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jerryking : unarticulated_desires   11

Four qualities the wealthy look for when seeking out advisers - The Globe and Mail
| SPECIAL TO THE GLOBE AND MAIL | ANDREW MARSH, Andrew Marsh is president and chief executive officer of independent wealth-management firm Richardson GMP Ltd.

6 HOURS AGO

They look for these four essential qualities in their advisers – and you should, too:

Ability to challenge assumptions

There's a common misconception that wealthy people seek out "yes men" who simply agree with their opinions. Not in my experience. HNW investors value professionals who challenge assumptions and push back (hard) on long-held client beliefs – someone who isn't afraid to ask pointed, difficult questions about risk.

This kind of valued, trusted, sometimes contrary second opinion is a big reason why HNW investors work with professionals in the first place.

Belief in 'road maps'

Risk is often a reactive experience: It becomes an issue only when "stuff happens." That's not the way HNW investors think about it.

Instead, they're looking for advisers who can create a "risk road map" that anticipates the "stuff" that might come up, and outlines an appropriate asset allocation. The ultimate goal is to optimize the portfolio and align it with the risk needed to achieve specific financial goals – why aim for 12-per-cent returns if 7 per cent is all you need?

A 'wise counsellor'

Financial planner, portfolio manager, coach, confidant – advisers take on many roles with their clients. But the one that matters most to HNW individuals is that of counsellor: the calm voice of reason in times of uncertainty.

The best advisers I know have an extraordinary ability to be the "cool hand" when market noise is at its peak. They talk clients through anxieties and worries, and hold clients to long-term plans when the temptation to deviate arises (such as right now).

Understands the limits

Finally, great advisers understand their clients' risk limits. They ask clients difficult questions about risk tolerance, and they probe clients constantly to understand the boundaries of their financial comfort.

Great advisers work hard to ensure the advice they're giving to clients aligns with the information they're getting from clients – both the words and the unarticulated feelings behind those words. They understand that the best way to manage risk is to never allow their client to be in a situation that feels risky.
advice  anticipation  asset_allocation  assumptions  contrarians  financial_advisors  high_net_worth  investment_advice  risk-tolerance  roadmaps  unarticulated_desires  uncertainty  wisdom 
august 2017 by jerryking
The Design Revolution in Consumer Tech - WSJ
By Steve Vassallo
Aug. 6, 2017

Walt Mossberg...began his first column for the Journal, in 1991, with the now-famous line, “Personal computers are just too hard to use, and it isn’t your fault.” In his final column, Mr. Mossberg bookends the quarter-century of products, personalities and progress he’s chronicled with this assessment of where we are now: “Personal technology is usually pretty easy to use, and, if it’s not, it’s not your fault.” In a generation, consumer tech went from unreliable and confusing to so intuitive that children are creating immersive three-dimensional worlds on devices with barely any instruction. Mr. Mossberg doesn’t put a name to this remarkable shift, but as someone who witnessed it firsthand, I will: design. By design, I don’t mean a spiffy logo or a pretty website. Design now also refers to a methodology and a mind-set that place the experience of the end user above all. This form of design isn’t concerned chiefly with how good something looks, but, rather, how well it works for ordinary consumers. In the [early] ’90s....“engineers weren’t designing products for normal people.” ......Engineers tend to focus on sheer technical limits: what can be done. But designers are preoccupied with what should be done. In other words, whether they’re building things that solve actual problems or fulfill real wants....Over the past two decades, advances in computing power have met typical users’ speed and reliability needs, and the means to launch products have grown better and more affordable. As a result, design is now the differentiator—and the driving force behind billion-dollar companies....Apple's products (e.g. iPod, iPhone), weren’t technical breakthroughs.....They were design breakthroughs—instances of creative need-finding and human-attuned problem solving. And they raised consumer expectations for technology, ushering in a new era of innovation....Google has invested heavily to reinvent itself as a design-centric business. Incumbents like Samsung , General Electric and IBM have spent hundreds of millions to build in-house design studios with thousands of designers. ...Slack and Airbnb—like Pinterest, Instagram and Kickstarter—are recent successes founded by designers, people who are devoted to the practice of building impeccably considerate technology. Design is the key to building the next great wave of companies. To compete seriously on design, startups must make it central to their strategy from the beginning......we’re entering the age of “ambient computing,” when personal technology will become invisible and omnipresent. Augmented reality, artificial intelligence, robotics, drones, the Internet of Things, and other nascent tech will fade into the background of our lives. Technology will no longer come in the form of gadgets. Instead, as Mr. Mossberg predicts, “it’ll be about actual experiences, with much less emphasis on the way those experiences get made.”....The 21st century will be the century of the designer founder, when core value for businesses is created by entrepreneurs who have a deeper, more intuitive sense for the human condition.
Walter_Mossberg  retirement  design  design_thinking  technology  IDEO  '90s  UX  Apple  ambient_computing  customer_expectations  uncharted_problems  pervasive_computing  the_human_condition  augmented_reality  core_values  unarticulated_desires  farewells 
august 2017 by jerryking
The Four Best (and Worst) Uses of Market Research| Page 2
April 9 2013 | | ChiefExecutive.net | Chief Executive Magazine | by Taddy Hall

Experience and research suggest that CEOs of many companies look for growth in the wrong places and in the wrong ways, thereby missing opportunities and leaving them for the newbies. In a sense, though, this is good news: success lies in doing things differently, not spending more.

Specifically, there are four approaches organizations often take, none of which reliably lead to the actionable insights business leaders need:

Seek and profile large, growing and profitable markets
Solicit feedback from current best customers
Segment markets based on customer attributes, such as demographics, or based on product characteristics like “high end” vs. “low end,” “regular” vs. “light,” etc.
Benchmark progress against competitors

In each case, it is easy to see why an industry leader might have interest in the findings; however, these outputs speak primarily to aspects of the existing business or to the franchises of other established players. In other words, mapping current demand reveals little to nothing of the less-visible latent demand that is essential fuel for transformational innovation. As Henry Ford mused a hundred years ago: if he’d asked folks what they wanted, they would have asked for faster horses. Echoing Ford, Steve Jobs noted that consumers can’t describe what they’ve never experienced.
market_research  disruption  Clayton_Christensen  high-end  latent  insights  growth  opportunities  transformational  customer_insights  innovation  large_markets  market_segmentation  customer_risk  actionable_information  hidden  Henry_Ford  Steve_Jobs  market_share  static  dynamic  segmentation  missed_opportunities  hiring-a-product-to-do-a-specific-job  unarticulated_desires 
april 2013 by jerryking
Deja Vu - WSJ.com
May 21, 2007 | WSJ | Cynthia Crossen

The toughest part of inventing isn't solving problems. It's figuring out which problems are worth the effort...If you made a list of the 2,100 inventions you thought were needed, you would also be painting a profile of yourself. "Invention is really a systematic form of criticism," Mr. Yates wrote, and people tend to criticize the things that annoy them in their daily lives. Mr. Yates, for example, seems to have found most commonplace devices excessively noisy....While Mr. Yates recorded most of his 2,100 inventions in no particular order, he did make a top-10 list that proves he wasn't a trivial thinker. His top-three needed inventions all concerned energy -- a way to transform energy into power with less waste, a more efficient way to store energy and better light bulbs.

Mr. Yates, a self-taught engineer, inventor and technical writer, tried to nudge other inventors in the right direction with his book, "2100 Needed Inventions." Published by Wilfred Funk Inc., Mr. Yates's book was a list of ways people could alleviate certain nuisances and defects of life and get rich for their trouble. "We often see clever and simple devices for sale which cause us to chastise ourselves with some such remark as, 'Why I could have thought of that years ago and made a lot of money with it!' Certainly you could have -- but you didn't."
critical_thinking  criticism  discernment  frictions  inventions  inventiveness  inventors  negative_space  pain_points  personal_enrichment  problem_solving  systematic_approaches  unarticulated_desires  worthiness  worthwhile_problems 
june 2012 by jerryking
J.Crew CEO Mickey Drexler on what he learned from Steve Jobs - The Globe and Mail
kyle pope
From Friday's Globe and Mail
Published Tuesday, Oct. 25, 2011 1:40PM EDT
Last updated Friday, Oct. 28, 2011

You’ve talked about Apple a lot. You’re on its board and knew Steve Jobs. Have you learned a lot from them in terms of running your business? Even if I wasn’t on their board, I would learn a lot from them. I’m looking for best practices constantly. Apple has beautiful design, beautiful product, incredibly functional. But mostly it’s about picking product, getting behind it, marketing it and introducing it to a customer. What they’ve done just inspires me. Picking the best isn’t easy, by the way. It takes guts and it takes intuition. Apple does that brilliantly. It helps me in my everyday thinking.

Apple creates demand for things people didn’t even know they wanted. How does that apply to J.Crew? That was Steve’s favourite line—that customers don’t know what they want unless you show it to them. It’s about how you read the business. If you’re looking at the business right, in fashion or anything else, you’re reading the rhythm of the selling report, [and]you kind of know when the slowdown is coming. The job is to then invest in where it’s going. If you market it and you show it and they don’t want it, you lose. End of argument. You can’t argue too much with the customer.
Apple  creating_demand  retailers  Mickey_Drexler  J.Crew  Steve_Jobs  CEOs  lessons_learned  fast-fashion  unarticulated_desires 
october 2011 by jerryking
How to Be Like Apple - WSJ.com
AUG. 29, 2011 | WSJ | RACHEL EMMA SILVERMAN. Driving
Innovation: Mgmt. experts say there are specific ways firms can generate
and execute new ideas. Solicit input. Great ideas come from all levels
of the organization, not just the top. Provide workers time for
"unofficial activity," set time to work on creative ideas. Executing
ideas is often tougher than generating them. Companies need a clear
process to prioritize, resource & test ideas quickly and cheaply, so
that they can afford to experiment...Observation can help companies
understand not just what people say they want, but what they really
need. Clay Christensen says P&G's new-product success rate in recent
yrs. came from observing that people were concerned about how their
clothes smell (Febreze) & were always looking for simpler ways to
clean the floor (Swiffer.). P&G overhauled its new-biz strategy
after realizing that just 15% of its ideas, developed in more of an
ad-hoc approach, were meeting revenue & profit targets.
Apple  innovation  execution  Vijay_Govindarajan  P&G  business_development  Clayton_Christensen  new_products  kill_rates  success_rates  systematic_approaches  ad_hoc  new_businesses  slack_time  companywide  observations  experimentation  primary_field_research  large_companies  Fortune_500  brands  unarticulated_desires  Michael_McDerment  ideas  idea_generation  process-orientation 
august 2011 by jerryking
IDEO's Axioms for Starting Disruptive New Businesses | Co.Design
August 24 | Fast Company | by Colin Raney who leads the
Business Design Community within IDEO. TAKE ACTION: Designing for Life's
Changes

1. Go early, go often
Building experimentation into your business is harder than you think.
Start small and stay focused. Try everything, but don’t try it all in
one prototype.

2. Learning by doing
Build value for the business as you prototype. If you fail, what will
you have learned? What will you salvage?

3. Inspiration through constraint
Don’t exhaust yourself searching for money and resources. The tighter
your constraints, the more creative your prototypes will be.

4. Open to opportunity
Look for unanticipated ways customers are using your offering. Their
improvisations may be the future of your business.
lessons_learned  food_trucks  start_ups  tips  rules_of_the_game  ideo  experiential_learning  prototyping  design  disruption  experimentation  new_businesses  constraints  unanticipated  improvisation  hiring-a-product-to-do-a-specific-job  value_creation  unarticulated_desires 
september 2010 by jerryking
What Knockoffs Can Teach Companies About Chinese Markets | Co.Design
Sep 8, 2010 | Fast Company | by Makiko Taniguchi & Eddie
Wu. Fakes and knockoffs often express unmet desires that big firms miss.
Learn from them...Countries, from the U.S. to Japan, regularly accuse
China of copying designs. Indeed,MNCs in these countries spend an
inordinate amount of time and money trying to prevent their products
from being copied. But Shanzhai -- "copycat" design --represents a vast
business opportunity. Shanzhai is an open platform for grassroots
innovation: Apple, Nokia, and Samsung smartphones get copied, but the
knockoffs adapt the original designs in ways that appeal to Chinese
customers. E.g., Shanzhai designers might add a flashlight, key in areas
with unstable electricity. The effect is to make products accessible to
common folks in terms of price, aesthetics, values, and needs. Shanzhai
designs are an opportunity for international companies to introduce
Chinese consumers to their brands, and then observe how local Chinese
culture adapts their offerings.
counterfeits  China  customer_insights  discoveries  pattern_recognition  ideo  opportunities  innovation  design  adaptability  patterns  copycats  unarticulated_desires  Bottom_of_the_Pyramid  emerging_markets  brands  multinationals  aesthetics  knockoffs  creative_appropriation  cost-consciousness  low-income  affordability 
september 2010 by jerryking
Why focus groups tell you the obvious
Mar 24, 2010. | Financial Times. pg. 14 | Luke Johnson. Great
breakthroughs in fields such as new product development are frequently
achieved by avoiding surveys and committees altogether. Constant testing
can lead to blandness and safety-first choices. In creative affairs,
corporate brainstorming sessions usually end up with groupthink
dullness, all originality squeezed out because of the fear of failure or
through the influence of office politics. As Steve Jobs said: "It's
really hard to design products by focus groups. A lot of times, people
don't know what they want until you show it to them."
ProQuest  Luke_Johnson  research_methods  product_development  surveys  market_research  breakthroughs  moonshots  Steve_Jobs  unarticulated_desires 
april 2010 by jerryking
The Science Of Desire
JUNE 5, 2006 | BusinessWeek | By Spencer E. Ante, with Cliff
Edwards in San Mateo, Calif. Ethnographers, are a species of
anthropologist who can, among other things, identify what's missing in
people's lives -- the perfect cell phone, home appliance, or piece of
furniture -- and work with designers and engineers to help dream up
products and services to fill those needs.... The beauty of ethnography,
say its proponents, is that it provides a richer understanding of
consumers than does traditional research. Yes, companies are still using
focus groups, surveys, and demographic data to glean insights into the
consumer's mind. But closely observing people where they live and work,
say executives, allows companies to zero in on their customers'
unarticulated desires. Ethnographers' findings often don't lead to a
product or service, only a generalized sense of what people want. Their
research can also take a long time to bear fruit.
ethnography  consumer_research  market_entry  GE  emerging_markets  embryonic  anthropologists  anthropology  observations  unarticulated_desires 
january 2010 by jerryking
Op-Ed Columnist - The New Untouchables - NYTimes.com
October 20, 2009 | New York Times | By THOMAS L. FRIEDMAN. The
economic downturn has coincided with an education breakdown on Main
Street — precisely as a 'Flat World' enables so many more people to
compete with Americans for middle-class jobs. "“... education failure is
the largest contributing factor to the decline of the American worker’s
global competitiveness, particularly at the middle and bottom ranges,”
"...those [professionals] who have the ability to imagine new services,
new opportunities and new ways to recruit work [will be] retained. They
are the new untouchables." .......A Washington lawyer friend recently told me about layoffs at his firm. I asked him who was getting axed. He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there. But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained. They are the new untouchables...........Survival means actively engaged in
developing new ideas or recombining existing technologies or thinking
about what new customers want......those who have some interpersonal skills — the salesperson who can deal with customers face to face or the home contractor who can help you redesign your kitchen without going to an architect — have done well.”.....Just being an average accountant, lawyer, contractor or assembly-line worker is not the ticket it used to be. As Daniel Pink, the author of “A Whole New Mind,” puts it: In a world in which more and more average work can be done by a computer, robot or talented foreigner faster, cheaper “and just as well,” vanilla doesn’t cut it anymore. It’s all about what chocolate sauce, whipped cream and cherry you can put on top. So our schools have a doubly hard task now — not just improving reading, writing and arithmetic but entrepreneurship, innovation and creativity.
interpersonal_skills  Tom_Friedman  Daniel_Pink  schools  education  individual_initiative  decline  non-routine  Managing_Your_Career  imagination  skills  special_sauce  idea_generation  Flat_World  unarticulated_desires  middle_class  new_thinking  intrinsically_motivated  winner-take-all  entrepreneurship  innovation  creativity  Lawrence_Katz  mental_dexterity 
october 2009 by jerryking

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