In 2021 I decided to commit sharing more failure stories on social media and less of “Look, my dear network how well I am doing!”
So here is my third story:
In 2016 the oil price was recording low - it dropped till 36$ per barrel. I thought this was a good time to invest and bought oil exchange rate fund (ETF) shares when the oil price was around 42$.
I have checked the historical data and it seemed there was a direct correlation between the oil price and ETF.
Well, that didn’t work as I have expected. Even though I have predicted well that oil price will recover, my ETF price didn’t perform as expected. After two years I was very happy that I didn’t lose money, but earned nothing even though I sold my shares at the oil price of ~70$.
Lesson learnt - past performance is not necessarily an indication for the future performance.
I would love to hear your failure stories too! Please share it in Comments.
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Last year when the air pollution in India 🇮🇳 was at record heights “bottled fresh air" was being sold.
This is a sad, yet necessary, example of a temporary countermeasure applied to solve a problem.
LEAN problem solving encourages you to consider two types of countermeasures:
👉 Temporary - apply a quick fix to stop the bleeding.
👉 Permanent - prevent the problem from happening again.
In most cases you need both, so I hope India's air pollution problem will be addressed with permanent countermeasures.
With the recent developments of artificial intelligence (AI) adoption, more and more people started to worry about the future of their jobs.
While the future of work will certainly change, I believe we don’t need to worry as we will always need humans. Humans who are capable to work together with machines and have strong problem solving skills.
👉 Check out my blog post on “5 steps to become a problem solving rockstar in the digital era”.
I am interested to hear your experiences with problem solving. Any tips & tricks or handy 🛠 you use?
Yeahh! 🎉 I found the root-causes of my problem, so it’s crystal clear what I need to do next...
Well, not always. Problem solving process is not as easy as many think. Although finding root causes is indeed one of the most important and hardest steps, usually you don’t stop there!
Once your root-causes are identified and confirmed with #gemba (i.e. actual place where value is created) evidence, then you need to take a short break and synthesize your findings into a logical story line.
❌ Remember! Your root-causes are NOT your countermeasures. Based on the insights from your root-cause analysis, you need to define actions which will influence your problem. Creative thinking here can be handy and don’t forget to target things which are in your sphere of influence.
What are your experiences with problem solving?