The Bit Market

The story is a new CEO comes to a company that makes drill bits. A veteran analyst at the company comes in to brief him about the state of the company and the market. Charts, files and figures about production, research, and sales are presented. The catalog of various drill bits for any application is proudly shown. The analyst concludes that the state of the company is good, the products are great, and they currently have a majority of the drill bit market. This means they are selling more drill bits than anyone else.

The CEO thanks the analyst, but says, “There is one major flaw about your understanding of our situation…”

The analyst looks back at his charts and files, and thinks “who is this new guy that thinks he knows more about drill bits than me?”

The CEO continues, “… there is no such thing as a drill bit market. There is a market for holes and as soon as there is a better way to make holes, no one will be buying drill bits.”

This life and leadership strategy forces us to ask if we are paying more attention to what we are doing than why we are doing it.
What is the drill bit market that we have placed all our confidence in?

In the organizations and teams we work with, do the methods we use really provide the most efficient and effective outcomes? At times, we get more comfortable with how it is than how it could/should be. Our aversion to change blinds us to the reality of what we are really trying to accomplish.

In our families we do that same thing. Everyone else is making drill bits, working as much overtime as they can, have their kids involved in too many activities, and spend any free time they may have on self-serving hobbies, so we should be too. We believe that is the market we are living in.

That isn’t the truth.
More income doesn’t make us live better lives if we spend it wrong.
Giving our kids more responsibilities and opportunities doesn’t make them better adults if they don’t have the time to be kids first.
Our hobbies won’t bring us joy if they aren’t making our families and communities better.

We buy into the drill bit market when the reality is we don’t want drill bits, we want holes. There are better ways to make holes in our lives.

Picture using an old hand drill, and then getting the first ever electric drill.

The right way to lead your team or lead your life isn’t doing it the way it’s always been done. Don’t keep buying into the lie of the drill bit market. If your team is underperforming, figure out what you are trying to accomplish. If your money is an issue, write a budget. If you want your kids to be better adults, show them what one looks like.

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