At Michael Jordan’s Hall of Fame Honor speech, Jordan shared a story about a conversation he had with his coach right after a game they had won. He recalled, “It was the fourth quarter and were down 10 points. But in that last quarter, I scored 25 points and we won the game. As we were heading to the locker room after the game, Coach said to me ’Michael, there is no “I” in Team.’ I replied, ’That’s right, Coach. There isn’t an “I” in “Team” but there is an “I” in “Win.” For Jordan, it wasn’t about taking credit. It was about taking responsibility. Jordan understood that to win, sometimes he needed to change things up and find new ways to triumph. That ability to reinvent himself and be able to change it up is part of what made him basketball’s GOAT – Greatest of all Time.
Jordan isn’t the only superstar athlete to figure out that part of being great is finding new ways to achieve. Tennis GOAT Novak Djokovic also believes in the need to continually reinvent himself in order to be the greatest tennis player in the world. According to Djokovic, “Our advantages are whittled away. So, we need to constantly reinvent ourselves. This is one of the biggest lessons I’ve learned throughout my career. Even if you find a formula that works, it’s not a guarantee. In fact, it’s most likely not going to work the next year. To be the best, you’ve got to reinvent yourself because everyone else does.”
Djokovic went on to add that “We live in a global world where billions of smart people are competing for attention and to create the best mouse trap. Getting incrementally better is the first step. But to stay ahead of the competition, we also need to constantly reinvent. We need to rethink our most fundamental assumptions and find new ways to achieve.”
Like Djokovic, top athletes find that reinvention helps one reveal hidden talents and capabilities and reach new levels of potential. It also helps them improve their mindset and how they think about the game. Indeed, Michael Jordan himself put it this way, “Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.”
The Power of Reinvention
As author Bob Black put it, “The reinvention of daily life means marching off the edge of our maps.” It means quitting the old way of doing and being and creating a whole new way. In today’s rapidly evolving business landscape, that ability to adapt and reinvent is no longer a luxury but a necessity. Indeed, reinvention is about using change to generate different, better results. And that is valuable not just to athletes, but to all professionals. And it is invaluable not just to sports teams but also to all types of businesses and organizations.
Reinvention is the process of transforming, renewing, or redefining oneself or an organization to achieve new goals or overcome challenges. It involves a willingness to embrace change, step outside of the comfort zone, and explore new possibilities. By embracing reinvention, professionals and businesses can unlock hidden potential, drive innovation, and achieve unprecedented levels of success.
Stories of Reinvention
Let’s look at a few lesser-known stories of corporate reinvention.
1. American Express (Amex) – From package delivery to financial services behemoth
Founded amidst the westward expansion frenzy of the 19th century, American Express initially emerged as a delivery service, catering to the needs of pioneers settling in California. Like its competitor, Western Union, the company relied on express riders to transport packages and currency across vast distances.
Over the years, American Express has demonstrated a remarkable ability to adapt to changing market conditions. They started serving banks as a conduit shuttling valuable documents such as stock certificates, notes and even currency between remote branches. In 1882, American Express began offering its own financial product: a money order. About a decade later, the company issued the world’s first traveler’s checks. By the turn of the 20th century, American Express went global, opening currency exchange offices across Europe. This propelled American Express into the global financial services arena.
But American Express was not done reinventing itself. A pivotal moment in the company’s history came in 1958 with the introduction of its first charge card. By charging a slightly higher annual fee than its competitors, American Express positioned itself as a premium product, appealing to discerning consumers. Today, American Express remains a dominant force in the global financial services and travel industry, a testament to its ability to reinvent itself throughout its long history. While Western Union started in the same line of work as American Express, it was the process of reinvention which transformed Amex into the financial services giant it is today.
2. Shell – From Antique Store to Global Energy Giant
The origins of one of the world’s largest energy company can be traced to a modest antique shop in London’s East End. In the 1830s, Marcus Samuel, a collector of decorative seashells, transformed his small business into a thriving import/export enterprise. His sons expanded the operation, trading goods between Europe and the Far East.
In 1897, the Samuel brothers renamed their shipping business Shell Transport and Trading Company, a nod to their family’s history with seashells. With the advent of the transportation revolution fueled by the internal combustion engine at the turn of the 20th century, the Samuels brothers foresaw an ever-growing demand for oil. To fulfill that need, the Samuel brothers pioneered the use of bulk oil tankers, significantly enhancing the efficiency of oil delivery to Europe.
To compete against the dominant force in the oil industry, Standard Oil, Shell merged with its closest rival, Royal Dutch Petroleum, in the early 20th century. The newly formed Royal Dutch Shell Group adopted a scallop shell as its iconic logo, a symbol that remains synonymous with the company today. In 2022, Shell plc, as it is now known, marked a significant milestone by removing “Royal Dutch” from its name. This reflected the company’s global reach and commitment to a sustainable energy future. Shell is currently exploring a range of alternative energy sources including solar power, wind energy, electric vehicle charging, hydrogen production, and advanced biofuels, focusing on developing low-carbon options to transition away from traditional fossil fuels and meet sustainability goals; with a particular emphasis on wind power as a key renewable energy source for their portfolio. In this way, Shell continues to reinvent itself.
3. Play Doh – From Cleaning Product to Children’s Toys
One of the strangest business reinventions ever might be that of the popular children’s modeling clay Play-Doh. The clay originally started out as a cleaning product sold by a Cincinnati soap manufacturer, Kutol Products. It was used to remove coal residue from wallpaper in the 1930s. But, as oil and gas furnaces became more popular in the 1950s, demand fell for the product. The company owners considered closing the business.
Then, the owners heard about a schoolteacher using the clay in arts and crafts classes in their hometown. After realizing the potential of using the clay as a children’s toy, the company quickly pivoted. They manufactured it into a more colorful product line. By the end of the 1950s, the clay had become a toy that one could buy in stores nationally. Today, Play-Doh is owned by Hasbro. The brand, which celebrated its 68th birthday this year, has expanded into more than 80 countries across the globe with more than 3 billion cans of Play-Doh compound sold, making it one of Hasbro’s leading brands. It is the number one arts and crafts product sold in the UK. Play-Doh sister product DohVinci, inspired by the growing trend of 3D printing, was introduced in 2014.
Steps for Reinvention
While reinventing a business requires a strategic approach and a willingness to embrace change, it can be done by even the most flailing or uninspiring companies, as evidenced by the pivots done by Shell and Play-Doh.
Here are some key steps to consider:
1. Conduct a Thorough Assessment
- Analyze the current state. Evaluate the business’s strengths, weaknesses, opportunities, and threats (SWOT analysis).
- Identify gaps. Determine where the business falls short in meeting customer needs or staying competitive.
- Research industry trends. Understand the latest developments and emerging technologies in your industry.
2. Define a Clear Vision and Goals
- Reimagine the future. Envision what the business could be in the future and set ambitious but achievable goals.
- Align with values. Ensure that the new vision aligns with the company’s core values and culture.
3. Innovate and Experiment
- Encourage creativity. Foster a culture of innovation and experimentation among employees.
- Develop new products or services. Introduce offerings that address unmet customer needs or leverage emerging trends.
- Explore new markets. Expand into new geographic regions or target new customer segments.
4. Embrace Technology
- Leverage digital tools. Utilize technology to streamline operations, improve customer experience, and gather valuable data.
- Invest in innovation. Allocate resources to research and development of new technologies.
5. Foster a Culture of Change
- Communicate openly. Keep employees informed about the reinvention process and its benefits.
- Provide training. Equip employees with the skills and knowledge needed to adapt to the new direction.
- Empower teams. Encourage employees to take ownership of the reinvention process and contribute their ideas.
6. Measure Progress and Adapt
- Track key metrics. Monitor performance indicators to assess the effectiveness of the reinvention efforts.
- Be agile. Be prepared to adjust the strategy as needed based on changing circumstances or feedback.
Additional Advice
Make sure to involve all stakeholders in the process to eliminate naysayers. Seek input from employees, customers, partners, and other stakeholders to ensure that the reinvention process is aligned with their needs and expectations. If necessary, bring in consultants or advisors with specialized knowledge to guide the reinvention process. And, last but not least, be patient. Reinvention can be time-consuming. It’s important to maintain a long-term perspective and be patient as the business evolves.
By following these steps and maintaining a commitment to continuous improvement, any business can successfully reinvent itself and reposition for long-term success.
Quote of the Week
“Be prepared to reinvent yourself. Be prepared to go out on a limb occasionally, and be prepared to do the things that you feel strongly about.”
Hillman Curtis
© 2024, Keren Peters-Atkinson. All rights reserved.
The post Improve, Reinvent, Accelerate & Balance: Wisdom from the GOATs, Part 2 first appeared on Monday Mornings with Madison.