Thatâs why we are smitten with Patrick Collisonâs Fast List. Patrick is CEO and cofounder of Stripe, a San Franciscoâbased financial services company.
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One of the things that a company can control in any market is operational excellence by
removing waste in a system,â notes Jeff Booth, co-founder and CEO of BuildDirect. In doing so, Booth has dramatically sped up the time it takes to get a new vendor up on his building materials website.
Eric, who went on to serve as chief algorithm officer at online fashion retailer Stitch Fix, added that companies that make it easy to quit get better data about how to keep customers satisfied and loyal. Thatâs because the âtime to feedbackâ is faster for the company and the evidence is less noisy because most customers are keeping the service because they want it, not because they are trapped in a roach motel.
Researchers Tsedal Neeley and Sebastian Reiche tracked 115 senior leaders in a global technology consulting company who were responsible for selling and implementing projects in countries where they had limited prior experience. Tsedal and Sebastian found that leaders who were rated as top performers and got more promotions practiced âdownward deference.â They reduced âsocial distanceâ and gained employeesâ trust by taking time to learn about their lives and working âside by sideâârather than lording over them. Such leaders yielded to subordinatesâ technical and cultural expertise by deferring to their judgment and delegating authority.
Second, building on chapter 5, friction fixers who battle jargon monoxide embrace venture capitalist Michael Dearingâs advice to embrace the âeditor in chiefâ role.
Appendix
âWe wrote a friction article for Gallup.com, âToo Many Teams, Too Many Bosses,â and for Times Higher Education, âOur To-Do Lists Canât Grow Forever. Itâs Time to Try Subtraction.