American CEO Glenn Kelman has nailed the secret of business success.
Over the 25 years I’ve worked in business journalism, I’ve always been curious about business leaders’ views on corporate strategy. In simple terms: what makes a company succeed?Glenn Kelman, the head of Domain-like online property website Redfin, toldSnap’s Snap Pixy camera-drone has been abandoned.
“If I could jump in a time machine and go back even 18 months, I would say that the simplest way to build a profitable company isn’t to come up with amazing ideas for new ways to delight a customer,” he said. “It is to stop doing stupid stuff.” In four words, “stop doing stupid stuff”, Kelman stripped away the artifice used by consultants, bankers and academics to make business sound more sophisticated than it is. Business is hard; it doesn’t have to be complicated.Kelman’s advice needs to be seen in context. A couple of years ago, when capital was cheap and new technologies promised to change ordinary life, from socialising to driving, there was a lot of pressure on tech-focused businesses to develop new products.
In the last few months, as recessions loom in Europe and the US, and interest rates rise, investors have urged companies to get conservative. The flip has led big businesses to drop products and projects of dubious worth.One of those is the Snap Pixy, a small drone made by Snapchat’s owner Snap Inc that survived four months on the market. The $US230 toy, which was designed to take selfies, was part of CEO Evan Spiegel’s strategy to shift from being a social media network to a camera company.
Success fooled Snap and Spotify into believing they could transition from software into hardware, a notoriously hard shift. At least they didn’t, like Facebook, try to expand from computing to transport-property development.
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