PHOENIX (11/6/13)--Creativity is the currency for success in the business world--it's the one thing that can't be outsourced, author and entrepreneur Josh Linkner said during the 19th annual CUNA Lending Council Conference Monday in Phoenix.
|No matter how successful your credit union is now, don't think that's a permanent condition, author and entrepreneur Josh Linkner said Monday during CUNA Lending Council's 19th Annual Conference in Phoenix. "Our mission is to be on the forefront and think about what's next, even when we're ahead."|
"Credit unions need to double down on creativity," said Linkner, a former jazz musician who draws parallels between that art form and small business start-ups.
Like jazz performers, start-up companies often exhibit high energy and creativity, take risks, and explore new ideas instead of rehashing what's already been done, Linkner said. "There's no operations manual we can follow to find success. Raw creativity is driving business forward."
Consider the case of DollarShaveClub.com, which took on one-time market leader Gillette by selling low-cost razors online. The owner launched the business about a year ago, spent $4,000 on a creative promotional video that garnered three million viewers--and attracted 17,000 customers in a week.
"He was the jazz musician of razor blades," Linkner said. "If that disruption can happen through raw creativity, just think what credit unions could do--and what risks do they face?
"The lesson is, no matter how successful we are, don't think it's a permanent condition. Our mission is to be on the forefront and think about what's next, even when we're ahead."
Linkner offered five "big ideas" to drive creativity and results:
|Before entering into student lending, credit unions must make sure it fits into their business model, said a student lending panel at CUNA Lending Council's conference in Phoenix. From left are: Moderator Paul Gentile, Credit Union National Association executive vice president of strategic communications and engagement; Jon Jeffreys, president of Credit Union Student Choice; Alice Stevens, chair of Member Student Lending LLC; Mike Long, executive vice president/chief operating officer for CU Campus Resources; Rohit Chopra, student loan ombudsman for the Consumer Financial Protection Bureau; and Tim Segerson, deputy director for NCUA. (Photos provided by CUNA)|
Other highlights during the conference, which was attended by 433 credit union lenders, included these takeaways: