10X Thinking for 2022
One of the latest business catchphrases is 10X Thinking. It has been made popular by Grant Cardone in his book, the 10X Rule and by Google’s Founder, Larry Page, who made this startling statement, “It’s often easier to make something 10 times better than it is to make it 10 percent better.” As with all these catchphrases, there is always some kernel of truth hidden in the explosion of marketing and hype that make them business buzzwords.
So, what is 10X Thinking about? It is based on the premise that great breakthroughs are not made by small improvements but by radical changes in perspective. The key idea is – when faced with a business challenge, don’t just examine how you can improve the existing responses but imagine how you can approach the problem in a totally new way. Larry Page claims this is the way Google tackles problems with outstanding results.
A new perspective generates unforeseen possibilities. The situation hasn’t changed instead they are faced and explored differently. It opens us up to new and renewing ways so we don’t get trapped in unhelpful norms.
But 10X Thinking is more than just a new perspective, it is also a new way of operating. Ten elements of this new way of operating are:
- The mistake most professionals make is not setting goals high enough.
- To achieve significant change in results, one must make 10X changes in effort and thinking.
- Your thoughts and actions are the ultimate constraints in not achieving better results.
- Most persons underestimate the amount of effort that is required to achieve the results they hope for.
- Don’t focus on competing, instead concentrate on vacant spaces in the market.
- Don’t limit yourself to depending on one person or one solution, success requires many different avenues.
- Don’t look to blame others for your results, victim thinking doesn’t benefit you.
- Customer acquisition is the primary objective.
- Don’t be obscure – aggressively market yourself and your product/service.
- Use success role models
There are other elements of the 10X rule, but I have limited myself to ten.
As we embark on 2022, we are certainly faced with many challenges in our industry. How we approach them is critical. Do we approach them with more of the same of 2021 but with a ten percent increase in effort? Or, do we adopt a few of the lesson of 10X Thinking?