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How did you get to where you are in your career? My interest in this question dates back 45 years to when I was an MBA student at Northwestern Universitys Kellogg School of Management. Whenever corporate executives were guest speakers at our classes, I would listen intently as they described what contributed to their career advancement. In the same vein, as I speak with leaders today, I always make a point of asking them what they consider to be the main drivers of their success. Over more than four decades, the two most common responses are: (1) I worked hard and (2) I have several unique skill sets. As I look back on my corporate career, including as chair and CEO of Baxter International, a $12 billion health care company, I agree with the importance of working hard and having unique skills. However, having engaged in the practice of self-reflection as the foundation of my values-based leadership, I know that far more than my own efforts and talents contributed to my success. Five factorsluck, timing, team, mentors and sponsors, and faith/spirituality or mindfulnessaccount for much of what I have achieved. As executives and those who aspire to leadership reflect on their own careers, they will no doubt see the influence of these factors. The result is a shift in perspective that encourages gratitude, attracts support, and leads to more opportunities. 1. Luck Without question, luck plays a part in every career, such as being in the right place and connecting with the right people who open doors. Over the years, Ive heard executives attribute their early success to a lucky break, including insightful advice from a teacher, a first boss, or a mentor. The same happened for me when I was an undergraduate student at Lawrence University. When I told one of my professors that I was considering a PhD in mathematics, he quickly offered a different opinion. Harry, if you get a doctorate in mathematics, your work will be of most interest to a small group of colleagues. Youre so outgoing, why dont you think about economics and pursuing a career in business? Youll be able to influence so many more people. If it hadnt been for that advice, I am not sure what my career path would have looked like. 2. Timing If luck is about being in the right place, then it only makes sense that it also has to be at the right time. One episode of fortunate timing occurred when I was an undergrad looking for a summer internship. I applied in-person at the First Bank of Minneapolis, where my application was put into a stack with about 150 others. In a stroke of fortunate timing, a vice president at the bank walked by the reception desk. I introduced myself, explained that I was looking for an internship, and politely asked for five minutes to tell him more about myself. Twenty minutes later, I landed the internship. Timing also played a part later in my career, especially when I was first promoted. There were times when I replaced someone who had accomplished very little in the position. Therefore, only a small effort on my part made a huge difference in what I accomplished compared to my predecessor. The more I recognize the role luck and timing played in my career, the more it reinforces a sense of genuine humility, another of my principles of values-based leadership. Its a reminder that success is not a reflection of being the smartest or the most gifted person in the room. 3. Team I am very well aware of the fact that I have been blessed with great teams at every stage of my career. If I had not worked with these talented colleaguespeople who knew what I didnt knowthere was no way I would have reached senior leadership positions, including chief financial officer (CFO) and then CEO and chair at Baxter. In fact, my teams success directly contributed to my advancement. For example, when I was one of eight VPs of finance at Baxter, there was an opening to become the next CFO. The other seven VPs had far more experience than I had. To my surprise, I was promoted. The reason? Everybody wants to work for you, and so many people who are promoted throughout the company were trained by you, I was told. When I share this story with my students at Kellogg today, I do so as a reminder of the importance of creating an environment in which others want to work for you. Its the best possible showcase of leadership. 4. Mentors and sponsors The influence and encouragement of so many have made a huge difference in my life. As I look back, I remember the late Donald Jacobs, Dean of Kellogg, who encouraged me to think about the kind of impact I would like to make as a leader: Do you want to be a very good finance person? Or do you want to be one of the people who helps run a company who happens to know a lot about finance? I chose the latter, and it made all the difference in my career. Another important mentor was William Graham, the long-time CEO of Baxter, who used to say, Arent we blessed to do well by doing good? He lived that philosophy and impressed upon me the importance of addressing the needs of all stakeholders, including customers, suppliers, shareholders, and even society. 5. Faith, spirituality, or mindfulness This last factor is really number one for me, but I want to be sensitive to the thinking of others (especially when teaching in a secular university). For me, though, my faith reminds me that any talents or skills that I have are God-given gifts; therefore, I am responsible for using these gifts to the best of my ability. In other words, its not about me. Spirituality, mindfulness, or the practice of faith can help others see that, as they pursue success, it really is about making a difference for others. These five secrets to success apply to everyone at every level. Their importance becomes clearer with self-reflection, reminding us that our career advancement is not just about us. Rather, the success we achieve broadens our ability to influence and help others as they benefit from luck, timing, teams, mentors, and a spiritual/mindful perspective.
Category:
E-Commerce
Square, the point-of-sale system owned by Jack Dorsey’s Block, is announcing a number of new upgrades todayincluding one that will make it easier for business owners to accept payments in Bitcoin. On Wednesday, the company made three announcements: An expansion of its platform for restaurants (including AI-voice ordering and a bigger, broader Grubhub integration) A conversational AI assistant embedded in its dashboard to answer questions, called Square AI Square Bitcoin: An integrated Bitcoin payment and wallet system for business owners The upgrades and announcements are designed to help business owners control their costs, dig up more insights within their data, and plan ahead with more confidence, Willem Avé, Squares head of product, tells Fast Company. Were focused on anything we can do to help small businesses compete better, Avé says. That includes a smattering of new and beefed-up features for restaurant operators, specifically, such as AI voiced ordering, which allows customers to call in and place an order with an AI assistant (while also answering questions about the menu and make customizations). Meanwhile, a speedier kiosk will help orders get entered faster, and enhanced accounting and sales reportsplus an Order Guidewill help restaurateurs get a clearer picture of their costs and revenue. Avé says that the voice-ordering feature is particularly interesting, as the technology has only recently become good enough to launch. At the beginning of this past summer, for example, it wouldnt have worked, he says. We believe that the tech is finally here to build a natural, good, AI-based ordering system,” Avé adds. ‘The tech is there, the demand is there’ Perhaps the most interesting announcement of the day is the launch of Square Bitcoin, which allows businesses to accept Bitcoin payments, automatically store those payments in a designated wallet, convert other revenue to Bitcoin, and do it all with no processing fees through the end of next year. Square has always been about accepting any type of payment that comes across the counter, Avé says, and so giving businesses the power to integrate with crypto in a relatively simple way was a natural step for the company. The tech is there, and the demand is there, and from a cost perspective, Bitcoin payments are cheaper for businesses, he says. While some large merchant chains accept cryptocurrency paymentsa list that includes the Home Depot, Chipotle, and Whole Foodsits been, thus far, a difficult implementation for small companies. Squares announcement could change that, all while crypto adoption and prices reach a fever pitch. The timing isnt necessarily a coincidence, as Avé says the company has been trying to move quicker as customer needs evolve. “This release is highlighting that speed is the name of the game, he says, and were moving faster than ever.
Category:
E-Commerce
The worlds best engineers, entrepreneurs, and researchers face no shortage of opportunities. If youre building the future in frontier technologies like AI, you could base yourself anywhere. So the real question is where. The answer today points northto Stockholm. The European Commission recently declared Stockholm as Europes most innovative region. Ahead of Copenhagen, London, and Zurich, the Swedish capital took the top spot. Not just overall, but on a range of individual indicators, from lifelong learning and share of tech specialists employed to cross-border scientific publications, collaboration between SMEs, patent filings, and trademarks. Right after the European Commissions report, the citys own Lovable was declared the fastest-growing software startup in global history. This is another indicator of Stockholm as Europes capital of the futureadmittedly anecdotal, yet hard to ignore. STOCKHOLMS LIFESTYLE EDGE Of course, for youa global top talentthere are regions beyond Europe to consider. The U.S. and China still have metro areas that are more innovative, for now. But what Europes innovative center can also offer is another way of life. Sweden consistently ranks among the worlds most gender-equal societies. The childcare system is outstandingenabling both parents to combine engaged parenthood with career advancement. Society is cultural, creative, democratic, egalitarian, and open. Clean air and water, smooth public transportation, and buildings designed for light and ventilation make daily life in Stockholm unusually comfortable. Government bureaucracy is light for individuals and companies. Starting a business is easy, energy prices are among Europes lowest, and taxes not as high as Swedens reputation suggests. With no wealth or inheritance tax, low corporate tax rate, and minimal everyday costs for healthcare, childcare, and education, the benefits often exceed the income tax rate headlines. Add in generous parental leave (exported by Spotify to the U.S.) and EU freedom of movement, and this capital offers a package of benefits rarely matched in other hubs. For many specialists, flatter structures and shorter weeks tip the balance in Stockholms favor. Fast Company recognized our Stockholm-based real estate firm as one of the Worlds Most Innovative Companies. My job at Atrium Ljungberg can perhaps best be described as playing SimCity but in real life, with the city I love most as the game board. To be fully transparent, the job comes with a dose of stakeholder management and administration that SimCity leaves outbut still, the analogy is strikingly true. Stockholm is evolving, and its a thrill to be part of the ride: Atrium Ljungberg is redeveloping Slakthusomrdet, the worlds largest transformation of a meatpacking district, while also building Stockholm Wood City. The renewal of Slussen, a central hub, is nearing completion, as is the expansion of Hagastaden, linking the city with Europes top medical university and hospital. They knit old districts and new innovation hubs into a more connected city. FROM NOBEL PRIZES TO SPOTIFY: THE CITYS LONG GAME How did Stockholm become Europes most innovative region? It helps to start at the beginning. Stockholms tradition has long shown progress. By the 1880s, Stockholm had the most telephones of any city in the world. The Nobel Prize was established in 1901 and soon became the worlds most prestigious award across five scientific disciplines, later joined by a sixth in economics. A series of world-class companies were created here in the pre-WW2 industrial era, including Ericsson, Atlas Copco, and Electrolux. That period laid the groundwork for Stockholms rise. The city gained a reputation as a hub of practical innovation and engineering. In 1954, the Royal Institute of Technology hosted Swedens first nuclear reactor, built underground in the middle of the city. By the 1980s, Stockholms universities were among Europes first online. The 1997 Home PC reform gave Swedes tax-free access to computers via employers, driving mass adoption and digital skills. Since the 90s, Stockholm has produced another wave of champions: Spotify, the leading music streaming service globally; EQT, one of the world’s largest private equity firms; and Klarna, a fintech giant. Stockholm now counts more listed firms than any European city, including London and Frankfurt. Along the way, Stockholm also became a creative capital. The city that once exported timber and steel now exports pop music, design and gamingfrom Avicii to Acne and Minecraft, with billions playing our video games. In 1968, only a quarter of Swedes had eaten out in the last quarter, and kitchens still shut at 8 p.m. Today, Stockholm is a city full of Michelin stars, neighborhood bistros, late-night bars, and clubs. THE ECOSYSTEM BUILDING EUROPES NEXT GIANTS Sweden ranks first in Europe by VC investment per capita and unicorn creation per capita. But capital alone doesnt build companiestalent does. In Stockholm today, workplaces are increasingly designed to attract it: more like clubs or labs than offices, they give talent autonomy, wellbeing, and connection. A diverse set of Stockholm ventures is now breaking ground. Einride, putting autonomous electric trucks on roads across continents, and Candela, whose electric boats ferry Stockholms commuters, drive the future of transportation. Fashion and beauty names Toteme and Estrid stand beside music investor Pophouse, steward of catalogues from Avicii to KISS and Cyndi Lauper. Investors Creandum, EQT Ventures, Northzone, and Norrsken have underpinned the citys ascent as one of Europes leading venture hubs. Scaling companies consume vast amounts of energy. To support the soaring demand, national energy company Vattenfall and the government just announced that Sweden will build a series of small modular reactors (SMRs). The initiative is notable globally: While most countries are still piloting single SMR projects, Sweden is planning a program at scale, aimed directly at powering fast-growing industries. Propelled by clean energy, culture, and investment, few places combine beauty and dynamism like Stockholm: the Nordic Venice with its islands, a cultural city from Gustav IIIs opera house, to Max Martins pop, built on democracy and openness. Yet its real strength lies in its trajectory. For builders, creatives, and intellectuals, Stockholm has become Europes most attractive base to change the world from. Linus Kjellberg is head of business development at Atrium Ljungberg.
Category:
E-Commerce
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