Chapter 3 - Against the Odds: An Autobiography
This Chapter is based on the book “Against the Odds: An Autobiography” by James Dyson.
Buy it on Amazon here:
https://www.amazon.com/Against-Odds-Autobiography-James-Dyson/dp/1587991705
Here’s what I have learned from the book:
Edisonian Approach
“When I want to discover something, I begin by reading up everything that has been done in the past - that’s what all these books in the library are for. I see what has been accomplished at a great labor and expense in the past. I gather data of many thousands of experiments as a starting point, and then I make thousands more.”
— Thomas Edison
The Edisonian approach is based on Thomas Edison’s way of inventing through trial and error discovery rather than through a more systematic theoretical approach. While this may seem like an inefficient way to approach a problem, this allowed Edison to innovate even when there is no adequate theory to base on. However, before starting any experiments of his own, Edison would vigorously read everything he could find on a subject.
“If I have seen further, it is by standing on the shoulders of giants.”
— Isaac Newton
As Dyson did not have a background in engineering, he also had to learn everything on its own by reading everything he could find on a subject while he was working on his inventions. He believed that anyone could become an expert through reading and experimenting.
“Anyone can become an expert in anything in six months, whether it is hydrodynamics for boats or cyclonic systems for vacuum cleaners. After the idea, there is plenty of time to learn the technology.”
— James Dyson
Being an avid reader is definitely a common trait found among successful innovators and entrepreneurs. As such, if you understand the importance of reading, you’ll most certainly have an unfair advantage on others.
“In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time -- none, zero. You'd be amazed at how much Warren reads--and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”
— Charlie Munger
As a follower of the Edisonian Approach, Dyson has encountered many failures through his experiments. Dyson had created over 5000 hand-made prototypes over four years before finally achieving success with the cyclonic vacuum cleaner. According to Dyson himself, his success comes from improving everyday objects that were always assumed to be unimprovable.
In the context of decision-making, I believe the Edisonian approach can be a useful tool to overcome analysis paralysis. Analysis paralysis is the process of overthinking a problem to the point where a decision or action is never taken. Rather than spending an excessive amount of time analyzing different options, the Edisonian approach encourages to make a decision based on the information available and then adjust their approach based on the outcome similar to a feedback loop system. This can be particularly useful in situations where there is uncertainty or where the consequences of making the wrong decision are not catastrophic or what Jeff Bezos would call Type 2 decisions.
“Some decisions are consequential and irreversible or nearly irreversible – one-way doors – and these decisions must be made methodically, carefully, slowly, with great deliberation and consultation. If you walk through and don’t like what you see on the other side, you can’t get back to where you were before. We can call these Type 1 decisions. But most decisions aren’t like that – they are changeable, reversible – they’re two-way doors. If you’ve made a suboptimal Type 2 decision, you don’t have to live with the consequences for that long. You can reopen the door and go back through. Type 2 decisions can and should be made quickly by high judgment individuals or small groups.”
— Jeff Bezos
Innovate Or Die
“Innovate or die, and there’s no innovation if you operate out of fear of the new or untested.”
— Robert Iger
James Dyson, similar to Edison, was obsessed with perfecting his inventions. He famously said that he was always a little dissatisfied with his products. This unhappiness led him to constantly seek for improvement and innovation.
This approach toward innovating should definitely be taken by all the business owners and CEOs of the world. As a matter of fact, Dyson was a critic of the large British corporations of his time. He pointed out that these companies often spent large amounts on marketing to boost sales, rather than investing in research for new and innovative products. It seemed that British executives were playing a short-term game, rather than investing in the long-term benefits of the company.
Many large businesses have eroded their competitive advantage over time due to lack of innovation. One such example is Walt Disney prior to the arrival of Bob Iger. When Iger became CEO in 2005, Walt Disney had become practically irrelevant and its animation movies were not as successful as they once were. However, Iger saved Disney through innovation and acquisition. During his tenure, the company acquired Marvel and Pixar, and created Disney+, which put the company back on the map.
Similarly to a company, I believe it is as critical for an individual to continue evolving. A simple way of doing so is to learn something new every day. As Charlie Munger would say, it can be as easy as going to bed a little bit wiser than when you woke up.
“And without lifetime learning you people are not going to do very well. You are not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.”
— Charlie Munger
“Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
— Warren Buffett
Beyond the Book
Read “Standing on the Shoulders of Giants” by Farnam Street
Read “Reversible and Irreversible Decisions” by Farnam Street