Clayton Christensen the celebrated Harvard Professor and the guru on innovation speaks to the HBS graduating class of 2010 on how to apply management lessons to personal lives. It is not just an inspiring read, but an instructive read for everyone.
After a preliminary introduction where he establishes with amazing conviction the 30 minute conversation that he had with Andy Grove which led to the development of Celeron, he gives 6 key lessons which should be applicable to all of us.
Create a strategy for your life:
“I promise my students that if they take the time to figure out their life purpose, they’ll look back on it as the most important thing they discovered at HBS. If they don’t figure it out, they will just sail off without a rudder and get buffeted in the very rough seas of life. Clarity about their purpose will trump knowledge of activity-based costing, balanced scorecards, core competence, disruptive innovation, the four Ps, and the five forces”. In my view, the pursuit of purpose surpasses all other pursuits. I learnt this quite late in life.
Allocate your resources:
“People who are driven to excel have this unconscious propensity to under invest in their families and overinvest in their careers—even though intimate and loving relationships with their families are the most powerful and enduring source of happiness.
If you study the root causes of business disasters, over and over you’ll find this predisposition toward endeavors that offer immediate gratification. If you look at personal lives through that lens, you’ll see the same stunning and sobering pattern: people allocating fewer and fewer resources to the things they would have once said mattered most”.
Create a culture:
Knowing what tools to wield to elicit the needed cooperation is a critical managerial skill.
Families have cultures, just as companies do. Those cultures can be built consciously or evolve inadvertently.
If you want your kids to have strong self-esteem and confidence that they can solve hard problems, those qualities won’t magically materialize in high school. You have to design them into your family’s culture—and you have to think about this very early on. Like employees, children build self-esteem by doing things that are hard and learning what works.
Avoid the “marginal costs mistake:
It’s easier to hold to your principles 100% of the time than it is to hold to them 98% of the time. If you give in to “just this once,” based on a marginal cost analysis, as some of my former classmates have done, you’ll regret where you end up. You’ve got to define for yourself what you stand for and draw the line in a safe place.
Remember the importance of humility:
If your attitude is that only smarter people have something to teach you, your learning opportunities will be very limited. But if you have a humble eagerness to learn something from everybody, your learning opportunities will be unlimited. Generally, you can be humble only if you feel really good about yourself—and you want to help those around you feel really good about themselves, too.
Choose the right yardstick:
Think about the metric by which your life will be judged, and make a resolution to live every day so that in the end, your life will be judged a success.
My own mid life realizations and some of the life lessons have been written here.
Well, I would strongly recommend that you read his entire lecture as he backs up the brilliant instructions with observations and decisions that he made in his personal life. The entire lecture can be found here.