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CEO Shoptalk – Setting Standards


Source: http://themusingsofthebigredcar.com/ceo-shoptalk-setting-standards/ There is much to be learned about setting standards by looking at how successful companies do just that. OMG, it is so damn beautiful in Austin By God Texas, y’all. Today, we talk about CEOs setting standards taking our inspiration from the recent Amazon shareowner letter which revealed that Amazon Prime had surpassed 100,000,000 members (Big Red Car is one of them). Here is a link to the Amazon Shareowner 2017 Letter. Read it after you finish this post. There are a number of interesting things to focus on, but today, I want to focus on the issue of setting standards. How do standards evolve in a successful company, Big Red Car? Bezos (Amazon founder and CEO in case you’ve been on Jupiter for a few decades) notes that yesterday’s “good” standards are not “good enough” a year later. High standards are a continually evolving benchmark. He also notes that standards are not set “domain-wide” meaning he sees them as being departmental or functional. This is something that is particularly true in large enterprises. What he does not say is that standards are an essential part of a company’s culture. The whole issue of culture is one of those things which gets over-hyped and is sought after as if you could buy a gallon of it on — wait for it — Amazon! Culture is pervasive and creeps in to take its place in one’s brain over a protracted period of time. It does not happen overnight. It takes time to build a culture. Cultures – like standards — must continue to grow and prosper with the same evolutionary bent a standards. How does this work for me, Big Red Car? Dear startup CEO, I want you to focus on four things that Brother Bezos trumpets in his letter. “So, the four elements of high standards as we see it: they are teachable, they are domain specific, you must recognize them, and you must explicitly coach realistic scope.” That is a direct quote. How can you use that wisdom in your operation? Let me tell you. Do your planning with more care, detail, and effort. Think more about and document standards. I know it’s hard to do when you’re in the midst of startup chaos, but this is when you have to do it. Read the “six-page memorandum” anecdote in the shareowner letter and take it to heart. Amazon Prime An interesting side note from the shareowner letter. Amazon Prime’s number of members has been a well kept secret with informed guesses suggesting it was 80,000,000 last year. In fact, Bezos announced in the shareowner letter that AP is 100,000,000 strong. Back in January, Amazon increased prices for Amazon Prime to $99/year. You can do the math yourself. Wow! That is a huge base cash flow, isn’t it? I note this with great envy as it is the monetization of relationships which are, essentially, based on some future benefit. The benefits of Amazon Prime membership are substantial, but this is a revenue stream that is based on a promise of future good treatment. The fact that its members outnumber the population of Germany is irrelevant. It is a lot of people and a lot of money. As a startup CEO on your way to becoming a huge success note that Amazon was founded on 5 July 1994. That is a short period of time ago. But, hey, what the Hell do I really know anyway? I’m just a Big Red Car. Be good today. Be better tomorrow. Crush it by next Tuesday.   Share this:TweetShare on TumblrPrint Related Source: http://themusingsofthebigredcar.com/ceo-shoptalk-setting-standards/

Can you keep a secret?4


Source: http://theoatmeal.com/blog/crabs

We are seeing major reforms in India: IMF chief


IMF chief Christine Lagarde today said she does not expect the pace of economic reforms in India to continue in an election year. She made the remarks during an interaction with reporters at the start of the spring meeting of the international finance organisations. "We have seen and we are seeing - I'm not sure that we will be seeing in the next few months given the elections that are coming up - but we have and we are seeing major reforms that we had recommended and advocated .. Read more at://economictimes.indiatimes.com/articleshow/63835285.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

I Can’t Do Math In Prose1


I wrote those words to a friend of mine yesterday. We are working on a project together. He wrote me an email listing a whole bunch of investments to be made and where we are on them. I read it and understood it, but it didn’t really register with me. So we are going to make a spreadsheet with a few columns, total some stuff up, and look at it together. The Gotham Gal calls that a “fredsheet” because I do better with numbers in a spreadsheet. This is an example of presenting information in context. I feel that how information is presented is often more powerful than the underlying data. And when you want someone to understand what you are saying, it is best to put that information in the format that person is most comfortable in. For me, that is often a sheet. https://avc.com/2018/04/i-cant-do-math-in-prose/

I Can’t Do Math In Prose1


I wrote those words to a friend of mine yesterday. We are working on a project together. He wrote me an email listing a whole bunch of investments to be made and where we are on them. I read it and understood it, but it didn’t really register with me. So we are going to make a spreadsheet with a few columns, total some stuff up, and look at it together. The Gotham Gal calls that a “fredsheet” because I do better with numbers in a spreadsheet. This is an example of presenting information in context. I feel that how information is presented is often more powerful than the underlying data. And when you want someone to understand what you are saying, it is best to put that information in the format that person is most comfortable in. For me, that is often a sheet. https://avc.com/2018/04/i-cant-do-math-in-prose/