Stanford Way of Thinking 😳 3 Frame of Thought Transforming Business

Stanford way of thinking. 😳

3 mindsets change business and life to be smarter

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You know, the most powerful lesson from Stanford Business School isn't just about numbers or luxury business terms, it's about "mind frames" that sharpen your way of thinking for quick decisions, smart creativity, and better living. Today, we're going to go through three key ideas that the Tiger Sisters brothers from Stanford MBA say change their lives.

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1.Design Thinking: Create what customers really want.

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This frame of mind comes from Stanford d.school and is famous for the IDEO company that designed the early Apple mouse. The key is to "deeply understand customers," not just to think about what customers want, because most products fail not because they are poorly built, but because they "solve the wrong point."

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Design Thinking has five simple steps you can use:

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Empathize (Understand): Talk to users, observe and understand their true feelings and needs.

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Define (Define): Identify the essence of the problem that needs to be addressed clearly.

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Ideate (Brainstorm): Let go of creativity to the fullest. Brainstorm unlimited solution ideas. Don't fear it's too reckless.

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Prototype (Prototype): Create a simple experimental version of a product or service, not to be perfect, to put it to the test.

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Test (Test): Take the prototype to the customer and observe their behavior, not just listen to what they say.

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Choose the problems in your life, determine who you are designing for, and then understand their needs deeply before starting to find solutions.

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2. Test & Learn (Lean Startup): Do it. Don't wait for perfection.

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This frame of mind is taught in Stanford's Startup Garage and made famous by the book "Lean Startup." It challenges the idea that a well-thought-out business plan is everything; because, indeed, it can just be imaginative, Lean Startup stresses to "stop waiting for perfection and act immediately."

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The key is the Minimum Viable Product, or the simplest version of the product you can create, to test it with a real customer and learn what the customer really wants and what isn't needed. This quick test is very important because many times when you bring the MVP to market and get a fedback from the customer, your business plan will probably have to "modify" it.

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Example of MVP success:

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Dropbox: Launched with a three-minute marketing video to measure interest without a real product yet, it reached 75,000 registrations.

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Zappos: Start by taking a picture from a local shoe store and then posting it for sale. To test if people want to buy shoes online.

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DoorDash: The Founders Take Orders and Deliver Food Yourself, to Prove Food Delivery Concepts in the Palo Alto Area

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Choose the problem you're stuck with and think of the easiest way to test your ideas, such as Google Form, posting on Instagram, or texting a friend. The clarity you need is often hidden behind a single simple test.

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3. Reversible vs. Irreversible Decisions: Know When to Accelerate, When to Slow

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This frame of mind is made famous by the notes of Jeff Bezos of Amazon that distinguish decision-making into two categories, so that we can make decisions faster and dare to experiment, because often people tend to view every decision as irreversible, leading to slow decisions and hindering innovation.

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Type One Decisions (irreversible):

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It is an important decision, has long-term consequences and is difficult to resolve.

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You have to think very slowly, strategize well, and consider the long-term effects carefully.

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Example: Hiring the company's first engineer. Or marriage.

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Type Two Decisions (Reversible):

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It's a decision that can be easily resumed. It's low risk.

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You should try and act quickly without much thought because you can learn, test and modify.

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Example: A website design change experiment, or a button change on an application.

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Making decisions quickly is a skill, but knowing what to make decisions early or what to spend time thinking about is that a Startup strategy often fails not because of a mistake, but because decisions are too slow.

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Try a list of the decisions you are facing and categorize them as Type One or Type Two. Then test them as Type Two today.

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These mindsets are not just for business, but tools that you can use every day of your life to create things faster, launch new things, and get out of gridlock. Continuous learning, adaptation, and experimentation are the keys to clarity and progress in all aspects of life.

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