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Do you remember that phrase, "underpromise and overdeliver." It's a useful mindset for achieving goals!
But what happens if you "overpromise and underdeliver" - does that work?
Nope.
Lots of folks are soon to find that out.
Remember the Fyre Festival? Awesome times! The reality? It was so underdelivered that it became the subject of not one, but two full-length documentaries - including one called "Fyre: The Greatest Party that Never Happened."
Massive promises never delivered. Oops. The founder went to jail.
So - to that point - a lot of people now expect things to suddenly get massively better in the next little while because, well, all the problems will be fixed.
Here's the thing - it's going to be tough to improve on an economy that is already firing on all cylinders. It's going to be difficult to bring back entire industries - think about the automotive sector - that have not already made the investments that are necessary to get to the future. It's going to be difficult to provide jobs that require newly emerging skills if you haven't done the retraining necessary with people to fill those jobs. It's not going to be easy to have a successful economy that is massively reliant on migrant labor if you are going to try to terrorize those people. It's going to be tough to take away healthcare and old age security from folks when the very people who voted for come to realize that you were talking about taking away their healthcare and old age security! It's going to be difficult to fire millions of federal workers when people suddenly come to realize how those workers make things function.
Oops. Fun times ahead.
Here's the thing about overpromising - as soon as it becomes apparent that all you can do is underdeliver, mindsets move. The excitement of winning is only temporary, particularly when the promises are so grand and significant that they are unachievable. The simple fact is - that while initial successes can bring a sense of euphoria, it’s the sustained actions and continuous innovation and delivery that define lasting success. That's probably unlikely given the known volatility and recklessness of some of the folks who have provided the euphoria hit.
The same thing happens in the corporate sector. True success isn’t just winning once, but being prepared to innovate, evolve, and keep achieving despite new realities or challenges. It's about celebrating achievements but not losing momentum after the initial triumph. Otherwise, there's a quick loss of trust in the leadership team - when expectations are set too high and not met, customers and stakeholders lose trust in the brand - or worse. Unrealistic overpromises usually crash and burn. Think about Theranos - they promised revolutionary blood testing technology that never worked as advertised, leading to legal issues and a loss of credibility - and the founder went to jail.
Oops.
The reality of underperforming on overpromising is ugly.
We live in interesting times.
#Overpromise #Underdeliver #LeadershipLessons #RealityCheck #SustainableSuccess #TrustMatters #Innovation #CorporateChallenges #Expectations #LessonsLearned
Original post: jimcarroll.com/2024/11/daily-inspiration-leadership-succe...
© All rights reserved.
See exposure explanation here: www.flickr.com/photos/harlz/sets/72157594261756325/.
© All rights reserved.
See exposure explanation here: www.flickr.com/photos/harlz/sets/72157594261756325/.
The recent failure of Silicon Valley Bank (SVB) highlights the need for banks to adopt stronger risk management practices, according to an analysis by the New York Times. The report suggests that SVB's approach to lending was too focused on rapid growth and high-risk investments, without sufficient oversight or safeguards in place to protect against potential losses. The article also notes that the bank had a history of overlooking warning signs and failing to address underlying issues, leading to a buildup of risky assets and a lack of transparency around its lending practices.
The failure of SVB is a cautionary tale for other banks and financial institutions, highlighting the importance of risk management and transparency in the lending process. The article notes that while high-risk investments can offer significant returns, they also come with significant risks that must be carefully managed and monitored. Banks must have strong risk management practices in place to ensure that they are not taking on more risk than they can manage, and that they are adequately protecting themselves against potential losses.
Overall, the failure of SVB serves as a reminder of the importance of responsible lending practices and strong risk management in the banking industry. Banks must be vigilant in identifying and addressing potential risks, and must prioritize transparency and accountability in all aspects of their lending activities.
vebstories.com/lessons-learned-the-cautionary-tale-of-sil...