Lessons Learned from “Riding Shotgun: The Role of the COO” by Nathan Bennett and Stephen A. Miles

Introduction

“Riding Shotgun: The Role of the COO” by Nathan Bennett and Stephan A. Miles is an insightful exploration of the multifaceted responsibilities and significance of the Chief Operating Officer (COO) position within organizations. The book delves into the challenges and opportunities faced by COOs, shedding light on their pivotal role in driving operational excellence, strategic execution, and organizational change.

Drawing from extensive research and real-world examples, the authors provide valuable insights into the qualities, skills, and strategies that make COOs effective leaders and trusted partners to CEOs.

In their analysis, Bennett and Miles identify seven distinct types of COO jobs, each with its own unique focus and purpose. These include the Executor, responsible for daily leadership in operationally intensive businesses; the Change Agent, leading strategic initiatives in response to dynamic environments; the Mentor, guiding and supporting young or inexperienced CEOs; the Co-Leader (Two-In-a-Box), working collaboratively alongside the CEO to balance strengths; the Trusted Partner (Other Half), fostering a strong and cohesive leadership team; the Heir Apparent, preparing future CEOs by imparting business knowledge; and the MVP, retaining executive talent without a specific business imperative.

Recognizing the parallels between sports and business, I aim to leverage various sporting partnerships to delve deeper into the diverse roles of the COO. By drawing connections between the dynamics of sports teams, I hope to help you gain deeper insight into the multifaceted nature of this critical executive role.

Ed Reed, The Trusted Partner

Drawing by Brian Nwokedi to explain the purpose of a strong COO and CEO relationship — Ray Lewis and Ed Reed Formed a Strong Co-Leader Partnership During Their 11-Year Run with the Baltimore Ravens

During their Super Bowl XLVII-winning campaign in 2013, the Baltimore Ravens showcased their defensive prowess, despite being ranked 12th in total defense. What set them apart was the remarkable partnership between Ray Lewis and Ed Reed. Their collaboration as Co-Leaders began in 2002 and spanned an impressive 11 years, solidifying their status as one of the most formidable linebacker/safety tandems in NFL history. Together, they anchored a consistently outstanding defense that stood among the league’s best.

Ray Lewis and Ed Reed epitomize the essence of a Trusted Partner relationship. Their deep bond and understanding on the field allowed them to anticipate each other’s moves, offering unwavering support and collaboration. With Lewis’s commanding presence and Reed’s exceptional playmaking skills, they formed an unbreakable foundation for the Ravens’ defense. Their synchronized efforts and remarkable synergy elevated their team to new heights.

This Trusted Partner dynamic in football can be likened to the role of a Chief Operating Officer (COO) in the business world. Just as Lewis and Reed established a reliable and cohesive unit, a COO serves as a Trusted Partner to the CEO, fostering a strong partnership at the top. This collaboration ensures a harmonious and effective leadership team, capable of driving the organization towards success. The impact of a Trusted Partner, both in football and business, cannot be understated, and Lewis and Reed’s legacy as an exceptional tandem serves as a testament to the power of such a partnership.

Patrick Mahomes, The Heir Apparent

During his tenure from 2013 to 2017, Alex Smith served as the starting quarterback for the Chiefs, leading the team to the playoffs on four occasions and securing their first playoff victory in over two decades. However, in 2017, the Chiefs made a strategic decision to trade up and select Patrick Mahomes as Smith’s long-term successor. Coach Andy Reid demonstrated transparency with Smith, providing the reassurance he needed to embrace the role of mentoring Mahomes. Just a year later, Smith was traded, paving the way for Mahomes to step in as the new starting quarterback. This scenario exemplifies the Heir-Apparent CEO-COO structure, which can be instrumental in ensuring successful succession planning.

In this context, the COO plays the role of the Heir Apparent. Similar to the quarterback transition, the COO is identified and groomed as the successor to the CEO. By implementing a well-executed Heir-Apparent CEO-COO structure, organizations can facilitate a seamless transition of leadership. The COO, under the mentorship and guidance of the CEO, gains valuable experience, insights, and knowledge necessary to assume the top role when the time comes. This strategic approach allows for continuity in leadership and ensures that the organization can thrive even during leadership changes.

Venus Williams, The Mentor

Venus Williams stands as one of the most compelling examples of mentorship in the world of tennis. Serena Williams herself acknowledges that her journey would not have been possible without Venus, but I believe the impact goes even further. The influence of Venus extends to players like Coco Gauff, Naomi Osaka, Sloane Stephens, and Madison Keys, who have all been inspired by her trailblazing presence.

Venus brought a new era to tennis with her remarkable speed, distinctive style, and unapologetic confidence. However, her role as a Big Sister went beyond her on-court achievements. She served as a mentor, shielding Serena from the resistance of the tennis establishment and the pervasive racism that often accompanied their rise to stardom.

This mentoring dynamic can be likened to the role of a Chief Operating Officer (COO) in the business world. In both cases, the mentor figure provides guidance, support, and protection, empowering their mentee to navigate obstacles and reach their full potential. Venus’s mentorship not only elevated Serena’s career but also paved the way for future generations of tennis players, exemplifying the transformative impact of a dedicated mentor, both on an individual and broader scale.

Scottie Pippen, The Co-Leader

Michael Jordan and Scottie Pippen established an extraordinary and cohesive Co-Leader partnership during their dominant ten-year reign atop the NBA that ended in historic double three-peats. Throughout their intertwined careers, Jordan and Pippen exemplified the essence of a Two-In-a-Box partnership. Their collaboration on and off the court showcased remarkable synergy, mutual understanding, and shared goals. Pippen’s exceptional abilities, combined with Jordan’s unparalleled talent, propelled the Chicago Bulls to unprecedented success, and Pippen flawlessly assumed the role of Michael Jordan’s Co-Leader.

Their dynamic duo not only achieved individual greatness but also fostered a collective strength that elevated the entire team. Together, they formed one of the most electrifying and potent duos ever witnessed in the NBA. In drawing parallels to the COO’s role, Jordan and Pippen’s Co-Leader partnership exemplifies the power of a collaborative approach. By working together, leveraging their respective strengths, and nurturing a harmonious relationship, they propelled the Bulls to the pinnacle of the NBA. The impact of such a Co-Leader dynamic extends beyond basketball, highlighting the significance of a strong and complementary partnership in driving organizational success.

Luis Figo, The Change Agent

In 2002, Luis Figo emerged as the winner of the prestigious Ballon d’Or, recognizing him as the top football player in Europe. This accolade came shortly after his controversial transfer from Barcelona to their arch-rivals, Real Madrid.

Figo’s move to Real Madrid marked him as the chosen Change Agent by Florentino Pérez, who aimed to usher in an era of high-profile, world-class superstars. The 62 million euro transfer fee was just the beginning of a series of extravagant signings from 2000 to 2006, during which Madrid spent well over 290 million euros.

Over his five-year tenure with Real Madrid, Figo made a significant impact, with over 200 appearances and notable triumphs, including two league titles and the 2002 Champions League. His arrival injected new vitality into Los Blancos, albeit at the expense of his former club in Catalonia. Organizations often require a COO to serve as a Change Agent, focusing on implementing specific organizational changes. In this role, the COO spearheads initiatives such as turnarounds, major organizational transformations, or planned rapid expansions, while the CEO maintains the day-to-day operations. When executed effectively and in balance, this approach can lead to remarkable progress and success.

Conclusion and Final Thoughts

Real-world examples, such as Venus Williams’ mentorship and the dynamic partnership of Michael Jordan and Scottie Pippen, underscored the pivotal role COOs play. Their ability to nurture talent, forge collaborative partnerships, and spearhead transformative change has been demonstrated time and again.

The COO acts as a catalyst for success, blending leadership, strategic acumen, and operational expertise. Their role as mentors propels organizations forward, paving the way for the development of future leaders. As trusted partners, they foster a harmonious and effective leadership team, while their role as change agents propels organizations toward new heights. By recognizing and embracing the multifaceted nature of the COO’s role, organizations can unlock their full potential and confidently navigate complex challenges. The power of the COO lies in their ability to lead, mentor, collaborate, and drive transformative change. Through harnessing this power, organizations lay the foundation for thriving and sustainable growth.

January 9, 2023April 4, 2024

Lessons from Innovation and Entrepreneurship by Peter F. Drucker

Book Summary by Brian Nwokedi: Innovation and Entrepreneurship By Peter Drucker

"A business that wants to be able to innovate, wants to have a chance to succeed and prosper in a time of rapid change, must build entrepreneurial management into its own system!"
--- Peter F. Drucker, Innovation and Entrepreneurship (1985)

Introduction

The book on Innovation and Entrepreneurship by Peter F. Drucker was written in 1985 and is still very relevant in 2023. At the heart of his argument lies two very simple beliefs:

Management is the new technology (rather than any specific new science or invention) that is making the American economy into an entrepreneurial economy.
Innovation and Entrepreneurship are capable of being presented as a discipline, capable of being learned, and capable of being practiced.

Drucker posits that innovation and entrepreneurship are “risky” mainly because so few of the so-called entrepreneurs know what they are doing. In order to reduce the risk of innovation and entrepreneurship and increase your likelihood of success, you need to establish purposeful innovation across the following 7 sources of innovative opportunity:

The unexpected – the unexpected success, the unexpected failure, the unexpected outside event.

The incongruity – between reality as it actually is and reality as it is assumed to be or as it “ought to be”

Innovation based on process need

Changes in industry structure or market structure – that catch everyone unawares

Demographics (population changes)

Changes in perception, mood, and meaning

New knowledge, both scientific and nonscientific

Therefore, innovation should be systematic and consist of a purposeful and organized search for changes. It should also consist of a systematic analysis of the opportunities such changes might offer for economic or social innovation.

The System: Establish Entrepreneurial Management

Peter F. Drucker is the father of modern business management and in this book, he puts forth a pathway for entrepreneurs to follow. Successful entrepreneurship and innovation are based on luck or genius. It’s based on the systematic and purposeful search for opportunities within the seven sources discussed in this book.

The System of Success is establishing Entrepreneurial Management!

Entrepreneurial management of most new ventures has 4 main requirements:

It requires, first, a focus on the market

It requires, second, financial foresight, and especially planning for cash flow and capital needs ahead

It requires, third, building a top management team long before the new venture actually needs one and long before it can actually afford one

Finally, it requires the founding entrepreneur a decision with respect to his or her own role, area of work, and relationships

If you can establish this framework in your organization or new venture, you will get purposeful innovation at low risk. Drucker makes sure to state unequivocally that innovation and entrepreneurship should not take unnecessary risks. Successful innovators and entrepreneurs are not “risk-takers.” They try to define the risks they have to take and minimize them as much as possible, and entrepreneurial management helps them do that.

What I Will Do Differently?

Invest more time employing “Creative Imitation” and “Entrepreneurial Judo.” As Chapter 17 discusses, the Japanese made the deliberate decision 100 years ago to concentrate their resources on social innovations, and to imitate, import, and adapt technical innovations with fantastic success. Using entrepreneurial judo, one first secures a beachhead in the market leader’s backyard. Once the beachhead is secured with adequate market and revenue streams, you then move in on the rest of the beach.

Pay more attention to the changes in Global Demographics. In Chapter 7, Drucker discusses how Demographics are doing some funky but predictable things right now. The developed countries are seeing a rise in the

aging population as birth rates fall and people live longer, while Third World Counties are seeing a tidal wave of young adults. Aging populations historically have caused labor shortages in places like Japan and put outsized pressure on government pension plans like in Italy. Consequently, there are huge innovation and entrepreneurial opportunities.

It’s cliche but Keep It Simple Stupid. In Chapter 11, Drucker discusses his principles for innovation. In order for an innovation to be effective, it must be simple and focused. It should do only one thing and that one thing well. Throughout the history of mankind, all effective innovations are breathtakingly simple!

Downloadable Content

The book on Innovation and Entrepreneurship was written by Peter F. Drucker in 1985. The year is 2023 and his principles are still relevant. As stated above, a business that wants to be able to innovate, wants to have a chance to succeed and prosper in a time of rapid change, must build entrepreneurial management into its own system. The following raw notes were created by me to help streamline a deeper understanding of Peter F. Drucker’s concepts in Innovation and Entrepreneurship. Hope you enjoy it!

Innovation and Entrepreneurship – Raw Notes by Brian Nwokedi Download

September 22, 2022April 5, 2024

Lessons from Shoe Dog by Phil Knight

"Let everyone else call your idea crazy ... just keep going. Don't stop. Don't even think about stopping until you get there, and don't give much thought to where "there" is. Whatever comes, just don't stop."
--- Phil Knight, Shoe Dog (2016)

Introduction

In 1965, Phil Knight discovered a philosophy by which he centered everything he was doing: To have cash balances sitting around doing nothing made no sense to me. Sure, it would have been the cautious, conservative, prudent thing. But the roadside was littered with cautious, conservative, prudent entrepreneurs. I wanted to keep my foot pressed hard on the gas pedal.

By 1975, he was still having the same problem as they were undergoing an explosion in assets and inventory which continued to put enormous strains on their cash reserves. Sales were through the roof but they were still cash-poor. Fast forward to today, and Nike is a cash-rich business whose days of cash constraints are long gone!

The lesson I take away from reading this memoir is that cash in a growth company is a problem. Every penny you make will be reinvested back in the business and you will struggle to make every single payment. You will borrow every nickel you can and plow it right back into chasing growth. But always remember that fortune favors the brave.
Beating the competition is relatively easy. Beating yourself is a never-ending commitment.

Visual Representation of Lessons from Shoe Dog

Downloadable Content

3b.-Shoe-Dog-Lessons-Learned Download

June 15, 2019April 5, 2024

Measure What Matters Using Objectives and Key Results (OKRs)

Introduction

Measure What Matters is a business book by John Doerr based on the fact that ideas are easy but execution is hard. When it comes down to it the core model of execution (Objectives and Key Results – OKRs) in this book sets out to help organizations in there major ways:

· Companies that use OKRs will focus and commit their teams to better priorities

· Companies that use OKRs will align and connect their teams with better teamwork

· Companies that use OKRs will better track accountability and force their teams to stretch for amazing results

The intrinsic value in attempting to use an operational model like OKR is the fact that it will focus and align your business on the most important goals that really move the needle. As an organization, consistently creating aligned goals and measuring outcomes undoubtedly leads to more clarity and job satisfaction for employees. OKRs keep you from trying to do everything.

What’s an Objective and What’s a Key Result?

The challenge with business books like Measure What Matters is to really define in detail the principles that book is covering. And when push comes to shove, you pick up a book like this to learn something new that can be implemented in your day to day business life.

At the most basic level, Objectives are the “what” you are trying to accomplish. Objectives express goals, intentions, are aggressive, and realistic. Above all though, they are tangible and must provide clear value to your organization. At the most basic level, Key Results are the “hows.” Key Results express measurable milestones that advance forward the objectives. Together, Objectives and Key Results form the framework of Doerr’s operational model within Measure What Matters.

A Typical OKR Cycle

The typical OKR cycle for setting OKRs at the company, team, and contributor levels looks something like this:

Great. I Understand OKRs at a High Level. How Do I Actually Use Them?

The hard part with any business book that details an operational model or business process is implementation back into your own day to day business life. I am by no means an expert on any of the principles detailed within this book. But having finished reading it I will give my best attempt at detailing how to use this process in your day to day.

On page 84, Doerr gives a very simple example of how to create impactful OKRs. Using a fictional NFL team, Doerr walks the reader through the following picture:

(1) As you can see from the example the Objectives are straight forward and the Key Results are simple and measurable.

(2) There is zero doubt what the organization (in this case an NFL team) is focusing on accomplishing this year.

(3) Poorly defined OKRs are a waste of time. Well defined and aspirational OKRs are motivational management tools that help your company execute.

(4) The very nature of the OKR process is to think big but focus and this hypothetical OKR does exactly that.

Is It Really That Simple?

The short answer is yes and no. The principles within Objectives and Key Results are easy to understand. The complexity lies in writing really good Objectives and really good Key Results. As Measure What Matters details within the appendix on Google, it can be very hard to consistently write good OKRs when you first start out. Like any new process, it takes time to get really good at it.

No operational system is perfect. But having a defined process in business is key to executing over the long-run. The Objective and Key Results model of operating will undoubtedly help focus your business on the objectives and goals that matter most to your organization.

Extras

Brian Nwokedi’s Book Review on Goodreads

Direct Link to Book: Measure What Matters

Author’s Website: Measure What Matters

Author’s Twitter: @johndoerr

Video: TED Talk

September 2, 2018April 5, 2024

The Amazon Way

The Simplicity of the Amazon Way

The Amazon Way is a book by a former executive on the 14 leadership principles that drive their success. Above all though, it is clear the only thing that really matters is the customer. At the core of everything Amazon does from systems to the way in which they compensate their employees is this obsession over the customer. The Amazon Way is your guide into how Jeff Bezos built the Everything Store that now dominates.

14 Principles of Leadership Determine it All for Amazon

At the core of everything they do lies 14 leadership principles:

1. Obsess Over the Customer

2. Take Ownership of Results

3. Invent and Simplify

4. Leaders Are Right-A lot

5. Learn and Be Curios

6. Hire and Develop the Best

7. Insist on the Highest Standards

8. Think Big

9. Have a Bias for Action

10. Practice Frugality

11. Earn the Trust of Others

12. Deep Dive

13. Have a Backbone – Disagree and Commit

14. Deliver Results

These 14 leadership principles make up The Amazon Way. The following picture is my visual representation of what the Amazon Way represents to me.

The 14 Leadership Principles that make up the Amazon Way exist solely to put the customer first above all else. By obsessing over the customerfirst and working backwards from what they need, Amazon has built a rocket-ship of a company that is light years ahead of the competition.

Outsiders to the organization usually focus their attention on Amazon’s holy trinity of (1) pricing of products (2) selection of products and (3) availability of products. And while this trinity of competencies is formidable, Amazon’s true strength lies in the fact that they have built a frictionless, highly intuitive, and completely self-service platform that drives customer trust and loyalty.

As an owner of the business, each Amazon employee is expected to fully master their domain, and tenaciously manage every potential business-derailing dependency. And since they hire and develop the best, Amazon has created an organization of A-players that take complete ownership of their results.

In closing, the real scary proposition for anyone competing with Amazon is that fact that at its core, is an organization that has a pervasive fear of turning into a Day 2 company. As a result, no one is ever satisfied with what they have accomplished, and no one there seems to willingly rest on their laurels. At Amazon, it’s always Day 1 and everyone there seems to embrace this mentality. Most organizations can’t instill this relentless desire to keep learning, and this is the real challenge when it comes to competing with them head on.

Extras…

Brian Nwokedi’s Book Review on Goodreads

Brian Nwokedi’s Twitter

Direct Link to Book: The Amazon Way

Author’s Website: THE AMAZON WAY

Author’s Twitter:@johnerossman

Video: Digital Disruption: Lessons Learned from “The Amazon Way”

July 15, 2018April 5, 2024

Plain Talk: Lessons From A Business Maverick

There are nine principles of management that Ken Iverson holds himself to. These nine areas of focus helped him build a strong and long-term oriented company at Nucor:

1. Establish a higher cause
2. Empower your employees to trust their instincts
3. Destroy the hierarchy
4. Employees are the engine of progress
5. Give your people a stake in the business
6. Stay small
7. Take smart risk
8. Ethics > Politics
9. Cash performance = long-term survival

Establish a higher cause within your organization that employees and managers can rally around.

Give your employees a consistent set of tools that will empower them to trust their instincts and intuition.

Destroy the hierarchy and focus on establishing an egalitarian business culture that can sustain employee motivation.

Dedicate your management career to creating an environment in which employees can stretch for higher levels of performance because they are the true engines of progress.

Give your employees a simple stake in the business. The more they produce, the more they should earn.

Small businesses allow for things to really get done. That’s the virtue of smallness.

Aversion to risk can be deadly in business. Managers who avoid risk and fear failure spend a lot of time cheating themselves, their people, and their companies from good risks and adventures.

Place ethics over politics… simple enough

What really matters in a business is bottom-line performance and long-term survival. Focus your efforts there.