Motivation: Money is not enough

Just watched a YouTube video covering a Dan Pink talk on motivation.

Surprising findings - or are they really !

In a nut shell:

• Money motivates for physical tasks
• Money does not motivate and more money is in fact counterproductive where cognitive functions are required.

Provided salary is sufficient (so no longer an issue) motivation comes from:

1. Autonomy / self-direction
2. Mastery of activities,becoming expert etc
3. Purpose, such as making a difference in the world!

Hence why Wikipedia, Linux etc succeed.

Further when profit maximisation and purpose maximisation align, companies succeed e.g. Apple, and when they decouple sub-optimal or even inappropriate outcomes result.  I leave the reader to consider an example of the latter!

Aligns with what I have always believed - run a great business delivering what people need and doing good, and profit will follow as just reward.

http://www.youtube.com/watch?v=u6XAPnuFjJc&feature=player_embedded

Another take on the “Effectual Reasoning” / “Search Process” of Entrepreneurs

• Do the doable, then push it
• Woo partners first
• Don’t bother with market research, customers are your market research
• Worry about competitors later
• Don't limit yourself

From Inc Magazine

http://www.inc.com/magazine/20110201/how-great-entrepreneurs-think.html

Plus http://effectuation.org/

Life Science Leader - Effective Interactions

The art of actively listening - catch the communication sent to you !

Life Science Leader - Effective Interactions

How to be an Entrepreneur?

How to be an entrepreneur?

I attended an excellent “Venturefest Bristol” 3^rd November 2011

Paul Magelli, a serial entrepreneur (including being CEO of Apertio, which he sold to Nokia Siemens Networks in 2008), was keynote speaker.  His experience and tips on being an entrepreneur were very enlightening. They follow (as I understood them):

The difference between a ‘professional’ and an ‘amateur’ entrepreneur, is the number of mistakes you’ve made !  More is better !

Think global, maintain pace & know your proposition (what your customer will buy!  Sales is helping customer to see the benefit).

1. Entrepreneurship is a Search, NOT a Serial process
   A process of matching the seed of a capability with an unsatisfied need.
   [This aligns with ‘Effectual’ and ‘Causal’ reasoning from 'What makes Entrepreneurs Entrepreneurial?’  Saras D. Sarasvathy 2005]

2. Entrepreneurs Conceive, convince & consummate – all skills for this needed as part of your team. Form the team and practice!

3. Basic ingredients for success: Technology (a science), Team (good teamwork/fit paramount – a craft), and Timing (the art of being ready or in right place at right time).

4. The team you start with will not necessary be team at exit – manage expectation from start.

5. Responsiveness: the ability to execute fast, within others decision loops, is one of your best advantages.

6. Knowing which decisions need all the data, 80% of, or only 20% of, is a key skill.

7. VCs want to see the value of their investment grow – which is not necessarily the same as the value of the company growing !

8. You are the best judge of value – do not abdicate that responsibility!

9. Always have 4 alternatives – not just a plan B!  Always plan for success and failure.

10. Enjoy the journey; the exit is not the only reward. But, if there is no economic reward, then it’s a hobby !

11. You can succeed!

Useful list of principles  for success from Steve Jobs !

Steve Jobs and the Seven Rules of Success

BY CARMINE GALLO | October 14, 2011

http://www.entrepreneur.com/article/220515

My understanding of these is:
1. Do what you love
2. Think BIG
3. Make connections - people and ideas
4. say no - stay focused
5. Create insanely different experiences
6. Master the message
7. Sell dreams, not products.

Increase Your Passion for Work Without Becoming Obsessed !

Great blog by Scott Barry Kaufman - Harvard Business Review.  Well work conscidering where we are individually on the scale, and what that tells us about upping our game!
http://blogs.hbr.org/cs/2011/09/increase_your_passion_for_work.html

Getting Started

Trying out the system!