I got this quote from Knowledge@Wharton.(I didn't get the name of the person who said it...)
"If you see something wrong or a little unusual,or something that makes you mad,GO CHANGE IT. Then change it for everybody else. You'll become wealthy and very successful." He went on to suggest the areas that business should look into:energy,security,healthcare,traffic,pollution,war,poverty,education,roads,prisons,airport development.
I thought about what I would change because I was mad about it or saw something wrong about & my list would be:
1.Plumbing- i have a leak at home and I can't find it!
2. Garbage-there's a problem with garbage collection in our area (maybe using worms to recycle will be an answer)
3. Unskilled car mechanics- I'm spending money again on my car because they didn't do a good job.
My other concerns are already listed above: education,health,traffic
Maybe if I think more about solutions to these I can come up with business ideas.
Tuesday, February 27, 2007
Monday, February 26, 2007
Big I and small i innovation
Read an article at Knowledge@Wharton which presented a challenge both big and small businesses have to face:Innovation.
Basically,it said that to spur "organic" growth,companies must think about innovating both at the Big "I" and small "i" levels. Big I refers to radical innovation, a "breakthrough" or breaking away from what the organization is currently doing.(As in addressing a new market or unfamiliar territory.Example given,McDonald's foray into the pizza market,for which it had no expertise.) Small "i" refers to improvements in products and services by way of features,add-ons etc.,to respond to customer demands.
The article goes on to show that big businesses tend to be risk averse and shy away from Big I innovation because often the profitable returns on these initiatives are long term,while investors are looking for quick returns. It cites GE as an example of a company that has managed around this problem by requiring its SBU heads to come up with 3 Breakthrough Ideas which must be delivered.
Thinking about this I notice that at Chowking we have tended towards small i.We have yet to go to Big I innovation (e.g. i can think of: spinning off the catering business,coming up with an upscale brand to compete with Super Bowl and casual dine concepts)
But I also agree with one comment on the article.We should not really separate the two because for all we know the continuous samll i activities may be the ones that will trigger Big I.
Basically,it said that to spur "organic" growth,companies must think about innovating both at the Big "I" and small "i" levels. Big I refers to radical innovation, a "breakthrough" or breaking away from what the organization is currently doing.(As in addressing a new market or unfamiliar territory.Example given,McDonald's foray into the pizza market,for which it had no expertise.) Small "i" refers to improvements in products and services by way of features,add-ons etc.,to respond to customer demands.
The article goes on to show that big businesses tend to be risk averse and shy away from Big I innovation because often the profitable returns on these initiatives are long term,while investors are looking for quick returns. It cites GE as an example of a company that has managed around this problem by requiring its SBU heads to come up with 3 Breakthrough Ideas which must be delivered.
Thinking about this I notice that at Chowking we have tended towards small i.We have yet to go to Big I innovation (e.g. i can think of: spinning off the catering business,coming up with an upscale brand to compete with Super Bowl and casual dine concepts)
But I also agree with one comment on the article.We should not really separate the two because for all we know the continuous samll i activities may be the ones that will trigger Big I.
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