And moved its share price from $8.76 to over $160.
Read the full article at: hbr.org
“You don’t have to be a programmer in Silicon Valley or a gene splicer in biotech to unleash exciting innovations and create huge value. Instead, you can rethink what it means to be in the retail-banking business, or the industrial-distribution business, or the office-cleaning business. Yet little did I know that some of the most extraordinary innovations I’ve seen would take place in the pizza business.”
And, yes, Bill Taylor writes all about pizza and how Patrick Doyle, CEO of Domino’s Pizza, changed and revitalized the company. It’s impressive.
However, the main point of the article is pizza-neutral (to adapt the current buzzword). The takeaways are Doyle’s thoughts on the two “great ills” that plague executives and the mindset required for innovation:
- Executives make the mistakes of “omission bias…everyone sees the results of a move gone bad, and few see the costs of moves not made” and “loss aversion …the natural inclination is to be cautious, even in situations that demand creativity.”
- “Leaders who want to shake things up have to be comfortable with the idea that ‘failure is an option.’ “
Lessons for leaders; lessons for life.
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