Transforming Nokia: The Power of Paranoid Optimism to Lead Through Colossal Change
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Description
The great Nokia turnaround - universal business lessons for leaders in any industry.Nokia once dominated the smartphone industry. It was to mobile phones what Kleenex is to facial tissues. Then iPhones and Androids appeared out of nowhere and pushed Nokia off the cliff. In just four years, the company lost more than 90 percent of its value. Revenues were in freefall; massive layoffs became common. Pundits predicted that bankruptcy wasn't a matter of if, it was a matter of when. Then something equally shocking occurred. In record time, Nokia bounced back. With a vengeance. Nokia reinvented itself and is now the second-biggest player in the $100 billion-dollar global wireless market. In Transforming Nokia, the man who orchestrated and led Nokia's comeback - Chairman of the Board Risto Siilasmaa - reveals the story of Nokia's fall and resurrection. He reveals the inside story of the collapse and provides survival strategies and change-management methods any business leader can take to the bank. You'll learn how to harness the power of what Siilasmaa calls “paranoid optimism” and apply his winning entrepreneurial leadership model to rise above any challenge and drive sustainable success.Whether you lead a team or a corporate division, head a start-up or a massive organization, and whether your business is on the rocks or running smoothly, Transforming Nokia provides everything you need to sharpen your foresight, expand your options, seize opportunities, and thrive, no matter what changes tomorrow brings. Read more
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Top Amazon Reviews
Format: Kindle
A great story of Nokia's fall from grace and turnaround to a new beginning. The narrative is lively and recounting Risto's own experiences first hand. Hence it provides unique insight in the events that shaped the lives of so many Nokia employees, myself included. The story is rich in detail and it was fun to see what the actual twists and turns of the events were compared to the many speculations that were rife in the company in those times of uncertainty. in addition to the entertaining narrative Risto is also presenting his management principles, collectively called Paranoid Optimism, and ties the application of these principles to the narrative to highlight how this chosen approach really made a difference to the events. For me the learnings from the book are distilled to the following quote: "I believe you can create your own luck. By doing the right things, you definitely shift the probability curve in your favour." Even though this is a business book with hard-core principles on how to lead business in general and manage change in particular, it also reads as an entertaining story. Highly recommended.
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Reviewed in the United States on October 14, 2018 by Leo Heino
Format: Kindle
This is the tale of the near-death and reinvention of Nokia, an iconic Finnish company that, over its 150-year history, has made everything from paper to rubber boots to cellphones, its best-known area of market dominance until the company was blindsided by the success of the iPhone and the Android operating system. This is no dry management tome. In a vivid and suspenseful read, Nokia chairman Risto Siilasmaa details the panic and helplessness that sets in as the company spirals toward oblivion. His account features a rare level of specificity, creating a you-are-in-the-boardroom feeling. One of my favorite aspects of this book was that even after Nokia appeared to find salvation (by selling key assets to Microsoft) it wasn’t yet possible to relax. What if those assets lost value between the time the deal was signed and the time the deal closed? What if regulators in select countries (Nokia is a global corporation, after all) dragged their feet on okaying the deal? Both of these things happened, a reminder that a deal isn’t completed with a big, splashy press announcement—months or even years of nervous waiting can lie ahead. Throughout this book, Siilasmaa provides practical suggestions about assessing the true state of a company’s health and competitiveness, dealing with bad news, and being a tough-but-fair negotiator. I found this book interesting and I also came away with concepts that I can apply to my own business, even though I am a sole proprietor.
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Reviewed in the United States on October 16, 2018 by Bookie
Format: Kindle
You need to read this book, small business owner or head of a stock listed company. Mr. Siilasmaa reminds us about the forgotten way to do the business, nowadays has become a serious matter. "The Golden Rules" chapter he covers the principles that should be applied in any business, my favorite is the one which relates to formality and substance relating to meetings, in which he writes “Any meeting where we don’t laugh out loud is a miserable failure!”. Never forget to laugh, running a business is fun. One of the chapters is called “Plan B … and Plan C and Plan D.” where he emphasizes the importance of using scenario mapping. The Plan F does not mean Plan Fail, but Plan F. And the story itself about the company which lost 90% of its market value and the comeback. The route to its rebirth makes for fascinating reading.
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Reviewed in the United States on December 17, 2018 by Vee
Format: Kindle
An absolute delight to read; Insightful account of one of the biggest business failures and subsequent turnarounds of recent years. Well written, thought provoking, and even thrilling at times, this book is a pleasure to read. And it’s even educational, without feeling like a lecture. Highly recommended.
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Reviewed in the United States on December 14, 2018 by Mika Kortelainen
Format: Hardcover
This is a very useful book for current and prospective board members about the role a board did and can play in the direction and governance of a company. Its ideas are applicable for both for-profit and not-for-profit boards and concepts shared by the author are thought-provoking and provide a framework for discussion for boards looking to improve their performance. Highly recommended
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Reviewed in the United States on April 15, 2019 by Scoob A. Diver
Format: Kindle
I think it is a great book, written with honesty and courage. It makes a great reading and I recommend it to anyone interested in management and leadership, but also to those concerned about their own development. "Paranoid optimism" should be thought to kids in schools.
Reviewed in the United States on December 30, 2018 by Franco
Format: Hardcover
Transforming NOKIA: The Power of Paranoid Optimism to Lead Through Colossal Change is the story of Risto Siilasmaa’s leadership of Nokia during times of turbulent change. First, just a word about Nokia, a Finnish multinational telecommunications, information technology, and consumer electronics company, founded in 1865. Nokia's headquarters are in Espoo, in the greater Helsinki metropolitan area. Nokia is a Fortune 500 company. For a time they were the leader in the mobile phone industry, but they were caught napping when Steve Jobs introduced the IPhone, which quickly became an industry leader. Nokia went into free fall and it appeared to many observers that bankruptcy was only a matter of time. Risto Siilasmaa’s leadership helped to change Nokia’s fortunes. In 2008, at 42 years old, Risto was named to Nokia’s Board of Directors. He quickly demonstrated his intelligence and leadership ability and in 2012 was named chairman of Nokia’s Board. Transforming Nokia is his story of how he took a dying company and gave it new life. He shares with us some of the lessons he learned as a young board member of a huge company that lost its identity and then, with his help, found it again. Risto tells us that “paranoid optimism combines vigilance and a healthy dose of realistic fear with a positive forward-looking outlook expressed by scenario-based thinking.” Throughout his book Risto will come back to this definition as he tells us exactly what he did to revive Nokia’s fortunes. Risto gives us his ten components of entrepreneurial leadership and they are worth our attention. 1. Hold yourself accountable. 2. Face facts. 3. Be persistent. 4. Manage risks. 5. Be a learning addict. 6. Maintain an unwavering focus. 7. Look to the horizon. 8. Build a team of people you like and respect. 9. Ask why. 10. Never stop dreaming. Risto has good things to say about each one of his leadership principles that are helpful in the board room and out on the line where the work is getting done. In his next chapter Risto gives us his Golden Rules for confronting the chaos he found at Nokia. 1. Always assume the best intentions from the actions of others and operate openly and honestly…. 2. Be data driven and based on analysis. 3. Be well educated in the company’s business. 4. Be prepared to debate. 5. Challenge management. 6. Seek to constantly improve everything the company does. 7. Encourage the management and board to engage with each other outside board meeting. 8. Be light on formality but heavy on substance. Everything I just mentioned was part of Risto’s behavior as he helped the board and management of Nokia to reinvent itself. Reinventing did not mean losing traditional Nokia values rooted in Finnish culture such as respect for others, accountability for achievement, accepting challenges, and self-renewal. In the conclusion of his book, Creating Your Own Luck, Risto tells this story about golfer Jack Nicklaus. A fan congratulated Nicklaus on his good luck and Nicklaus replied: “The more I practice, the luckier I get.” Like me, Risto loves that quote and lives by it. He says that “It’s hard for me to differentiate between what was real luck and how much we influenced that luck because of smart people exercising paranoid optimism.” There it is again. We started this review with paranoid optimism and end with it. Readers of this review, particularly those who are members of boards, are well advised to get and read Risto’s book, but that said, anyone in a management position will find much to like and learn from Risto’s well-told and interesting story. Recommended.
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Reviewed in the United States on September 20, 2018 by Russell Fanelli
Format: Kindle
Having been an employee during both the ups and downs, it was very nice reading some of the same frustrations and concerns Risto felt. It's like being vindicated. Aside from that though, the main take away for me are the lessons learned. I practice his scenario tree and hope to one day get into a situation where an opportunity/challenge presents itself. Great book
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Reviewed in the United States on May 10, 2019 by Kindle Customer