In this good piece by James Clear, he talks about three ways we fail and how we can fix it. The three types of failure are:
.. a Failure of Tactics. These are HOW mistakes. They occur when you fail to build robust systems, forget to measure carefully, and get lazy with the details. A Failure of Tactics is a failure to execute on a good plan and a clear vision.
… Failure of Strategy. These are WHAT mistakes. They occur when you follow a strategy that fails to deliver the results you want. You can know why you do the things you do and you can know how to do the work, but still choose the wrong what to make it happen.
…Failure of Vision. These are WHY mistakes. They occur when you don’t set a clear direction for yourself, follow a vision that doesn’t fulfill you, or otherwise fail to understand why you do the things you do.
Really good piece. I recommend it as something you schedule yourself to read at least once a year to help you do better both at work and elsewhere.
In the piece he doesn’t focus on failure of opportunity, but it is huge. For people living in the right place and born into the right segment of society, success is much easier because opportunities abound. Sometimes you can change that (e.g. emigrate) and sometimes you cannot.
Despite that, read the piece and reflect on how you can address the things that cause you to fail.
Stratechery is always great and this piece is no different: The WeWork IPO – Stratechery by Ben Thompson.
What makes it good is that rather than just slamming WeWork superficially, as many takes have, it delves into what could possibly justify why WeWork is a good investment.
My take is that if WeWork had a different executive, it could be a successful company. I think the comparison to AWS is somewhat valid, and in the gig economy with lots of short term work, it could become very successful. (It worked really well for a recent project I was on).
That said, I believe the executive team of WeWork will not be able to handle any drying up of capital or a recession of any length. Or investors will wake up and ask themselves why WeWork should be valued way more than IWG/Regus. Time will tell, of course.
One last thing: my understanding is that WeWork had to start from scratch in terms of buying up / leasing real estate, but AWS did not start from scratch and took advantage of existing capacity Amazon currently had.
(Image link to the original piece in the article reference)
August 20, 2019 in ideas, new!
Tagged AWS, business, entrepreneur, ideas, investment, realestate, startup, strategy, WeWork
First off, what is it? It’s this, via the About section of the site:
Stratechery provides analysis of the strategy and business side of technology and media, and the impact of technology on society. Weekly Articles are free, while three Daily Updates a week are for subscribers only.
Recommended by The New York Times as “one of the most interesting sources of analysis on any subject”, Stratechery has subscribers from over 85 different countries, including executives in both technology and industries impacted by technology, venture capitalists and investors, and thousands of other people interested in understanding how and why the Internet is changing everything.
Everything I’ve read on it has been insightful and in depth, including this piece on IBM and the acquisition of Red Hat.