Krating Ruangroj Poonpol, the Chairman of Kasikorn Business Technology Group (KBTG) and Founder of 500 TukTuks in Thailand, is back to share his secret “key to business and career success” formula with you.

Key to Success Formula:
1/2g(Y^3)X

Let’s break the formula down into its 5 key takeaways:

1. Acquire Knowledge Quickly (“½”)

In his explanation of his success formula, Krating kicks off by defining “1/2”. To win in today’s world of constant disruption, you need to view the knowledge and skills you have as being a glass that is always half full.

This, the first part of the formula, is about the need to constantly learn, unlearn and relearn to keep yourself steps ahead of rivals. In his CI Talk, Krating reiterates that 40% of the knowledge you have right now will highly likely be irrelevant in a year's time. To thrive in the future of work, you need to have an appetite for learning and to constantly expand your arsenal of knowledge and skills.

2. Be Disciplined (“g”)

“G” is for “Grit” as you are going to need a lot of grit (discipline) to effectively achieve “Y^3”, the next part of the formula. This is because the "10,000-hour rule" applies when we commit to learning something new.

Krating’s specialist area is “Startups”, more specifically tech startups. This is his area of deep knowledge and expertise that he is continually adding to with new skills.

Your journey to success is going to take discipline, perseverance and persistence. Grit is the backbone of a winning mindset.

3. Gain Deep Knowledge (“Y”)

Next is the “Y^3” element of the formula which is split into two parts. Firstly, we need to gain deep knowledge in our specific area of expertise and this is represented by the trunk of the “Y”; your deep knowledge in one field.

The 10,000 hour rule applies when you set about learning to become an expert in a particular field. Once you have achieved depth of knowledge though, you cannot stand still in this world of disruption. You then need to focus on diversifying and expanding your breadth of knowledge and skills in that field for 2 reasons:

1. Knowledge Becomes Irrelevant - In his CI Talk, Krating states that 40% of the knowledge and know-how we have today will be irrelevant in 12 months time.
2. Guarantee Lifelong Employability - In Episode 4 of the Future of Work web series, Krating warned us that the days of lifelong employment have now been replaced by lifelong employability; making sure that we remain employable throughout our working lives.

When we set about gaining deep knowledge, the next phase is to continuously add to the breadth of your knowledge and skills that you offer. This will make you unique, set you apart from the crowd and guarantee your lifelong employability whilst also future-proofing yourself by having the ability to quickly move to alternative skills, as and when required.

4. Always ask “Why” (“Y”)

Actually, you should ask why 5 times and Krating calls this the “5 Why's”. The purpose is to get to the “Fundamental Truth” and the “First Principle”. This helps you to acquire the knowledge you need to implement change, to innovate and more.

Krating uses the example of Elon Musk asking “Why” a spaceship cost US$1 billion. When he discovered the answers, he was able to innovate by producing “reusable” spaceships which cost much less. This solution opened up the possibility of space travel for the masses.

5. Grow Your Network (“X”)

One of the most important things to do in your career is to grow your network, but you need to do this strategically.

Your professional network should consist of the right diversity of people and talent to help you achieve success quickly and efficiently. In the past leaders have said that the scale of your success is determined by your network and this holds true today. The more depth and breadth your network has, the more successful you will be.