Speed, Passion, Proactivity's Effect on Business Operations

Goals

To provide examples of how SPEED, PASSION, and PROACTIVITY drive economic success of companies

Early Findings

Speed and Business Success

  • According to Lindsay McGregor, the coauthor of Primed to Perform and co-founder of Vega Factor, a slower worker not only slows business operations but also lowers the team's morale. As such, it is important that companies recognize and help employees become more efficient.
  • According to Forbes, 92% of "executives believe that organizational agility is critical to business success."
  • Increased speed contributes to the development of new products and product features. Speed is especially important as faster-moving startups are becoming more prominent.
  • In fact, many industry experts claim that the speed of business operations is not a luxury, it has become a must-have for survival.
  • Some examples of companies that have lost significant market share due to not being fast enough include Kodak, Xerox, and Sears.
  • While many technology companies have reported that they have been able to increase speed operations by as much as 20%, if employees are not able to handle that speed, it is all for naught.

Passion and Business Success

  • According to a Deloitte survey, "workers who demonstrate more passion in the workplace are more committed to their employers, and respond better to the diverse challenges of a globalized marketplace."
  • Some of the biggest innovators have shown that sometime all it takes is passion. As Steve Jobs has previously said, "the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle."
  • Another survey by Deloitte, stated that "passionate workers can drive extreme and sustained performance improvement".
  • Interestingly, a study by Silvia Hubner, a professor and researcher at the University of Singapore, found that employees that work for "entrepreneurs who expressed a high degree of entrepreneurial passion were more likely to express passion themselves."

Proactivity and Business Success

  • Being proactive means to be willing to seek feedback and opportunities to "improve one’s skill set and actively look for ways to positively contribute to the work environment."
  • According to a survey performed by the London School of Economics (LSE), proactive employees have a higher chance to persevere when faced with challenges.
  • In fact, such individuals view challenging events as opportunities rather than obstacles, which is crucial for the development of companies, as such employees can greatly help in improving products and client satisfaction.
  • Moreover, proactive employees tend to be more productive and happier because they feel empowered to innovate and get work done, increase customers’ satisfaction levels, and bring in more revenue.
  • The LSE study also showed that leaders trust proactive employees more and believe that they are more capable than other employees.

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