adds up to is a continuous desire to keep learning, to keep exploring interesting stuff, maintaining a sense of curiosity and not standing still – stagnation is the death of creativity! And while I may not have imagined embarking on such a career path after working in senior corporate roles for many years, the current journey is varied, seldom boring, and frequently rewarding.

For anyone who may feel they are stuck in their current work, or cannot see where there career is going, I would encourage you to think about taking a “gap year” – to explore, experience and experiment with your career options, to challenge your current perceptions, to take yourself out of your comfort zone, and above all to embrace the potential for change. Even if this does not feel like re-inventing yourself, it should be an invigorating and rewarding experience – and I’m more than happy to share some of my own insights if you want to contact me via this blog.

Next week: Spaghetti in the Cloud

 

The Day of the Mavericks – the importance of intrapreneurship

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As part of my notes on Melbourne’s recent Startup Week, I mentioned an interesting discussion on “innovation from within”, and the importance of intrapreneurship. There has been a steady stream of articles on the rise of intrapreneurship, an often overlooked skill set or resource that all organisations need to tap into, harness and deploy successfully. But what does it take to be an intrapreneur, and where can we find them?

Idea Machine - image sourced from Vocoli

Idea Machine – image sourced from Vocoli

The panel discussion on “Innovation from the inside out” was mostly about what leaders are doing to foster entrepreneurial-thinking from within their own organisations, featuring Janet Egber (NabLabs), Phil Harkness (EY), Martin Kennedy (GE) and Liza Noonan (CSIRO). Much of this effort revolves around connecting individual purpose with collective purpose (team, organisation, society). For example, at EY, there is a program to “promote purpose-led transformation, grounded in humanity and a call to action”, while GE also places importance on purpose. CSIRO, meanwhile, is clearly undergoing some huge transformational change of its own, with a key focus on “making the treasure chest of ideas happen.” (For a couple of related blogs, see here and here.)

When asked about how to incentivize intrapreneurship, and how to prioritise efforts, Liza Noonan was of the view that the “grass-roots” of the organisation “give us permission” to pursue particular projects. While Phil Harkness talked about the need to develop appropriate career paths, and the importance of change management engagement.

In my own experience, intrapreneurs are likely to display a healthy mix of the following characteristics:

Curiosity – This is critical. If you don’t display any interest in what is going on around you;  if you don’t think about how things could be done differently, better or more effectively; or if you don’t care about how things work, you are unlikely to discover anything new or uncover new business opportunities. This is not only about formal technical skills, this is also about personal outlook. It’s not intended to be disruptive, but maverick thinking is often what gets results.

Creativity – While I am not a big fan of formulaic management methodologies, I do see some value in certain aspects of the Six Hats model – of which Green for Creative Thinking is key here. As well as being a vital part of ideation and innovation, having a creative mindset (coupled with innate curiosity) is essential to problem solving – especially when it comes to “what if?” scenarios, and joining the dots between seemingly disparate data.

Commercial – Intrapreneurs don’t need to be financial wizards, or be the best sales people – but they need to be grounded in the commercial realities of how businesses work, how markets develop, what customers think, and what it takes to launch a new product or service. Being open and receptive to customer feedback is essential, along with an ability to manage solution sales and consultative selling.

Uncertainty – Being comfortable with uncertainty, and learning to be resilient, flexible and adaptive are essential to the intrapreneurial mindset. This may include a different approach to risk/reward models, as well as being able to look beyond the normal business plan cycle into the “unknown” of the future.

Scepticism – Having a healthy degree of doubt and not falling prey to over-optimism can help to manage expectations and enthusiasm built on irrational exuberance. We know most new ideas never get off the whiteboard (which is OK!), so the skill is to challenge everything until proven, but in a constructive, pro-active and collaborative way.

The key to intrapreneurship is being able to find your role or niche in the organisation, from where you can develop your expertise, establish your influence and build a foundation for solid outcomes. While at times it can feel a bit like “right person, right place, right time”, there are strategic steps you can take to manage your own career as an intraprenuer, including networking, self-directed learning, volunteering for new projects and taking responsibility for fixing things when they go wrong, even if they are outside your immediate responsibilities. It’s these sorts of behaviours that get noticed.

I know from personal experience that being curious and asking the right questions can lead to exciting new opportunities (in my case, six years in Hong Kong to establish a greenfield business). I also value the advice of a senior colleague soon after I joined an organisation: “You need to be part of the solution, not be part of the problem” when it comes to organisational change. And some of the best indirect feedback I ever received was from a colleague who introduced me to a new hire: “This is Rory, he’s our lateral thinker”.

Finally, it’s not always easy or comfortable to challenge the status quo from within (which is what a lot of intrapreneurship involves). Intrapreneurship can also feel lonely at times, which is why it’s vital to make the right connections and build sustainable relationships because, in army terms, you don’t want to get a reputation for being part of the “awkward squad”.

Next week: “Language is a virus” – a look at coding skills

Another #pitch night in Melbourne…

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If there is one basic theme emerging from Startup Victoria‘s monthly pitch nights, it is this: whatever market you are in, regardless of your business model, and however disruptive you are trying to be, if you don’t know how to engage or reach your customers your idea is far less likely to succeed. This message came across loud and clear during last week’s event where four startup hopefuls pitched their business ideas to a panel of judges in front of a packed audience.

Picture sourced from Startup Victoria Meetup page

Picture sourced from Startup Victoria Meetup page

So let’s look at this specific issue in respect to each of the pitches:

First came JobPokes, an online recruitment service designed to help candidates match job opportunities to their career preferences. Because it claims to be addressing the hidden job market, candidates aren’t applying for specific roles – instead, it’s a form of reverse enquiry, where recruiters target potential applicants via their registered profiles. I applaud the focus on the non-advertised job market, but while it may well offer an additional channel for recruiters, I’m not sure there was a clear strategy to reach job candidates who need to create a user account, and who are probably already using platforms like LinkedIn and Seek.

Next was Airly, which is sort of “Uber for private aircraft”. The business model involves signing up a minimum number of customers (who pay a monthly subscription fee, entitling them to unlimited flights), and securing sufficient seat capacity via scheduled charter contracts. There is no doubt that the idea of flight flexibility, and an element of passenger exclusivity met with audience approval (Airly took out the people’s choice vote on the night). Also, the PR around Airly has generated in-bound enquiries, suggesting there is demand. But how does this market interest convert to individual customers, when many corporate travel policies rely on wholesale and bulk-purchase models (i.e., aggregation, consolidation, vendor discounts, agency rebates, preferred airlines) rather than catering for individual travel needs or preferences? Unless the target customers are business travelers that manage and pay for their own tickets?

If Airly was about the Uberisation of air travel, RagRaider revealed another aspect of the shared economy model. Squarely aimed at fashion- and budget-conscious women, RagRaider offers a peer-to-peer service whereby customers can hire clothes for one-time use. No doubt there is a market (high school formal, spring carnival, wedding reception…) but the question is how to connect with actual lenders and hirers? We know that the per customer cost of acquisition for 2-sided markets is a key metric, and it wasn’t clear how the founders were addressing this, other than a pre-launch website and some social media. As one observer has commented, the “model is focusing on the ‘product’ part first which is the reverse of how it should be”, and another commented that despite a defined market, the barriers to entry are considerable. The judges also questioned some of the proposed pricing, commission rates and logistics.

Finally, Rounded is another FinTech startup looking to service the SME sector, specifically sole traders, freelancers, sub-contractors and tradies. Another spin on the invoice solution when suppliers need to get paid efficiently, Rounded does not claim to be a full-service accounting software – but, as one attendee commented, key to success will be reaching and educating the end-user market.  Also, they are entering a competitive space, where a new entrant like Xero has already disrupted incumbents like QuickBooks, Reckon and MYOB. I wasn’t able to stay for the pitch, but I did have the opportunity to speak with the founders beforehand. Clearly driven by their own experience and needs, there is a solid but simple idea here – but as Xero and others are increasingly able to serve similar customers, Rounded will find it really difficult to compete.

If anything, these latest pitches showed how hard it is to compare apples with oranges, although the voting criteria (market traction, product viability, team composition, pitch presentation, and responses to judges’ questions) are designed to deliver a consistent evaluation. It was also apparent that these pitches divided audience opinion more so than previous contestants – which is probably a good thing as variety is the spice of life….

Acknowledgments: thanks to Graphican, Marlene M., Cornell and Dale G. for their input.

Next week: Re-Imagining Human-led #Innovation