What an Opportunity to Learn
COVID-19 is teaching us an important lesson about the power of exponential growth, also known as the compounding effect. Funny thing about we humans – we imagine that things grow linearly, yet almost nothing in nature does!
So early on during an exponential growth event, it seems like nothing is happening. And yet it is. With COVID-19, this is where we were a couple of weeks ago when Gov. DeWine took seemingly absurdly drastic actions to curb its spread. Many, including the President, thought his actions were unwarranted by the situation on the ground – so few cases, so few deaths…
As the event nears the inflection point and we start to realize, hmmm, maybe something IS going on. We are at this point now…
Soon the exponential growth will take off, and all the ‘drastic’ actions taken early on will seem, well, like too little, too late. This will NOT be a fun learning experience for any of us.
What does this have to do with business? Lots, actually!
Many things we do in business, particularly marketing, take time to grow. Far too frequently, usually just before the inflection point, where our expectations are furthest from our reality and big things are about to happen, we pull the plug. We quit. And what was about to explode in a positive way, doesn’t. And we file that learning under ‘things that failed’, maximizing the damage we do to our business.
Understanding the compounding effect is critical to understanding our businesses, our health, and our well-being in general. If you find this teaser interesting, read ‘The Slight Edge’, by Jeff Olson – it is a book we have all our clients read at some point. Understanding how our lack of intuition with respect to compounding effects our lives can make all the difference.