People who are resourceful respond with creativity and out-of-the-box thinking when they face challenging situations. In this video, Todd Dewett helps you define the two components of resourcefulness and provides examples it in action.
- Let's think about what it means to be resourceful for a minute. Yes, it does mean to be crafty or clever, but it means much more. To be resourceful means to be able to create useful and unique solutions in challenging situations. Useful means your solution works and it's practical. Unique means the solution is interesting, unexpected, or clever. When you find creative solutions in tough situations, that's resourceful. It's a skill you have to have because you know what? You'll never have enough time, the perfect skills on your team, or a big enough budget. A great example historically was Proctor and Gamble and the famous Spinbrush toothbrush. When P&G introduced the very successful Spinbrush, it was a game changer. The P&G executives who made this happen were resourceful in two ways. First, they looked outside their own industry for ideas, which was a serious departure from their normal practices. Second, they introduced completely never-before-used technology, the little engine that makes the Spinbrush spin. In fact, the inventors of the Spinbrush technology who sold it to P&G first developed it and sold it to the candy industry. It was originally used for spinning lollipops, but the inventors and the P&G executives saw completely new possibilities. That's resourceful. For a second example, I'll share with you the concept of OPM, which stands for other people's money. This is a concept known to entrepreneurs and managers alike. For entrepreneurs, it's about using bank loans or other sources of funds to start a company instead of using their own money. For corporate managers, the concept is also useful. Every manager has a finite budget but infinite needs. Sometimes they can't invest in certain things because there simply is no budget. Other times, if they are clever, they can find money that is part of other budgets in other parts of the organization. Of course, in addition, it's sometimes possible they might find funds available through industry groups or government programs, depending on the type of need. These types of efforts don't always work out, but the resourceful manager will do the research and seriously look for the opportunity. You see, in the end, there are limited number of hours in the day, and we all have a limited IQ. And you have a limited number of teammates with whom to work. But with practice, you can get more out of all of those things through unlimited resourcefulness.
Note: This course was featured in Market Watch, Inc., Fortune, Forbes, and Entrepreneur.