In preparation for the holiday feast, I was running with an accomplished surgeon. The conversation drifted to time management. Actually it was a conversation by a lose definition. He talked and I made sounds like that of a snorting reindeer.
He’s increasingly pressed for lots of little favors, and he has learned to say ‘No’. ’No’ is liberating, and its far better than an ineffective ‘yes’, he said.
As I think back, I’ve heard this from another source, Jim Collins author of ‘Good to Great’. Mr Collins was asked at a conference what things great leaders did and he responded “great leaders all have ‘do not do’ lists”. Heard of a ‘to do’ list?, well a ‘do not do’ list is the opposite.
What does ‘No’ do in Open Inniovation and Venture Capital?
1) It means a better yes, as a yes has a stronger meaning.
2) It builds stronger relationships. Some of our best clients and friendships started out as a no. I love my kids dearly and I say no to them all the time (is there a correlation between ‘love’ and ‘no’?)
3) It allows us to manage our time better, as we don’t have to waste time on yes’s that should have been no’s
In Open Innovation; I see large companies say yes or mabey to small companies with interesting technologies – when they should say no. And it ultimately hurts both, as small companies or inventors are ‘strung along’ with the hopes of a big deal that will never occur. Large companies are hurt because they waste resources on to many opportunities that will never happen, and not enough on the likely partners.
VC’s have the same issue, as to many don’t say no, and then they deny entrepreneurs a learning opportunity, and to build a friendship. VC’s also learn a lot about how an entrepreneur reacts to a no. If the reaction was poor, good thing they did not invest.
No also brings clarity of thinking. At yet2.com we have said no in two specific ways. First, we are not in the patent infringement business, so we are not party to litigation. It makes the world simple for our clients and prospects, as they know when we can help them and when we can’t. It also means we have a stronger yes, when we sell patents, because we will never be party to a lawsuit in the future against one of our clients. (which in turn means we are very close to the large patent holders).
Second, we dont take on contingency technology transfer clients (there should be a blog post on this topic alone). But every week I’m asked why we wont spend thousands of hours helping some technologist, in the hopes that we’ll get paid one day. No, frees us up to work on those who truly want to partner – this is liberating.
When the new year arrives, I cant pledge I wont sound like a snorting reindeer when I run, but I will pledge to say no when it’s the right thing to do. Where will you say no?
From a fellow member of overcommiters anonymous and one afflicted with overcommitmentitis I couldn’t agree more. Happy Holidays!
o·ver·com·mit (vr-k-mt)
v. o·ver·com·mit·ted, o·ver·com·mit·ting, o·ver·com·mits
v.tr.
1. To bind or obligate (oneself, for example) beyond the capacity for realization.
2. To allocate or apportion (money, goods, or resources) in amounts incapable of replacement.
v.intr.
To be or become overcommitted.
overcommiters anonymous….I love it.
I like the idea of a “do not do” list. I started one at the office today, convincing my wife that I have a “do not do” list is another matter entirely. Come to think of it, she would probably argue that I’ve always had one. Love the blog – David.