MaurícioMendonça Godoy has become one of Brazil’s most prominent business leaders. For more than 30 years, MaurícioMendonça Godoy has worked in heavy industry, wedding engineering experience with administrative skills to an extent that makes him almost peerless.
Since 1996, MaurícioMendonça Godoy has headed various divisions of Toyo Setal, including serving as that company’s CEO. Over the course of his long career, MaurícioMendonça Godoy has attributed much of his success to his ability to promote business ideation from himself and those under his management.
Among the most important features of this process is a constant open door to his office and a structured means of determining the success or failure of a new idea, which Godoy refers to as action plans.
In business, new ideas are a competitive cornerstone, but most don’t pan out
One of the most important things that Godoy says he has implemented is a structured ideation process that helps him distinguish between good and bad ideas and quickly abandon a new path if it is not meeting expectations.
While this may sound almost obvious, it is far from it. Many businesses simply don’t know at what point they should abandon new projects that are not bearing fruit because choosing the right point at which to do so is effectively arbitrary.
But with his background in engineering, Godoy brings a more scientific approach to the table. He says that, like in the case of running a controlled study, it is necessary to fully enumerate expectations of a project’s outcomes before ever starting. And part of that process is defining what constitutes success and, more importantly, failure.
This is where Godoy’s action plans come into play. He and his team lay out precise criteria for judging when a new idea or project is not working and, therefore, should be rejected. Godoy says that the importance of this step almost cannot be overstated. By not continuing to dump resources into ideas that aren’t panning out, he saves his organization massively on opportunity costs, redirecting manpower and funds to projects that have a higher expected return on investment.