step out 110104
TRANSCRIPT
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Step Out … Or Get Stepped On!
Tom Peters/11.01.2004
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Step Out …
Or GetStepped On!
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“[The decline of rnds" doesn#t men tht
m$in% etter %i&mo no lon%er mtters'offering genuinely innovative
products is, more than ever, the
best way to capture marketshare. (ut s))* consumers re no
lon%er +ilin% to p* hi%h premium for nother+ise identicl product ecuse it hs fnc* nmeplte., '-mes Suro+eic$i/Wired /11.04
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“ focus on costcuttin% nd efficienc*
hs helped mn* or%ni&tions +etherthe do+nturn ut this pproch +ill
ultimtel* render them osolete. Only
the constant pursuit ofinnovation can ensure long-
term success.” 'niel u&*$ en SuderSchool of (usiness 3ni) of (ritish olumi 5FT /06.17.048
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r. -efferson#s“oonstruc$ ind,
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the wildestchimera of a
moonstruck
mind” 'The Federalist on-efferson#s 9ouisin Purchse
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:iels (ohr to ;olf%n% Puli
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onte>t< Sorr* ?ecord
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@ores100 from 1617 to 16A7
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(3J9T TO … FTF?JO?TF!
“;hen it comes to in)estin% J m old school. (u* %ood stoc$ stic$ it inthe dr+er nd +hen *ou chec$ c$ *ers lter the stoc$ should e+orth more. There#s onl* one prolem. ;hen J chec$ed the dr+er
recentl* it +s full of clun$ers includin% 9ucent do+n 64 percent from its1666 hi%h. *e once upon time u* nd hold +s )ile strte%*.Tod* it no lon%er m$es sense.,'hrles Stein/ “Jn)estment Strte%ies
ust Shift +ith ?elities,/+oston /lobe /10.10.04
smple of Stein#s “(lue hipturnedclun$er, e>mples< @nnie e 5fetured in ollins# /ood to /reat 8. o$e. 5“lun$er, m$e tht
“Stin$er.,8 erc$. 5The mi%htiest fll'stoc$ do+n KB percent since 2000Ctumle preceded Lio>>8 3h … icrosoft. 5“icrosoft#s stoc$ price is no
hi%her tod* thn it +s in 166A.,8
“Jt is not cler there is such thin% s M(lue hip#, Sh+n Hr)et&president of (ostonsed hed%e fund Fsplnde pitl told Stein.
“Hr)ets point is serious one, Stein continues. /reatness is not permanent. 0 This process of creative destruction isn1t new. +ut with the
world moving ever faster, and with competition on steroids, the 2uaint
notion of buying and holding is hopelessly out of step.”
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/ood management was the
most powerful reason 3leading
firms4 failed to stay atop theirindustries. Precisel* because these firms
listened to their customers in)ested %%ressi)el* in
technolo%ies tht +ould pro)ide their customers morend etter products of the sort the* +nted nd
ecuse the* crefull* studied mr$et trends nds*stemticll* llocted in)estment cpitl to
inno)tions tht promised the est returns the* losttheir positions of ledership.,
l*ton hristensen The 5nnovator1s (ilemma
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:orml N:othin%
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“The Msurplus societ*# hs surplus of
similar compnies emplo*in%similar people +ith similar eductionl c$%rounds comin% up
+ith similar ides producin%similar thin%s +ith similar prices
nd similar =ulit*.,HEell :ordstrm nd -ons ?idderstrle Funky +usiness
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Funky +usiness< “To succeed +e
must stop ein% so %oddmnnorml. Jn +innert$esll +orld
normal 6
nothing.”
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“When we did it‘right’ it was
still pretty
ordinary.”(rr* Gions on 7ightmare 7o. 8”
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“;hile e)er*thin% m*
e etter it is also
increasingly
the same.” Pul Golder%er on retil “The Smeness of Thin%s, The 7ew 9ork Times
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“Brands have run
out of juice.They’re dead.” 'He)in?oerts/Stchi Stchi
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(i& “Strte%*, ?ule Q1
on#t e)en thin$ out
competin% +ith;lRrt on price or
hin on cost:
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(e*ondompre!
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“You do not merely want to be
the best of the best. Youwant to be
considered theonly ones who do
what you do.”-err* Grci
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“A great company
is defned by theact that it
is not compared
to its peers.”Phil Purcell or%n Stnle*
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Success means neverletting the competition
dene you. !nstead youhave to dene yourself basedon a point of view you care
deeply about.” Tom hppell Tom#s of ine
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“"et’s ma#e
a dent in theuniverse.” Ste)e -os
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?ichrd (rnson#s stted hurdlesfor n* ne+ Lir%in product orser)ice
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Sir ?ichrd#s ?ules<
Follow your passions.Heep it simple.
Get the est people to help *ou.?ecrete *ourself.
Pl*.Source< Fortune /10.0B
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He)in ?oerts# redo
1. ?ed*. @ire! im.2. Jf it in#t ro$e ... (re$ it!B. ire cr&ies.
4. s$ dum =uestions.I. Pursue filure.K. 9ed follo+ ... or %et out of the +*!7. Spred confusion.
? i i G l Fl t i
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?eim%ine Generl Flectric
“;elch +s to lr%e de%ree %ro+th*c=uisitionmn. MJn the lte #60s# Jmmelt s*s M+e ecme
usiness trders not usiness %ro+ers. Tod* or%nic%ro+th is solutel* the i%%est ts$ of e)er*one of
our compnies. Jf +e don#t hit our or%nic %ro+th
tr%ets people re not %oin% to %et pid.# … 5mmelt
has staked /=1s future growth on the force
that guided the company at it1s birth and
for much of its history) breathtaking, mind-
blowing, world-rattling technologicalinnovation.” '“GF Sees the 9i%ht,/+usiness #.
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1st 9+ $t% Ph*sics< O>=?T +=7=F5T 5@ocus< 1 or2 B or 4/“One Gret Thin%.,Source Q1< Personl Pssion8
2: 9+< ?=* ?=*@O7 TO +=5=>= 5Stnd eli)er!8
B? 9+< (?**T5'(5FF=?=7'= 5F>ecs on#t Get Jt<
See the ne>t slide.8
Source< Aump @tart 9our +usiness +rain ou% ll
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2 Uuestions<
“$ow li#ely are you to purchase this new product or
service%” 56ID to 100D +ei%htin% * e>ecs8
“$ow uni&ue is this new product or service%” 50D to IDR8
R7o e;ceptions in #< years V ou% llAump @tart 9our +usiness +rain
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rem On
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The r$etin% of rems 5rem$etin%8
rem$etin%< Touchin% the clients# drems.
rem$etin%< The rt of tellin% stories nd entertinin%.
rem$etin%< Promote the drem not the product.
rem$etin%< (uild the rnd round the min drem.
rem$etin%< (uild the “u&&, the
“h*pe, the “cult.,Source< Gin 9ui%i 9on%inotti(uitoni
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(uildin% the reti)e Or%ni&tion
hoose cretor< The culturl leder +ho %i)es the
compn* n esthetic point of )ie+.ire eclecticll*< ire collortors +ith differentcultures nd pst histories in order to lnce ri%or+ith emotion.
Prepre )erticll*< e)elop ri%orous understndin%of the product nd the client.e)elop hori&ontll*< Promote curiosit* in unrelteddisciplines.9ed emotionll*< Fn%ender pssionte dedictionthrou%h )ision nd freedom.(uild for the lon% hul< reti)it* re=uires lifetimecommitment.
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“The sun is settin% on the Jnformtion Societ*'e)en efore +eh)e full* dEusted to its demnds s indi)iduls nd s
compnies. ;e h)e li)ed s hunters nd s frmers +e h)e+or$ed in fctories nd no+ +e li)e in n informtionsed
societ* +hose icon is the computer. We stand
facing the fifth kind ofsociety) the (ream @ociety. … @uture products +ill h)e to ppel to our herts not to our
heds. :o+ is the time to dd emotionl )lue to products ndser)ices., '?olf -ensen/The (ream @ociety)Bow the 'oming @hift from5nformation to 5magination Will Transform 9our +usiness
F i dd /TP
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F>perience 9dder/TP
rems ome True+esome F>periences
SolutionsSer)icesGoods
?+ terils
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He)in ?oertsR
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“;hen J first su%%ested tht ove +s the +*to trnsform usiness %ro+n FOs lushed
nd slid do+n ehind nnul ccounts. (ut J$ept t them. J $ne+ it +s ove tht +s
missin%. J $ne+ tht ove +s the onl* +* to
nte up the emotionl temperture nd cretethe ne+ $inds of reltionships rnds needed. J
$ne+ tht ove +s the onl* +* usiness
could respond to the rpid shift in control toconsumers., 'He)in ?oerts/ovemarks
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“'pple opposes( !B) solves( *i#e e+horts( ,irgin enlightens(
Sony dreams( Benetton
protests. - Brands are
not nouns butverbs.”
Source< -enrie ru … (isruption
The good 8< percent of
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The good 8< percent of
*merican product design comes
out of big-idea companies thtdon1t believe in talking to the
customer . The*Wre run * passionate maniacs +ho m$ee)er*od*#s life miserle until
the* %et +ht the* +nt.,(rn @erren pplied inds/Wired 12001
? l f “? di l $ ti ,
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?ules of “?dicl r$etin%,
ove C ?espect 9our 'ustomers: Bire only Dassionate issionaries:
'reate a 'ommunity of 'ustomers:
'elebrate 'ra!iness: +e insanely True to the +rand:
Sm ill Glenn ?if$in ?adical arketing 5e.%. rle* Lir%in The ed (S :(8
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Cirque du
oleil!
Jnfos*s/Plnet +rpin% spirtions
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Jnfos*s/Plnet+rpin% spirtions …
“(* m$in% the Glol eli)er* odel oth le%itimte nd minstrem +eh)e rou%ht the ttle to our territor*. Tht is fter ll the purpose of
strte%*. ;e h)e ecome the leders nd incuments [J( ccenture" refollo+ers fore)er pl*in% ctchup. … o+e)er cretin% ne+ usinessinno)tion is not enou%h for rules to e chn%ed. The inno)tion must impcclients competitors in)estors nd societ*. ;e h)e seen ll this in spdes.
lients h)e emrced the model nd re demndin% it in e)en %retermesure. The cuteness of their circumstnce coupled +ith the cpilit*
nd )lue of our solution hs mde the choice not choice. ompetitorsh)e een dr%%ed $ic$in% nd scremin% to replicte +ht +e do. The* fce
trum nd disruption ut the %me hs chn%ed fore)er. 5nvestors
have grasped that this is not a passing fancy, but a
potential restructuring of the way the world operates
and how value will be created in the future.”
':r*n urth* chirmn#s letter Jnfos*s nnul ?eport 200B
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;T : (?O;: O @O? XO3Y
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;eird;ins!
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@9S<
!nnovation is
easy
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S)iorsin;itin%
(isgruntled 'ustomers
Off-the-@cope 'ompetitors
?ogue =mployeesFringe @uppliers
;*ne (ur$n Wide *ngle >ision) +eat the 'ompetition by Focusing onFringe 'ompetitors, ost 'ustomers, and ?ogue =mployees
Th
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TJ:H ;FJ?< Thei%h Stndrd
e)ition
Fnterprise.
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“Jf *ou +orship t thethrone of the )oice of the
customer *ou#ll %et onl*incremental advances.” -oseph orone President
(entle* olle%e
“To grow companies
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“To grow( companies
need to brea# out of avicious cycle ofcompetitive
benchmar#ing andimitation.” ';. hn Him ?enZ
uor%ne “Thin$ for Xourself 'Stop op*in% ?i)l,Financial Times /0A.11.0B
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“"he short road
to ruin is toemulate the
methods o your
ad#ersary.”' ;inston hurchill
“This is n ess* out +ht it t$es to crete nd sell somethin%
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This is n ess* out +ht it t$es to crete nd sell somethin%remr$le. Jt is ple for ori%inlit* pssion %uts nd drin%. Xou cn#t eremr$le * follo+in% someone else +ho#s remr$le. One +* to fi%ure
out theor* is to loo$ t +ht#s +or$in% in the rel +orld nd determine
+ht the successes h)e in common. (ut +ht could the @our Sesons ndotel K possil* h)e in commonY Or :eimnrcus nd ;lRrtY Or
:o$i 5rin%in% out ne+ hrd+re e)er* B0 d*s or so8 nd :intendo5mr$etin% the sme Gme (o* 14 *ers in ro+8Y Jt#s li$e tr*in% to dri)e
loo$in% in the rer)ie+ mirror. The thing that all these
companies have in common is that theyhave nothing in common. The* re outliers. The*#re onthe frin%es. Superfst or superslo+. Ler* e>clusi)e or )er* chep. F>tremel*
i% or e>tremel* smll. The reson it#s so hrd to follo+ the leder is this<The leder is the leder precisel* ecuse he did somethin% remr$le.
nd tht remr$le thin% is no+ t$en'so it#s no lon%er remr$le +hen*ou decide to do it., 'Seth Godin Fast 'ompany /02.200B
;*s to ?ise Purple o+
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*
Thin$ smll. One )esti%e of the TL
industril comple> is need to thin$mss. Jf it doesn#t ppel to e)er*one
the thin$in% %oes it#s not +orth it.
Thin$ of the smllest concei)lemr$et'nd descrie product thto)er+helms it +ith remr$ilit*. Go
from there.Source< Seth Godin Fast 'ompany 502.200B8
“ MGint# proEects contin +ithin them the
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“ MGint# proEects contin +ithin them thelmost certin seeds of mediocrit*. The
)er* fct of their si&e cuses constntscrutin* nd thence Mpoliticl# interferenceSuch Mo)ersi%ht# drins the pssion of the
chmpions nd ris$s'to the point ofcertint*'ftl Mdumin% do+n# ndthence loss of the )er* distinction nd=uir$iness sou%ht in the first plce.,'
F>ec oll*+ood
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5nnovation: :OT
$mitation
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Fmplo*ees
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;h* o J lo)e @re$sY
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518 (ecuse +hen n*thin% Jnterestin% hppens … it +s freak +ho did it. 5Period.8528 Freaks re fun. 5@re$s re lso pin.8 5@re$s re ne)erorin%.85B8 ;e need freaks. Fspecill* in fre$* times. 5int< These refre$* times for *ou me the J the rm* )on.8548 criticl mss of freaks-in-our-midst utomticll* m$e us+horenotsofre$* t lest some+ht more fre$*. 5;hich is Good Thin% in fre$* times'see immeditel* o)e.85I8 Freaks re the onl* 5O:9X8 ones +ho succeed's in m$e itinto the histor* oo$s.5K8 Freaks $eep us from fllin% into ruts. 5Jf +e listen to them.85;e seldom listen to them.8 5;hich is +h* most of us'nd ouror%ni&tions're in ruts. $e tht chsms.8
e)ints Jnc (eviance tells
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e)ints Jnc. (eviance tells
the story of every massmarket ever created. ;htstrts out +eird nd dn%erous
ecomes meric#s ne>t i% corportep*d*. So re *ou loo$in% for the ne>tmss mr$et ideY Jt#s out there … +*
out there.,Source< ?*n tthe+s ;tts ;c$er Fast 'ompany 50B.028
“Th ( ttl $ i t th
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“The (ottlenec$ is t theTop of the (ottle,
“;here re *ou li$el* to find people +iththe lest di)ersit* of e>perience the lr%est
in)estment in the pst nd the %retest
re)erence for industr* do%mY
*t the top:” ' Gr* mel “Strte%* or ?e)olution,/
Barvard +usiness ?eview
;FJ? JFS TT ;O?H< 518 ire slo+ lerners 5of theor%ni&tionl code8. 51.I8 ire people +ho m$e *ou
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or%ni&tionl code8. 51.I8 ire people +ho m$e *ouuncomfortle e)en those *ou disli$e. 528 ire people *ou
5prol*8 don#t need. 5B8 3se Eo inter)ie+s to %et ides not
to screen cndidtes. 548 Fncour%e people to i%nore nd def*superiors nd peers. 5I8 @ind some hpp* people nd %et themto fi%ht. 5K8 ?e+rd success nd filure punish inction.
578 ecide to do somethin% tht +ill prol* fil then con)ince*ourself nd e)er*one else tht success is certin. 5A8 Thin$ of
some ridiculous imprcticl thin%s to do then do them.568 )oid distrct nd ore customers critics nd n*one +ho Eust +nts to tl$ out mone*. 5108 on#t tr* to lern n*thin%
from people +ho seem to h)e sol)ed the prolems *ou fce.5118 @or%et the pst prticulrl* *our compn*#s success.
(o Sutton Weird 5deas That Work) 88E 5deas for Dromoting,anaging, and @ustaining 5nnovation
d)ice to orporte 9eders< “onsider the
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metphor of the +indmill< Xou cn hrness r+po+er ut *ou cn#t control it. … ire rtists
clo+ns or other disrupters to come in ndchllen%e *our corporte en)ironment. … ire corporte nthropolo%ist to nl*&e ho+ tolern
*our or%ni&tion is of de)ints nd otherinno)tors. … Once the anthropologist
leaves, hire a shaman to drive out the
evil spirits of conformity. 0” Source< ?*n tthe+s ;tts ;c$er Fast 'ompany 50B.028
esure “Strn%eness,/Portfolio Uulit*
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% *
Stff onsultnts
(ordLendors
Outsourcin% Prtners 5Q Uulit*8Jnno)tion llince Prtners
ustomers
ompetitors 5+ho +e “enchmr$, %inst8 Strte%ic Jnititi)es
Product Portfolio 59ineF> ). 9ep8JS/JT
U 9oction
9unch tes9n%u%e
J ti J d
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Jnno)tion Jnde>< o+
mn* of *our Top IStrte%ic Jnititi)es score
7 or hi%her 5out of 108 on “;eirdness/Profundit*
Scle,Y
“$t’s no longer enough to
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“$t’s no longer enough to
be a ‘change agent.’ %oumust be a changeinsurgent &pro#o'ing(
prodding( warninge#eryone in sight that
complacency is death.” '(o ?eich
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rete use
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G..
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“)anagement has a lot to do
with answers. *eadership is aunction o questions. And thefrst question or a leader
always is+ ‘Who do weintend to be,’ -ot ‘What arewe going to do,’ but ‘Who do
we intend to be,’” '> e Pree ermn iller
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“,ision is a lovea/air with an
idea.” '(o*d lr$e ?on rosslnd Theeader1s >oice
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“0reams are
ideas with passion.” 'Phil r$ins Heith ollihn F)er*od* ;ins 5the ?F/ stor*8
Organi!ing /enius / ;rren (ennis nd Ptrici ;rd (iedermn
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“Groups ecome %ret onl* +hene)er*one in them leders nd
memers li$e is free to do his or
her absolute best.”
“The est thin% leder cn do for
Gret Group is to allow its
members to discover theirgreatness.”
9es:::::::::::::::::
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“free to do his or herabsolute best” -
“allow its membersto discover their
greatness.”
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*stonish me:” / S..
+uild something great:” /
.X.5mmortal:” / .O.
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Onl* theJnsne :eed
ppl*!
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“$’m loo'ing orinsane
commitment.” 'T+*lThrp The 'reative Babit
“"earn not
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"earn notto be
careful”
'Photo%rpher ine rus to her students 5reful N“The sidelines, per rriet ?uin in The Drincessa8
?eward e;cellent
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?eward e;cellent
failures. Dunish
mediocresuccesses.”
Phil niels S*dne* e>ec
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9o)e $esthe ;orld Go#?ound
@ ft” 5
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@oft” 5s
Bard ” JSOF
ess%e< 9edership is
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ll out love: 3Dassion,=nthusiasms, *ppetite for ife,=ngagement, 'ommitment, /reat
'auses G (etermination to ake a(amn (ifference, @hared *dventures,
+i!arre Failures, /rowth, 5nsatiable
*ppetite for 'hange.4 3Otherwise, why botherHAust read (ilbert. TD1s final words) '975'5@ @'[email protected]
The ?eim%ineer#s redo … orPit* the Poor (ro+nR
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Pit* the Poor (ro+n
Technicolor Times demnd …Technicolor eaders and +oards +ho recruit …
Technicolor Deople +ho re sent on …Technicolor Juests to e>ecute …
Technicolor "WOW:% DroKects in prtnership +ith …Technicolor 'ustomers nd …Technicolor @uppliers ll of +hom re in pursuit of …
Technicolor /oals and *spirations fit for …
Technicolor Times.R;S
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“!f you as# me what !have come to do in
this world( ! who am
an artist( ! will reply1! am here to live my
life out loud.” ' \mile ]ol
“"he only reason
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"he only reason
they come to see meis that $ 'now that
lie is great&andthey 'now $ 'now it.”
'lr$ GleR
Rourtes* Tom orris The *rt of *chievement
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Onl* theJnsne :eedppl*!
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“%ou can’t beha#e ina calm( rational
manner. %ou’#e got tobe out there on thelunatic ringe.” ' -c$ ;elch
“Beware of the
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Beware of the
tyranny of ma#ing Small2hanges to Small
Things. 3ather( ma#eBig 2hanges to Big
Things.” '?o%er Fnrico former hirmn Pepsio
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0 a powerful andmadly e;uberant
work” '* Times on @rn$ Gehr*#s;lt isne* oncert ll 510.0B8
“$n "om’s world( it’sl b
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always better to try aswan
di#e and deli#er a
colossal belly op than tostep timidly o/ the
board while holding yournose.” 'Fast 'ompany /Octoer200B