Authenticity : The Simplest Path to Success

Time and again we have seen complex, difficult, things get less traction than simple but authentic things. This is true in business, as it is in every facet of life. When you complicate things you complicate outcomes.

I was struck by a powerful example of this recently at the Paris 2024 Olympics. The shooting competition was fierce, with athletes employing the most advanced, specialized equipment available. Amidst this sea of high-tech gear and intricate strategies, a Turkish athlete stood out. He competed with minimal gear, one hand casually tucked into his pocket, and his sheer determination.

He won the silver medal. But what's even more remarkable is that his authentic approach overshadowed the gold medalist's victory. No one cared who took home the gold because this Turkish athlete's story resonated on a deeper level. It was a narrative of authenticity, simplicity, and pure skill prevailing over complexity and artifice.

In the world of entrepreneurship, this lesson is invaluable. Entrepreneurs often feel pressured to adopt the latest technologies, complex strategies, and convoluted business models to stay ahead. However, it's essential to remember that authenticity can be a game-changer. When you stay true to your core values and simplify your approach, you create a genuine connection with your audience that is far more impactful than any elaborate strategy.

Here are a few ways to embrace authenticity in your entrepreneurial journey:

1. Stay True to Your Vision: Your business should reflect your values and vision. Don't be swayed by trends that don't align with your core principles.

2. Simplify Your Processes: Streamline your operations and focus on what truly matters. Complexity can lead to confusion and inefficiency.

3. Engage Genuinely with Your Audience: Build real relationships with your customers. Authentic engagement fosters loyalty and trust.

4. Embrace Your Unique Identity: Stand out by highlighting what makes you different. Authenticity is about embracing your unique strengths and qualities.

Just like the Turkish athlete who captured the world's attention with his straightforward, authentic approach, you too can make a significant impact by staying true to yourself and your vision. In the end, authenticity is not just a strategy; it's the essence of lasting success.

Conformity + The Post Truth Era + Founders

What happens when some ones actual ability to perceive reality had been compromised? How do you build a startup a business and a sustainable future in a post truth era?

People will disregard WHAT THEY SEE WITH THEIR OWN EYES to conform to what other people say

I read a brilliant thread that every founder must read to understand the impact of this when building brands, companies, systems and teams to better manage and predict their outcomes.

One door closing is truly an other door opening, lest we realize it. Never by shy to think past the obvious. The creator of RC cola developed his own formula because a Coca Cola salesman refused to give him a reduced price for buying the syrup in bulk. Heres the story…..

In 1901, the Cole-Hampton-Hatcher Grocery Store was established in Cusseta, Georgia. In 1903, the Hatcher family took sole ownership and the name was changed to the Hatcher Grocery Store. The grocery store was located at what was 22 West 10th Street. Today's address (after house number changes) is 15 West 10th Street.

At the same time, the popularity of bottled soft drinks rose rapidly, and grocery store owners wished to maximize their profit.As a grocery wholesaler, Claud A. Hatcher purchased a large volume of Coca-Cola syrup from the local company salesman, Columbus Roberts.

Hatcher felt that the company deserved a special reduced price for the syrup since it purchased such large volumes. Roberts would not budge on the cost, and a bitter conflict between the two erupted. Hatcher told Roberts he would win the battle by never purchasing any more Coca-Cola, and was determined to develop his own soft drink formula. He started developing products in the basement of the store with a recipe for ginger ale.

Claud A. Hatcher, the inventor of Royal Crown Cola Hatcher launched the Union Bottling Works in his family's grocery store. The first product in the Royal Crown line was Royal Crown Ginger Ale in 1905, followed by Royal Crown Strawberry, and Royal Crown Root Beer. In 1907, cherry-flavored Chero-Cola was introduced.

The company was later renamed Chero-Cola in 1910. In 1924, its new fruit-flavored beverage, Nehi was introduced. This led to the company’s renaming in 1925 to Nehi, Inc. Following its founder, Claud A. Hatcher’s death in 1933, and Chero-Cola being reformulated in 1934 by chemist Rufus Kamm, the company reintroduced the “Royal Crown” to launch Royal Crown Cola.

Choosing the right partners at the right time. Founder Lessons:

The Story of Jawbone

Jawbone, founded in 1999 by Alexander Asseily and Hosain Rahman, was an innovative company that focused on consumer electronics and wearable technology. Jawbone's journey is a compelling example of a visionary idea that was ahead of its time, but ultimately failed due to strategic missteps and problematic partnerships. I have been thinking about bad partners all week. Some times the best of ideas get shafted due to partners who do not have either the same strategic intent or deal IQ (I’ll talk about this specifically at some point in detail). When this happens, founders loose out on the vision and customers loose out on innovation. Building successful teams and products is tough, when you add bad strategic partners you create issues that eat the innovation.

Key Points in Jawbone’s Story to remember:

1. Founding and Vision:

   • Jawbone started as a company creating mobile phone headsets and later expanded into wearable technology, such as fitness trackers and portable speakers.

   • The company's vision was to create sleek, user-friendly devices that seamlessly integrated into everyday life.

2. Innovative Products:

   • Jawbone's Bluetooth headsets and Jambox speakers were highly acclaimed for their design and functionality.

   • The UP fitness tracker, launched in 2011, was among the first devices in the growing market of wearable health technology.

3. Initial Success:

   • Jawbone attracted significant investment, raising over $900 million from prominent venture capital firms and strategic investors.

   • The company was valued at $3 billion at its peak, with a reputation for cutting-edge design and innovation.

4. Strategic Partnerships and Missteps:

   • Jawbone partnered with manufacturers and suppliers who often failed to deliver quality products on time, leading to delays and defective units.

   • The company’s relationship with suppliers became strained, impacting its ability to meet customer expectations and damaging its reputation.

5. Operational and Market Challenges:

   • Jawbone struggled with product recalls and technical issues, particularly with the UP fitness tracker.

   • Competitors like Fitbit and Apple began to dominate the wearable technology market, making it difficult for Jawbone to maintain its market share.

6. Financial Troubles and Decline:

   • Jawbone's high burn rate and inability to scale its operations effectively led to significant financial losses.

   • By 2016, the company was facing numerous lawsuits from suppliers and investors, compounding its financial woes.

7. Bankruptcy and Aftermath:

   • In 2017, Jawbone filed for liquidation, marking the end of its operations.

   • Co-founder Hosain Rahman later launched Jawbone Health, a new venture focusing on health-related wearable technology and services.

Lessons for Entrepreneurs:

1. Importance of Reliable Strategic Partners:

   • Choose suppliers and partners carefully to ensure they can meet quality and delivery expectations. Strong, reliable partnerships are crucial for maintaining product integrity and customer satisfaction.

2. Operational Efficiency and Scalability:

   • Ensure that your operational model is scalable and can handle growth without compromising quality. Effective supply chain management is critical to success.

3. Market Awareness and Adaptability:

   • Stay aware of market trends and competitive dynamics. Adapt quickly to changing market conditions to maintain a competitive edge.

4. Managing Financial Health:

   • Keep a close eye on burn rates and ensure that spending is aligned with revenue growth. Financial discipline is essential for long-term sustainability.

5. Customer Focus:

   • Prioritize customer experience and satisfaction. Address issues promptly and transparently to maintain trust and loyalty.

Are tech platforms only for good? What about those that aren’t? Is there a way to use technology to eradicate and counter the problems they create? Are there opportunities for founders to both help those suffering from the negative impacts of certain products and tech by creating countermeasures?

This thought has been with me every since I saw this documentary on Gambling and how technology has created addicts. The number of sports betting sites exploded during the coronavirus pandemic. This business, which relies on people with a gambling addiction, is legally all above board. But the sites are run by international companies that employ controversial methods. How can this billion-dollar business, whose influence extends into the worlds of sport and politics, be stopped? The sports betting sector generates huge revenues and profits by exploiting some of the weakest members of society. With impunity. Around 37 million Euros worth of bets are placed every day in Europe.

The market has grown 40-fold over the past 20 years. This success isn’t a fad, but the result of a perfidious marketing strategy. Various platforms deluge the public sphere with betting incentives for every major sporting event: Continuous advertising loops, omnipresence on social networks, sponsorship of sports programs and football clubs, collaboration with sports stars and influencers.

More and more people are becoming addicted to gambling because of this aggressive advertising. Some of them are driven to ruin, even suicide. Most internet platforms belong to one of five multinational companies. They operate largely unnoticed by the public, and use their money to finance sports clubs and political parties. Like the tobacco industry, they also work to promote addictive behavior. In France, 60 percent of their turnover comes from people with problematic gambling behavior. The companies do not shy away from manipulation, and sometimes even intervene in legislation. Health science is sounding the alarm and calling for government action, but most European countries are ignoring the problem.

As a founder, can you create a wedge that helps stop this exploitation or any other one that you may be aware of? How can we put technology for serving humans first, vs not?

By staying steady: Looking for a business cheat code? Look no further than consistency, the must-have trait. I heard a fantastic pod-cast that you must find the time to listen to, to ensure you have the ability to truly monetize your time. When you keep changing the goal post, or keep changing your methods, you loose out on time and build fatigue. Solve for the most obvious by staying steady in your pursuit of monetizing your outcomes.

Turn every relationship into a giving contest. Aim to give more than the other person.

In the entrepreneurial journey, transform every relationship into a giving contest. Aim to give more than you receive. This philosophy builds trust, fosters strong partnerships, and enhances your reputation. By consistently offering value, you create a network of loyal supporters who are eager to reciprocate. Generosity in business leads to deeper connections, increased customer loyalty, and a motivated team. It’s not just about business growth; it's about personal fulfillment and resilience. In a competitive world, let your generosity set you apart, driving long-term success and meaningful relationships.

Bonus! Thought of the week

Simple is king. This is nothing new, this is nothing others haven’t done before, but some one did it better. Moral of the story, some times repeating some thing a different way is all it takes. Less rocket scientist mindset, more curiosity mindset. Gamification vs sleep metrics won here and won big. Gamification existed as did big data and analytics but the 100M idea was to have the curiosity index move from showing data to gamifying it.