WISDOM FROM THE INC. 500 CEOs
James Meadows • October 6, 2016
I have thoroughly enjoyed perusing the newly released Inc. 500 list. This is Inc. magazine’s annual listing of America’s 500 fastest-growing private companies (“Inc. 500” September 2016, pp. 20–34. [For the larger complete list of the top 5,000, visit Inc.’s Web site ]). In addition to the fascinating list itself, the CEOs of these companies were surveyed about all aspects of how they choose to do business (“How Dreamers Become Doers” pp. 44–48). A tremendous number of success factors came to the surface. Among that collective wisdom, three specific findings especially stood out to me (pp. 44–45). Here are those three findings and why they so impressed me:
- 65% of these CEOs affirm that visiting clients is the most commonly used mechanism to collect feedback on the company’s products and services. This tells me that the good old-fashioned personal visit never goes out of style. Focus groups, social media, phone calls, and emails are certainly fine. Nevertheless, they simply can’t compare to the power of a personal visit. The next time you need valuable feedback on your company’s products or services, why not go visit one of your customers?
- 45% of these CEOs affirm that the biggest challenge facing leaders is attracting and retaining talent. This tells me that the talent wars are not anywhere close to cooling down. As our economy has gone global, our society has savored social media, and our tools have turned hi-tech, our talent has turned the tables. Getting that talent in the door is a battle in itself, and then keeping that talent engaged will make or break the organization. What does your company need to do differently to attract and retain top talent?
- 49% of these CEOs that began their businesses with a business partner chose a close friend to be that business partner. Leadership is based on relationship and relationship translates to influence. While managing our personal and professional boundaries demands our highest level of attention and ethics, it does not automatically create a great chasm which we cannot cross. Sometimes the best business relationships begin with a friendship. Sometimes the best friendships begin with a business relationship. We are complex creatures and we cannot pigeonhole or blindly categorize the conditions that might create a new business opportunity. True friendship means that each person is honest and strives for the best within each other. Can you think of a better foundation on which to build a business?
There you have it—three key bits of wisdom that can build you, your people, and your organization. Put them into practice today!
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Although anyone can and will criticize higher education, millennials are evidently smart enough to know its value. In spite of the horror stories about student loan debt, academic disasters, and wrong career turns, millennials have boasted one of the highest graduation rates of any generation to date. Generation Z may soon surpass them too as Laura A. Scione, managing editor of eCampus News reports : “ Despite growing questions around the value of college and return on investment in tuition, just 25 percent of Generation Z students say they believe they can have a rewarding career without going to college, compared to 40 percent of millennials. Eighty percent of Generation Z respondents and 74 percent of millennials agree that college either has a fair amount of value, is a good value, or is an excellent value. Only 20 percent of Generation Z students and 26 percent of millennials said college has ‘little value’ or ‘no value at all.’ ” Good for them! The statistics remain on their side—and the side of anyone who pursues higher education. Anthony P. Carnevale is the director of the Georgetown University Center on Education and the Workforce. Based on his research, that trend will only continue (Gillian B. White “Those Savvy Millennials” The Atlantic , May 2015, p. 38): " In 1973, 32% of jobs did not even require a high school diploma, 9% required a bachelor’s degree, and 7% required a master’s degree or higher. It is projected that by 2020, 12% of jobs will not require a high school diploma, 24% will require a bachelor’s degree, and 11% will require a master’s degree or higher. " Derek Newton wrote an article entitled “Please Stop Asking Whether College Is Worth It” in which his opening declaration gets right to the point: “ Colleges and universities are still the best, most direct path to a good career that pays well. ” In addition to those insights, the unemployment figures consistently reveal the enduring value of higher education. The seasonally adjusted July 2019 unemployment rate for persons not having a high school diploma is 5.1% ( Bureau of Labor Statistics ). Having a high school diploma drops that rate to 3.6% and some college or a two-year degree drops it further to 3.2%. Pretty good trending, would you agree? Finally, if we look at people having a four-year degree, a graduate degree, or a doctoral degree, the unemployment rate is a low 2.2%. Higher education’s edge is especially clear when you consider the range of these numbers over the education level. Look at the two ends of the spectrum: less-than-high school (5.1%) versus a four-year degree or higher (2.2%). Consistently, regardless of the measured time, the unemployment rate for a less-than-high-school-educated worker is two to four times larger than for the college-degreed worker. This is why, when people seek my counsel about career planning, higher education remains one of my most significant emphases. Education pays. Degrees still rock. Regardless of how good or bad the economy is, regardless of how many individual academic and career disasters can be cited, and regardless of how loudly the antidegree crowd howls, you are still in a better position having a degree than not having a degree. The good news for the millennials and Generation Z is that they have arrived at the same conclusion and now they will enjoy the benefits.