But usually what theyâre really acquiring is people. In a creative business, thatâs where the value lies.
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Managing creative processes starts with the understanding that itâs not a scienceâeverything is subjective; there is often no right or wrong. The passion it takes to create something is powerful, and most creators are understandably sensitive when their vision or execution is questioned. I try to keep this in mind whenever I engage with someone on the creative side of our business. When I am asked to provide insights and offer critiques, Iâm exceedingly mindful of how much the creators have poured themselves into the project and how much is at stake for them.
A little respect goes a long way, and the absence of it is often very costly. Over the next few years, as we made the major acquisitions that redefined and revitalized the company, this simple, seemingly trite idea was as important as all of the data-crunching in the world: If you approach and engage people with respect and empathy, the seemingly impossible can become real.
A lot of companies acquire others without much sensitivity regarding what theyâre really buying. They think theyâre getting physical assets or manufacturing assets or intellectual property (in some industries, thatâs more true than in others). In most cases, what theyâre really acquiring is people. In a creative business, thatâs where the value truly lies.
These are all executives who have been trained for years to grow their own businesses and are compensated based on their profitability. Suddenly I was saying to them, essentially, âI want you to pay less attention to the business at which youâve been very successful, and start paying more attention to this other thing. And by the way, you have to work on this new thing along with these other very competitive people from other teams, whose interests donât necessarily line up with yours. And one more thing, it wonât make money for a while.
Value ability more than experience, and put people in roles that require more of them than they know they have in them.