How Well Do You Know Your Business Buzz Words?
- Updated on: 2018-10-03
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Every industry or professional field has its own language, and the business world is no different — chock-full of buzz words that sound (and often are) unnecessarily pretentious.
If you pick up the prescription pad at your doctor’s office, chances are unless you have had some medical training you won’t understand the hieroglyphic-like shorthand — and not just because of the good doctor’s bad handwriting.
Contracts drafted by your lawyer can look like a labyrinth of sleep-inducing four-syllable words, and I, for one, am not ashamed to say that I might need some translation — a.k.a. tell it to me kindergarten style, counsellor. I really do want to read along, follow, and pretend I am interested, but I almost always end up taking an unintended nap. It takes dedication and focus to hone in on that unfamiliar territory and understand it.
There is little purpose in unnecessary, elevated language that alienates others. They say that presidential speeches are written at the 8th grade comprehension level, which must be considered the average aptitude of Americans’ linguistic abilities. No surprise there, but I also personally think that less is more when it comes to communication in business.
Do you want to exclude your clients, partners, or employees with lofty jargon that could easily be communicated more simply and effectively?
There are certain industry business buzz words that can sound like gibberish to those who aren't familiar with their meanings. I strive to be transparent about the fact that I am (not nor ever have been) a huge reader and I didn’t grow up excelling in academics. I have probably only read about four books total cover to cover in my life, because I don’t usually have the patience to get through them.
I actually pride myself on the fact that I am usually not the smartest person in the room. But I am often one of the more successful people in the room. I am living proof that using jargon isn’t necessary to achieve success.
I am an all-American guy and consider myself a straight-shooter. If we do business together I am going to be sure that we understand each other and that we establish trust. Nobody likes a show off. I generally recommend steering away from buzz words — that said, it's important that you understand what your boss means when he says them.
Here are some key 'buzz words' that I am hearing in the business world these days, and what they mean to me. There are some circumstances in which you should use the terms, and others where you should never use them.
Ecosystem: This word has become trendy with phrases such as “startup ecosystem” and “innovation ecosystem”. Though I see some value in the analogy of multiple complex relationships interconnecting and playing off of each other, the word is just pretentious. And there is very little “eco” about climate controlled office buildings. I will continue to utilize words like community, network, and simply — system.
Core Competency: This basically refers to your (or a company’s) strengths, skills, talents, and gifts — or even simpler, it’s about what you are good at. I also prefer “unique ability”. This is something that is not easily imitated and gives a company or candidate that competitive edge — a certain je ne sais quoi. Even more outrageous than “core competency” are its brothers “core capabilities”, “core rigidities”, and “distinctive competencies”.
Knowledge Management: I don’t even know what this means. This is a perfect example of describing a simple concept with jargon to make it sound mysterious — or maybe to look good in the policies and procedures manual. The Business Dictionary says that knowledge management is:
Strategies and processes designed to identify, capture, structure, value, leverage, and share an organization's intellectual assets to enhance its performance and competitiveness. It is based on two critical activities: (1) capture and documentation of individual explicit and tacit knowledge, and (2) its dissemination within the organization.
I would just call it “generating reports”, “organizing data”, and “looking at the stuff we are doing.”
Best Practice: This one is pretty straightforward. If you have never heard this buzz word before, you are still going to have a pretty good idea what it means: “after many run-throughs and much consideration, based on research, we believe this is the best way to do this thing.”
Scalable: This is a word I can get along with. In the internet age it means that whatever you are creating can go viral or suddenly blow up, make you a lot of money, and not fall completely apart or cost you any more when it happens instantly.
I didn’t get a business degree in college. I was more interested in becoming a professional athlete and college provided a plan B and a way to play football at a high level to get me to my goal. After a career-ending injury, I started my business having no idea what I was doing.
That really didn’t matter to me. I asked questions along the way and didn’t let the fact that I didn’t know the jargon affect me. I wasn’t afraid to look or sound stupid. When I achieved success in a 7-figure business in my mid-twenties, with no experience, I had the realization that anything is possible when I put my mind and heart into it. I don’t need fancy words to explain that — and neither do you.
Lewis Howes is an online marketing expert, sought-after business coach, author, podcaster, and lifestyle entrepreneur. A former pro football player, collegiate football record holder, two-sport All-American, and current USA Men's National Handball team member, he is the host of The School of Greatness podcast, which has been downloaded by millions since its iTunes launch in January of 2013. Howes has built multi-million dollar online education business and Details Magazine as one of "5 Internet Gurus Who Can Make You Rich."
