Friday, October 3, 2014
Telluride, Colorado (population 2,300) was founded in 1878. Originally, this little town was named “Columbia,” but due to confusion with a California town of the same name, city officials decided to rename the town Telluride for the
gold telluride minerals found in other parts of Colorado?a name that would attract miners.
Here?s the rub: telluride minerals were never located near Telluride, causing the town to be named for a mineral, which was never was never actually mined there.
Imagine this for a second. In those days, mining could change a person?s life overnight. In today?s world, that?d be like naming a city in Iowa, ?Ocean Front.?
The Telluride area mines, however, did provide zinc, lead, copper, and silver for many years. But, in those days, gold was the most favorable mineral.
So, what do they do now?
Telluride sits in a box canyon, meaning it?s completely surrounded by steep rock walls. There?s only one road into the city, and one road out. Some may argue there?s more, but unless you own a jeep or a horse, most of us wouldn?t consider the other two trails ?roads.?
Now consider this. You have a city that?s hard to get to, and hard to get out of. You have the ability to mine, but not like many of the surrounding areas?where distribution of minerals is quite easy and cost-effective. You also have limited space within the canyon, so as the industrial revolution begins to change the rest of the country, you?re stuck in the past?because there is no physical room to build a factory. Quite literally, you?re opportunities are also boxed-in.
Mining continued to be Telluride?s primary industry until 1972 when city officials decided to add something new to the mix?the town?s first ski lift.
Almost overnight, Telluride became considered as Colorado?s best kept secret, which caught the attention of celebrities, songwriters, and flocks of tourists who wanted to experience the hidden ski town.
Today, the mis-named mining city?s primary industry is tourism. But, as you might imagine, there?s something else about the city that became extremely valuable?the real estate. The average list price for single family home in town would blow your mind. And, although the city itself won?t expand, many wealthy outdoor enthusiasts and luxury resort companies have figured out how to leverage the ski lift (now a gondola) as well?using it and funding it as a free public transportation source
The interesting story behind this little city is that it exemplifies something we can learn from?just because your initial intentions don?t achieve the goal you intended, if you stick with it, you find gold in other places.
In fact, research proves it?according to the Great Work Study which analyzed 1.7 million cases of award-winning work, 90% of award-winning work projects include people and teams who follow the work all the way through implementation.
What can you do to discover value in other areas?
1. Start with your constraints. I doubt the founders of Telluride saw these tall canyon walls as a driver of real estate prices. Still, the exclusivity has made prices skyrocket.
2. See what you can add or subtract from your project that others might love. One ski lift changed the future of this city. Are you overlooking value that could turn to gold?
3. Chase your future. If you have something unique?something unlike anything else?try to look at your project from every other perspective you can imagine. Mining never made Telluride rich. Still, nearly a century after its founding people found a way to make the city not only a destination, but a place where the world?s most discerning crowds yearned to own a piece of it.
