I had the pleasure of enjoying an event where the author spoke prior to reading his book. I appreciate the overarching message of focusing on big, long term goals, and also on managing and iterating in shorter duration periods or sprints. Working in software the idea is sprints is all to familiar and well documented.
Some things I found interesting:
- It was great to get insight into the airline industry. I’ve often wondered about pricing and had anticipated that premium seats, although less in number, drove a higher rate of return per unit of cabin space. Osman-Rani calls out how accounting for 20% of the seats they can still make up 40 - 60% of the revenue on a flight. Recently, even premium economy seat prices have inflated at much higher rates than economy. And business class and first class rates have gone even higher. To a certain extent, I hate the airline industry for creating “value” by making economy so uncomfortable that people are willing to pay so much more for regular seats, but I can’t argue with the business outcomes (and I’m a thin, 5’ 8” man).
- Other factors come into play and I must say part of the monetization schemes are frustrating. When a low cost airline monetizes seat assignments, now a family of 4 has to pay more just to sit together, and for each ticket. Osman-Rani is aware of the price sensitivity in the market and even calls out that when it comes to scheduling, saving them money with a less optimum schedule is a great way to compete against larger airlines because cheaper ticket prices can easily save on the cost of accommodation for an entire day. But then he’s also squeezing that same family of 4 to guarantee they can sit together. It’s a tough business, they need to make money somehow…
- Can you believe that a plane would lose 2 tons if you simply removed the in-flight entertainment systems and replaced it with bring your own device entertainment and Wi-Fi?
- I really like the interview question recommendations for new hires, such as: What do you enjoy doing outside of work and when was the last time you did it? Gauging for passion & interest and seeing what it says about their breadth of skills. Then asking about something they’ve taught themselves in the past 6 months and for probing about if they are focused a lot on past accomplishments vs future plans. There are a few other good ones about big life/career accomplishments including one about what will define their life and what they’ve done in the past 6 months to bring them closer to that goal. That’s something I definitely had to sit and think a bout after reading.
All in all, this isn’t going to be the best book every written about business, but it did have a few gems and I do enjoy hearing anecdotes about the successes and failures that Osman-Rani shares.