by Yossi Feigenson

   This article was originally published in The Productivity Institute (PI) Newsletter

Amidst the turmoil and receding economy, there are small pockets of industries and companies that have actually experienced growth.  Chief among them are companies within the wellness industry.  The oft repeated phrase, “The Lipstick Effect”, was coined by Leonard Lauder, Chairman of Estee Lauder, upon seeing a huge jump in lipstick sales after September 11th is surprisingly insightful.  It denotes that people gravitate to things that are not too expensive but still give them a sense of well being, despite the difficult times.  The Lipstick Effect can be traced back to the Great Depression of the 1930s where, in the four years from 1929 to 1933, industrial production in the US halved while sales of cosmetics rose.

Several recent articles in various news outlets have discussed this phenomenon. 

A survey recently conducted by a local radio station asked the following question: what luxury would you absolutely not give up even when times are tough?  It may or may not surprise you that many of the women responded that they would never part with their weekly manicure.

There is clearly a pattern here.  The little things that make us feel good and a viable part of society are more difficult to part with.

In this column, we like to look beyond the obvious and perhaps try to uncover something deeper about human nature. Is this trend telling us something about the human condition or state of mind?  What possible message can be conveyed through a stick of lipstick?  There is certainly something more essential to our human psyche than simple vanity. 

When faced with difficulties and challenges – and these days who isn’t? - there are two general modes of behavior people can follow.  We can become full of self doubt, despair, and feel like giving up.  Or, we can directly face these hardships, do battle with them and ultimately, overcome them.  The will to keep pushing forward and to bravely face the world represents a healthy mindset and a tough inner fortitude that doesn’t bend in the face of adversity.  Humans possess a unique resiliency. 

Perhaps our stick of lipstick, while seemingly silly, reflects this resilience and optimism: we will not shy away from challenges.  We are here to fight through the difficulties.

There are many proverbial types of lipstick; a manicure, a massage, a good tie, a good haircut.  The object itself is unimportant but what it represents is crucial: the ability to persevere and enhance self-confidence, vigor and most importantly, rely on an inner strength in both good times and bad.

Glenn Teyf, managing partner of ORB Real Estate Professionals, who spearheads the salon/spa leasing department was previously CEO of a well known wellness center.  Glenn states that “People would come to me and say, there are many things I will give up, but not my weekly massage”.  In fact, it would be one of the last things they would give up as a part of their normal routine.

In times like these one has to identify his/her ‘inner lipstick’, whatever it may be, and use it to stay vibrant and positive.  Maintaining the ability to feel good helps fulfill our feelings of self-worth and gives us the shot in the arm that is needed to face our particular challenges. 

Yossi Feigenson is the managing partner of ORB Real Estate Professionals, a firm that specializes in office and retail leasing.  They primarily represent tenants looking to either relocate into larger space, or new companies opening their first office. Yossi’s specialty is working with professional firms and small business owners across the entire spectrum of industries. He was formerly a partner in a risk arbitrage fund, specializing in Mergers and Acquisitions.  Yossi is an avid reader and runner, and an aspiring writer.  Yossi can be reached at yossif@orbny.com

by Yossi Feigenson

   This article was originally published in The Productivity Institute (PI) Newsletter

How often are we told, it’s all in the details? 

If you’ve ever misspelled the URL of your favorite website, you know you will not find it and occasionally end up on a site that would make many of us blush.  All you missed was one tiny little character and yet, you are nowhere near your destination.   Although we intuitively realize the importance of small details, we often take their presence for granted, frequently not even recognizing the major role they play in everything we do.  You can have the most cleverly designed and flawlessly organized presentation and yet, one small oversight, one misspoken word, food stuck between two teeth, showing up five minutes late, and all your efforts are in vain.  Does this sound familiar?  Good; you’re human.   

Why is it that the seemingly minute aspects are the ones that can lead you to peril?  Shouldn’t the overall big picture count for something?  It should, and yet we see time and time again that a small, forgotten item can really mess things up.

A small error changes history

In 1999, NASA lost a $125 million orbiter on its way to an orbit around Mars because a Lockheed Martin engineering team used English units of measurement while the agency’s team used the more conventional metric system for a key navigation spacecraft operation.  Lockheed Martin’s engineers provided navigation commands for Climate Orbiter’s thrusters in English units despite NASA’s use of the predominant use of the metric system since at least 1990.

“A single error like this should not have caused the loss of Climate Orbiter. Something went wrong in our system processes in checks and balances that we have that should have caught this and fixed it,” reported the investigatory report. 

Yet, a single error did cause this loss.  Almost inconceivably, a small inaccuracy had ruined many years of research and millions of dollars in expense.

The human aspect of details

Can people be construed as details?  I posit, yes for the simple reason that a successful project or organization requires all its members working together to be successful.  Most of these people - construed as details - are not the headliners. They are the ones who don’t comprise upper management or take home the largest paychecks.   They are, in most cases, the underappreciated and largely ignored masses.  Maybe it is unfair and too simplistic to refer to them as details but without them, no company or organization in the world would be able to function properly.  In fact, there’s a reason why “details matter”.

And meanwhile, all the attention and accolades go to the big boys - the stars, the talent; not the details.  Allow me to suggest that lately, this hasn’t worked out too well.  We’ve seen the “best of the best” take some mighty big falls.

The recent spectacular failure of several large companies and the subsequent insistence on the large bonuses being paid out to top executives at those firms despite their failures has highlighted this problem. There is no question that high level talent is vital to any company and I’m not suggesting in any way that any entity can survive without it at the helm, but lately, many of our higher level executives have let us all down.  The root of this failure can be traced to what I call an overinflated ego; an exaggerated sense of indispensability and lack of acknowledgment of the importance and contribution of the details.

Ego as a destructive force

What is wrong with an ego?  Isn’t it healthy to posses an ego?  Isn’t it a crucial component in any successful endeavor?

Dr. Robert Solomon, PHD, the director of the think room at MIT, addressed this very question in a recent conversation.  He explained that the moment the individuals in the higher class of any organization begin to exaggerate their level of importance and diminish the contributions of the entire organism, the system will cease to work.   An unhealthy ego - one which doesn’t recognize the importance of others, is an inhibitor for growth; it acts as a barrier for stimulation, inspiration and innovation.  Only when there is an understanding that every single detail is part of a complete organism and all are essential to its success can it realize its fullest potential survive and thrive. 

Sustained success

We can occasionally fake it and get by with sloppy work.  But to really achieve sustained success requires that all of us be real sticklers for detail in every way possible.  Paying close attention to detail also means understanding that each and every component is vital to our success.  We are all part of a much larger organism that depends on all its parts.  For, without embracing all the details, these systems will start to break down and possibly lead to total disaster.

Yossi Feigenson is the managing partner of ORB Real Estate Professionals, a firm that specializes in office and retail leasing.  They primarily represent tenants looking to either relocate into larger space, or new companies opening their first office. Yossi’s specialty is working with professional firms and small business owners across the entire spectrum of industries. He was formerly a partner in a risk arbitrage fund, specializing in Mergers and Acquisitions.  Yossi is an avid reader and runner, and an aspiring writer.  Yossi can be reached at yossif@orbny.com