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Applying the Classic Virtues to your business, organization, teams and individuals for innovation and growth

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Can a 2500+ year old concept apply today? Yes! This explains how the Classic Virtues applies to business, organizations, teams, and individuals for innovation and growth. Lessons from the 25th …

Can a 2500+ year old concept apply today? Yes! This explains how the Classic Virtues applies to business, organizations, teams, and individuals for innovation and growth. Lessons from the 25th Century B.C. to the 21st Century A.D.

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  • 1. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com DEBORAH MILLS-SCOFIELD Mills-Scofield, LLC • dms@mills-scofield.com • @dscofield Partner: Glengary, LLC. – Early-Stage Venture Capital Visiting Scholar – Brown University • Adjunct Professor – Oberlin College Applying the Classic Virtues to Individual Professional Development Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com
  • 2. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com ARISTOTLE’S CLASSIC VIRTUES •  Application of the Virtues: –  General Business •  Aligned with specific strategies, tactics, projects –  Innovation - Process •  Aligned with overall Innovation processes and/or individual Innovation projects –  Innovation – People/Mindset •  Team Development •  Individual Professional Development •  Based on the work of Alan Kolp & Peter Rea : –  Integrity is a Growth Market (book) –  Igniting Innovation through Integrity (to be published, with co-author Pierre Everaert) –  Collaboration on developing applications 2
  • 3. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com VIRTUES & APPLICATIONS Virtues (Integrity) Application Love Passion Friendship Compassion Passion Passion for people and solutions Social Capital: Teams & Partners Servant Leadership & Customer Service Courage Fortitude, Heart, and Mind or Soul Manage Risk Risk & Rescue Mgmt: Tangibles/Intangibles Smart Failing - Culture Faith Fiduciary Trust Authenticity Economic Value of Intangibles Reputation – Macro & Micro Teams, partnerships – internal/external Clear roles & responsibilities Justice Fair vs. Equal Enlightened Self-Interest Sustainability Triple Bottom Line & Bottom of Pyramid “I-Thou” Prudence Wisdom Reasonable Disciplined Talent Management Acquiring, developing and retaining talent Adaptable, Agile, Resilience “Bright Spots” Temperance Moderation – Greek Middle Way Balance Tempus Money/Meaning & Profit/Purpose Balance: Today &Tomorrow; Life & Work Lens-Shifting Balanced Scorecard – stakeholders Hope Forward looking – future not yet realized Possibility Moral = root of Morale Smart Failing Real-Win-Worth Economic value of Learning Best Practicing
  • 4. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com WHY, HOW, WHAT WE CREATE Virtue Why Art (Disposition – Right Brain) How (imagination, commitment, creativity) Science (Skills– Left Brain) What (competency, skill, knowledge) Love Passion: Customer Create/Add customer value Courage Recognize Opportunity & Lead Change Risk & Rescue Management Faith Manage Intangibles (People, Process) Create & Protect Wealth Justice Triple Bottom Line Brand Reputation Prudence Empower & Engage Talent Agile, Adaptable High Performance Organization Temperance Balance Manage Competing Interests Hope Smart Failing “At Bats” and RBIs Awareness Current State Attention Desired State Action Close the gap DEVELOPMENT PLAN
  • 5. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Love Ερος (Eros) Passion, Desire, Devotion Ex: Zappos, Apple, Nordstrom's •  Passion to add value to customers, employees, stakeholders •  Smart Risk-Increased Returns •  Customer Service •  Customer Experience •  Customer Jobs-to-be-Done Passion to create, to improve, to refuse “just because” What are you passionate about? 5 Φίλος (Philos) Friendship, Respect Ex: Google, USAA, Intel •  Earn & Keep Trust -> Attract, Retain, Develop Talent •  Teamwork, Open Innovation •  Collaboration & Cooperation •  Whole Employee (health, volunteering, ‘idea’ time, sabbaticals, etc.) •  Before cut staff, identify root cause (e.g., process, wrong markets, customers) Engaged Employees = value: great products/services, customer service, sense of urgency and shared purpose How do you excite your people? Αγαπη (agape) Compassion, Sacrifice, Humility Ex: AFLAC, Southwest Airlines •  Voice of the Customer; Jobs- to-be-Done; Day-in-Life •  Customer Co-Create/Design •  Customer Valuable Solutions •  Customer Service •  Align organization to Delight the Customer •  Employees’ Issues > My Issues •  Human Capital is THE Asset Is it really about Them, not You? How do you put your customers and people first?
  • 6. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Courage French: Heart (coeur) and Latin: Mind/Soul (cor) Reflexive: Visceral, Autonomous, Involuntary: rush in to save v stand by & watch Reflective: Cognitive, Analytical, Voluntary: Weigh Risk/Reward 6 Culture •  Status Quo-Philic/Phobic •  We are wired for stability •  Risk is culturally defined •  Ethnicity •  Prestige (“Corner Office”) •  Reputation/Peer Pressure •  Risk is individually defined •  Definition of Self •  Values (“Look in the Mirror”) •  What’s at “Stake” •  Externally Influenced •  Economic •  Global What are your cultural inhibitors and accelerators? Management/Resilience •  Identify Real “Manageable” Risks: Tangible & Intangible: Reputation, Market Validation, Financial, Life, Execution, Operational, etc. •  Identify Real Risks beyond your control (e.g., Acts of G-d) •  Willing to speak up and out •  Delighting Customer > R&D, Engineering, Sales, Supply Chain, Shareholders, etc. •  Balance Risk Mitigation and Rescue Management Do you take Smart Risks? Process/Tools •  Open Innovation •  Inter-disciplinary/geographic/ cultural teams •  Innovation Mgmt Processes •  Incentives, Recognition, Reward for success & failure •  “Blame” process, not people •  Root cause analysis •  Obsolete your own ‘stuff’ •  S-Curves •  “Lean Startup” tools •  Business Model Innovation •  RWW Can you mitigate AND “Rescue”
  • 7. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Faith Latin: fides (trust) in something or someone, usually intangible 7 Corporate Reputation •  Direct impact on Market Cap: Walmart, Netflix, BP… •  Direct impact on ability to attract and retain talent (esp. Millennials) •  Related to Hope •  Balance Protecting & Creating Wealth •  Broken by Corruption, Greed, Breaking implicit/explicit promises to customers, employees, shareholders How do you protect/enhance your Brand & Talent? Imagination/Worth •  Ability to imagine the future and make it happen •  Assume Future = better (incremental and disruptive) •  Better = for customers, employees, communities, environment, suppliers… •  Beyond compliance •  Trustworthiness – Worthy of Trust Are you really capable of imaging the future & worth trusting? Culture •  Align & resource organization to Delight the Customer •  Clear vision, mission, strategy with how everyone fits in and contributes •  Execution Model – who & how to get things done with power and authority •  Behavior: incent smart risk- taking, don’t punish smart failure •  Stories, Myths, Symbols Does your culture make it easy to trust & execute?
  • 8. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Justice Old French: justitia (righteousness & equity); Latin: justus (upright and just) 8 Fair vs. Equal •  Easy -> Equal: everyone is treated the same; no judgment: e.g., compensation •  Hard -> Fair: ‘equal’ opportunity can have different results; subjective •  Legal vs. Ethical/Moral •  Equal vs. “Right” Do you treat people equally or fairly? “I-Thou” •  Do “I” matter more than “Thou”? (customer, employee, stakeholder) •  My needs/wants > Yours •  Organization’s reaction to injustice •  Means justify the Ends? •  Short term vs. Longer-term gratification (pay it forward) Does your culture value others vs. self? CSR •  Triple Bottom Line: People, Planet, Profits •  Outputs vs. Outcomes: Money & Profit as way to provide Meaning & Purpose •  Leaving things better than you found them •  Talent acquisition & retention •  Customer acquisition & retention •  Beyond compliance – Reputation results in growth •  Reverse Innovation (BoP) How do you ‘account’ for your organization’s total impact?
  • 9. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Prudence Old French: prudence (wisdom to see what is virtuous, suitable, profitable) Latin: prudentia (foresight, sagacity; contraction of providentia (providence)) 9 Wisdom •  Capitalize/Monetize investment in People •  Increase Employee Engagement •  Repeat, Repeat -> Habit •  Remove Obstacles, Barriers (tangible: processes; intangible: politics) •  Reliable •  Mutual Trust •  Shared purpose and goals •  Faith in the ability to accomplish •  Balance Responsibility and Authority How engaged are you and your people? Foresight •  Willing to learn from others •  Willing to look at things differently – Lens Shifting •  Reframe challenges & opportunities •  Perseverance •  Suspend Disbelief •  Shared purpose and goals •  Faith in the ability to accomplish How adaptable and resilient is your organization to change? Talent Development •  “Bright Spots” •  “Can’t build on broken” •  Manage to strengths & passions •  Social Capital/Networking •  Education •  Experiences – outside the comfort zone •  Mentors/Mentoring •  Community Service Do you look at what’s working or what’s broken?
  • 10. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Temperance Anglo-French: temperaunce (moderation) CAUTION: Temperance ≠ quest for EVENness which can support status quo 10 Balance •  Work-Life •  Time for everything/season •  Balanced Scorecard: tool vs. idol •  “Spirit” vs. Letter of the Law •  Delight the Customer vs. Shareholder interests •  Team makeup How well do you balance competing interests? Discipline/Habits •  Policies •  Accountability •  Responsibility & “Authority” •  Healthy & Unhealthy Habits (wellbeing, cultural, etc.) •  Inner-Self •  Public-Self: work & community •  Confirmational Bias •  Long vs. Short-term •  Reality vs. Delusion (Dilution) What are your barriers for temperance? “ROI” •  Innovation Process •  Numbers Game: 1000->100-> 10->1 •  Vetting: Internal “VC”, Markets (Rite-Solutions), Whole Foods, RWW, etc. •  Failure = learning process: learn, apply, iterate, learn, apply, iterate •  Experimentation •  “Lean Startup” Do you allow time and space for innovation & learning?
  • 11. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com Hope 11 Realistic/Facts •  Not fantasy •  Based on VOCs, real customer ‘pains’ •  Team •  Technology •  “Smart Risks” •  Possible vs. Probable •  Fail Fast, Fail Cheap •  Make new mistakes •  Failure – learn, apply, iterate… •  Learn, Discover, Uncover, Create How do you learn what’s possible? Tools •  Lean Startup •  Business Model Generation •  People/Planet/Profits •  Real-Win-Worth •  Best Practicing •  Time for innovation •  Encourage vs. Coerce How do you decide what’s possible?
  • 12. Copyright © 2012 Mills-Scofield, LLC www.mills-scofield.com VIRTUES DEVELOPMENT PLAN •  Select A Virtue •  Examples of that Virtue at work within you •  Examples of that Virtue at work within your organization •  Rate yourself and your organization on that Virtue: –  1-6 scale –  Reasons & Evidence •  Assess yourself on that Virtue –  Art & Science –  Strengths, Weaknesses, Bright Spots, Barriers, Challenges •  Development Plan –  Each “Area”: Self, Home, Work, Community –  Specific tactic, date, status 12