Last week was a big week for us here at The Motley Fool! We celebrated FoolFest, our annual member event, with over 300 Fools that traveled far and wide. In addition to breakout sessions, panel discussions, and fun meet and greet opportunities, we were also lucky to hear from some dynamic speakers.
FoolFest introduced us to the bestselling authors behind interesting ideas like the science of habit; rethinking situations that cause financial stress; and six commonalities of entrepreneurial success. So what exactly are these books and who are their authors?
1. The Power of Habit by Charles Duhigg
Charles Duhigg, award-winning New York Times reporter, explores scientific discoveries behind why habits exist and how they can be broken in The Power of Habit.To overcome habits, Duhigg says that you must understand the cues that trigger it; the routine that fulfills it; and the rewards – or feelings – that you receive from it. Duhigg explained the cycle with his own example of eating a cookie every afternoon. By learning to analyze this daily action, he realized that it wasn’t the actual chocolate chips he craved – it was the social interactions in the cafeteria. A certain time in the late afternoon was his cue and, once he understood this habit, Duhigg set out to reconstruct it. Instead of heading to the cafeteria, he now finds colleagues to chat with around his desk. With his new routine, Duhigg hasn’t had a cookie in over 6 months.
Though habits are certainly personal, businesses also use the science of habit to influence what consumers buy. They collect data based on where customers live, household incomes, marital status, and whether or not a shopper has children. Stores like Target can then predict times that will most influence these customers to use coupons or see advertisements.
Do you think you could change your habits? Duhigg argues, “The key to exercising regularly, losing weight, raising exceptional children, becoming more productive, building revolutionary companies and social movements, and achieving success is understanding how habits work.” This book offers a helpful perspective if you’re curious to reform your routine.
2. The Creator’s Code by Amy Wilkinson
It took five years for Amy Wilkinson – strategic advisor, entrepreneur, and lecturer at Stanford University – to write her first published book. In The Creator’s Code, Wilkinson shares academic research along with six essential skills that have turned small concepts into big companies. Over 200 interviews and examples from corporations including PayPal, Airbnb, Tesla Motors, and Dropbox support Wilkinson’s list of traits that lead to great entrepreneurship .
What’s Wilkinson’s bottom line? Anyone can attain entrepreneurial success but it takes hard work. One of the skills that Wilkinson focused on during her FoolFest interview was “Failing Wisely.” She’s passionate about the importance of placing small bets to test ideas and build resilience. She said to the audience, “The people who can be very comfortable about experimenting and testing through are the ones who will succeed.” Whether it’s on our marketing team or among Member Service Fools, we’re constantly testing ideas at The Motley Fool. We, too, believe in consistent testing to find big wins among little mistakes.
3. The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money by Carl Richards
Emotions are easy to relate to finance. Debt causes stress for a lot of people, as do major financial decisions like buying a home or paying college expenses. Carl Richards argues that emotion interferes with making smart financial decisions, and he defines “the behavior gap” as the phenomenon between what we should do and what we actually do.
One of the best takeaways from Richards’ presentation was the importance of timing. Should you really be talking about finances with your partner first thing when you get home from work? Probably not. Why? Because you’re tired. Make financial decisions a discussion when you’re energized and clear-minded, or else you’re not setting the situation up for the smartest results.
Have you read these picks? Let us know by tweeting @FoolCulture!
Together we create our future reality, so we should do so consciously, collaboratively, and responsibly. – from “Conscious Capitalism: Liberating the Heroic Spirit of Business”
Conscious Capitalism applies to businesses that support the interests of all major stakeholders, including customers, employees, investors, communities, suppliers, and the environment. Forbes.com called this revolutionary business model “the defining way to make money in the future,” and it’s practiced by leaders like John Mackey of Whole Foods Market; The Container Store’s Kip Tindell; and our very own Tom and David Gardner of The Motley Fool. In fact, Tom Gardner chatted with Professor R. Edward Freeman of the University of Virginia’s Darden School of Business back in 2013 about how The Fool engages in Conscious Capitalism.
Are you part of a leadership team, or perhaps an executive or entrepreneur that wants to learn more about Conscious Capitalism? Check out Conscious Capitalism 2015, an upcoming opportunity to connect with other participants, build relationships, and learn how to incorporate this practice into your organization. You’ll hear keynotes from dynamic speakers like Tony Schwartz, CEO & Founder of The Energy Project; Raj Sisodia, Co-Author of the above noted book; and Melissa Reiff, President and COO of The Container Store. Educational practicums like Creating Conscious Engagement, The Power of Purpose, and Accelerating The Journey to Conscious Capitalism are also on the schedule.
Conscious Capitalism 2015 is slated for Tuesday, April 7 – Thursday, April 9 at the JW Marriott Chicago in Chicago, IL. You can save $200 off of the registration fee if you purchase your tickets before 3/1/15!
Business is global, or at least it is here at The Motley Fool. With the help of technology, we support full-time Fools in Australia, Germany, Canada, and beyond. While some remote Fools work from home, did you know that we have an office in London? And another in NYC? As the need for communicating outside the walls of FoolHQ becomes more important, we’re constantly in search of tools that will help us.
Fools rely heavily on email, Skype, Trello, and even the good ole’ telephone to get in touch. Our intranet is useful for company-wide announcements, plus Slack is another great tool for efficient communication. A few other takeaways for mending communication gaps:
1. Consider the time zone.
Scheduling can be confusing, especially if you’re working with many people in different places. Be considerate of others’ schedules by checking time comparisons and reaching out beforehand to ask what time of day is more convenient.
2. Face-to-face communication matters.
We want all Fools to have the same opportunities for collaboration, and live meetings through Skype or Google Hangouts can sometimes be more effective than email. Consider limiting these meetings to 2-3 people for maximum collaboration.
3. Get together in one place.
Full-time employees are encouraged to attend our annual Foolapalooza retreat for a chance to learn more about the business, bond with fellow Fools, and compete in the occasional Australian kangaroo boxing match. Time away from the office serves as a great opportunity to meet Fools – and in the same time zone, no less.
How does your organization work best with remote employees? Do you have any awesome global communication tips?