Monday, March 05, 2012

Reapply Instead of Reinvent

As a young engineer in R&D, I wanted to invent.  So I would try develop everything on my own, ignoring what others had done before me.   Through 27 years in R&D, I learned a better approach was to use knowledge that already existed and invent only what couldn't be found.  Now I am happy to reapply that which already is known or been done before and invest my limited time on inventing for the unknown elements.

A great example of this is the store layouts at large businesses such as Lowe's.  When new stores are built, the same plan is reused. That way the new store will have a layout that has already been demonstrated.  In the  manufacturing area, Intel has a strategy of "reproduce exactly" for its chip manufacturing plant.  That way, there will already be people who know how to solve issue even before the plant is built,.

IThe strategy of reapply instead of reinvent also works for personal finance.   There are numerous articles on successful personal finance practices.  By reapplying proven personal finance strategies, we were able to make significant progress on our own wealth building journey.

For more on Strategies and Plans Ideas, check back every Monday for a new segment.

This is not financial or wealth building advice. Please consult a professional advisor.

Copyright © 2012 Achievement Catalyst, LLC

1 comment:

Anonymous said...

Althought I don't currently live by reapplying instead of reinventing, I finding this information interesting. Good work on your posts.