They sold seashells by the seashore

In the early 19th century, in the capital of England, Marcus Samuel Snr, an immigrant business man decided to expand his prospering antique shop. Samuel had set up primarily to trade by the famous London docks with returning seafarers. From there he would barter with the seamen over seashells and other exotic items that he would then resell from his shop located in Houndsditch, London referred to by locals simply as ‘The Shell Shop’.

It was from here that he identified an opportunity in the explosion of the interior decorating industry among the upper middle class of London. Specifically, the popular trend of using seashells in decorating. The demand was so high, that local supply could not satisfy the needs of London’s bourgeois. So, Samuel began importing the shells from the Far East.

Samuel went on to build a profitable business that grew greatly, reinvented itself many times, and has spanned many generations—enduring till this day.

Perhaps you have heard of the company—it’s called Shell.

Yes, Shell—one of the world’s leading energy companies of the past century—started out selling literal seashells by the seashore in London. And the story of how that antique shop became a global economic energy powerhouse is instructive for us in building and adapting our skills, careers, businesses and even lives to the inevitable era of change that lies ahead.

Let us begin by examining how Samuel’s company’s value was not in what they traded, but how they traded.

This article is adapted from Anthony’s book—The Law of the Vital Few: How to do more by doing less. Learn more or grab a copy here.

From shipping shells to oil wells

The import business in the 1800s did not have large cargo planes that could traverse the oceans in mere hours like we do today. As with most intercontinental trade, at the time, buying and selling relied heavily on sea-travel and Samuel’s company utilized this channel greatly in their business.

The company quickly got good at this system of trade and developed a strong import-export system that went on to become an import- export business in its own right. In fact, by 1897, the company was renamed by the founder’s sons and heirs of the business to the Shell Transport and Trading Company and they had expanded beyond seashells to importing, among other things, china, copper-ware, silk and cotton.

They rightly recognized that it was the system of trade itself and not the seashells that proved to be valuable.

Beyond that, it was their efficient system of trade by sea that positioned the company ultimately to take advantage of the burgeoning oil industry which was picking up pace as a viable replacement to coal as a source of energy at the time. And as the company invested and innovated in shipping, it rode the waves to become the successful energy company it is today with the securing of a handful of pivotal supply and transport contracts that cemented the company’s position and secured it’s future as a major player in the oil and gas industry including carrying out its own exploration, extraction and refining operations.

It is on us to find out the true source of value in the work we do in order to keep the work we do valuable.

But it all stemmed from recognizing that their value was in their systems of trade, not what they traded. The heirs—brothers Marcus Jnr and Samuel revolutionized the transport of oil by doing away with barrels and instead using oil tankers. Spare a thought for the second son who went through life as Samuel Samuel. I suppose it wasn’t all that bad considering how rich he was. I digress.

This seemingly simple innovation of eliminating barrels greatly cut the cost of transporting oil across great distances by sea and made the company immensely profitable. That would not be the last time the company would adapt as you might imagine.

Through it’s almost 200-year run, Shell has pivoted many times. The company has, however, kept to its roots by maintaining the shell as its visual identity. Perhaps because it’s easier to draw than a cargo ship or a flowchart.

Adaptation inclination

The Shell story is instructive to companies and individuals alike.

It is on us to find out the true source of value in the work we do in order to keep the work we do valuable.

So, let me ask you this: Where exactly does the value lie in the work you do, or in your life in general? Where do you derive and produce the most value?

This is worth investigating seriously. And though it is hard to give a blanket formula for how to find this true value, one useful way to think about it has already been alluded to in this article: Is the value in what you do or in how you do it?

The truth is there are likely many people doing what you do, but with some deliberation, you draw immense value from optimizing the how. Speakers know this, as do leaders. We speak of speaker and leadership styles which is nothing more than how.

But how goes beyond the end-product. As with Shell, it goes into the process of production too. Do you have an ability to produce quickly and with high-quality? Do you have a special system of delivering results to an employer or client? Do you have a unique (even if presently undefined) ability to create a unique experience for your employer, clients or customers?

Where is your value? Answering that one question will position you to capitalize on how to do it better, more efficiently while delivering a superior experience and results for your patrons and a better pay-off for yourself. If you get this piece wrong, you may find yourself spending (dare I say squandering?) your efforts on what you think the source of value is—the seashells of your own life and work—and missing out on the opportunities that the true source of value promises.

This article is adapted from Anthony’s book—The Law of the Vital Few: How to do more by doing less. Learn more or grab a copy here.

Sources:

Shell Shock: The Secrets and Spin of an Oil Giant by Ian Cummins & John Beasant. Random House (2011). See Chapter 1: Family Matters

Company History: Shell from 1833 to 1945 https://www.shell.com/about-us/our-heritage/our-company-history.html