Where is consensus getting it wrong?

What is the market missing??

This question drives the work of stock analysts, but the relevance of the question is far more widespread than just Wall Street. As we discussed with my recent?Disrupt Yourself?Podcast?guest Steve Bullock, individuals who are courageous enough to think differently are well poised to create a competitive advantage for themselves and, perhaps, influence the path of their entire industry—but it is often far from easy.?

Steve is a stock analyst and author of?Out of the Box Golf: Exploring the Innovative and Unconventional. In the book, he writes about golf innovation and the adoption of unconventional methods across golf history.

Both Steve’s love of golf and his professional experience propelled him to write the book. As a stock analyst, it was his job to consider every day?“what is the market missing?”?Steve told me, “As you know,?the name of the game in stock investing is answering the question, ‘where is consensus getting it wrong?’?And what I learned pretty quickly and more so over time is that?consensus is wrong much more often than I ever would have anticipated.”

How does this translate to golf or your life? Steve took the question that informs his professional life and asked the same question of the golf industry. What is the golf industry missing? How can you create competitive differentiation?

Before we go any further, I urge you to ask that question in your own personal or professional context. It’s practicing the Accelerant for Growth? #5 and #7, Step Back to Grow and Be Discovery Driven. What are you, your organization, or your industry missing? What gaps can you fill, or how can you create a competitive edge by doing something differently??

Steve’s book highlights golfers who were courageous enough to think differently, and by doing so, they created an immense competitive advantage for themselves relative to other golfers. He studies the ultimate disruptors in the sport of golf.

Though many capitalize on opportunities, there are far more people who miss them. Why do we miss opportunities? From Steve’s perspective, people tend toward conformity. The role of social conformity in our relationship with innovation is important to remember.?It’s easier to do what you’ve always done, not just because it’s the path of least resistance, but you also blend into the crowd.?Even if we fail, at least we’re failing with everyone else. It’s much riskier to fail while trying something different. But as Steve’s insight tells us,?the consensus is often wrong.?Don’t assume it’s right just because everyone is doing it.

In the case of golf, Steve cites three golfers who did things differently. He talks about Michelle Wie, Tiger Woods, and Bob Charles. And in each scenario, the athlete faced ridicule and skepticism from fellow golfers and commentators. It’s not easy, but innovators must be prepared to weather the critique and continue to drive towards improvement.

I took two things away from this. First, we need to know it’s going to be lonely when we innovate. People are going to be critical. Second, when we see others trying to do things differently, we should think twice before criticizing. You never know if you’re watching someone rewrite the way things are done.

What if you aren’t someone with radically new ideas for how to do things? When we talk about disruption, we risk isolating those who don’t feel particularly disruptive. Steve’s work underscores that?it’s not just about being the person willing to rewrite the playbook, but equally important is the willingness to be a quick follower.

He shared the story of a technology called TrackMan, a radar device that could track a golfer’s swing, speed, and path, among other things. It was introduced in 2007, and the early adopters quickly saw the benefits. Interestingly, by 2013, only 30% of the tour was using a TrackMan to improve their game. We can be hesitant to adopt new technologies or strategies, even when it is evident that they are better than what we currently have.

It is critical to be a quick but discerning follower to disrupt yourself. We know taking the right risks is crucial to personal and professional growth, but how do we know which risks to take? It reminds me of a quote by basketball coach John Wooden, “Be quick, but don’t hurry.” You don’t have time to hesitate to adopt effective innovations, but you don’t want to follow every new trend or approach blindly. Be willing to experiment. Be a student of history, understand what the innovators are doing, and don’t be left behind.?

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What will you do this week to challenge yourself to question the way things have always been done??

In what ways can you learn from history and be a quick follower?