This week’s book review is The Second Machine Age by Andrew McAfee and Erik Brynjolfsson.
The authors take us through a great history of social development and chart the relentless and accelerating progress of technology. They do a great job of explaining how technology has impacted society, is impacting society, and will impact society moving forward. Besides the technology itself, they cover the impact that the second machine age will have on politics, economics, social upheaval, income inequity, and more.
My takeaway from this book is that our future will be very different that our current world and that the rate of change is accelerating. The best way for us and our businesses to stay ahead of this change is to:
This week’s book summary is Principles by Ray Dalio.
Dalio, founder of Bridgewater Associates, the fifth most important private company in the United States (according to Forbes), does a stellar job in laying out his Personal History (for context), Life Principles, and Work Principles. I highly recommend this book to all business leaders. It is full of great business advice, leadership advice, personal advice, and practical application.
My takeaway from this book are the 16 Work Principles that Dalio describes in detail in the book (listed below for your reference):
Ray Dalio is the founder of the investment firm Bridgewater Associates. He had an estimated net worth of $15.4 billion in 2014 according to Forbes! So, what does Ray Dalio have to do with your business?
Probably nothing directly. But, based on his net worth, Dalio knows business so we should learn from him! He came up with a simple model that describes a business or an organization that has worked well for him over the years. I would suggest that understanding his simple model is critical to the success of your business. The model is shown in the picture for this blog post (note that I have exercised my artistic license and added a few items for clarity!)
As business leaders, each of us is responsible to produce results in our organizations. Results drive our businesses. Without achieving positive results, a business is really worthless. Dalio‘s model illustrates that a business starts with a Vision and then delivers business results or Outcomes through a Machine. The model stresses that the Outcomes are a direct result of the Vision and the Machine (both of which are defined below);