Excerpt from The Daily Drucker written by Peter Drucker
Often a prescription drug designed for a specific ailment sometimes ends up being used for some other quite different ailment.
When a new venture does succeed, more often than not it is in a market other than the one it was originally intended to serve, with products or services not quite those with which it had set out, bought in large part by customers it did not even think of when it started, and used for a host of purposes besides the ones for which the products were first designed. If a new venture does not anticipate this, organizing itself to take advantage of the unexpected and unseen markets; if it is not totally market-focused, if not market-driven, then it will succeed only in creating an opportunity for a competitor.
The new venture therefore needs to start out with the assumption that its product or service may find customers in markets no one thought of, for uses no one envisaged when the product or service was designed, and that it will be bought by customers outside its field of vision and even unknown to the new venture. If the new venture does not have such a market focus from the very beginning, all it is likely to create is the market for a competitor.
Action Point: When innovating, go with the market response, not with your preconceived ideas. Don’t marry your pet ideas about a new venture.
Written by Rhonda Abrams, featured on Costco Connection Magazine
Small businesses have long been the backbone of their communities. Small businesses support local charities, Little League, food drives, school fundraisers and more. Most small-business owners don’t have to be told to be charitable-they already are. But being charitable is just one part of the wave of interest and increasing demand for businesses to be socially responsible.
In addition to focusing on the bottom line, being socially responsible is a smart part of a company’s strategy for success.
Create an inclusive workplace with fair pay.
Donate a portion of profits. Choose an organization and make it clear a small percentage of your pre- or post-profit sales will go to that cause.
Think and work sustainably. Look for ways your business can reduce waste, consume less energy and lower its carbon footprint.
Donate time. A good way to build team morale as well as contribute to your community is to have your employees volunteer-on paid company time-for a good cause.
Donate products or services to causes you believe in.
This article is written by two chamber executives from the Texas coast who have shared many years together in the same office but now get to share on a different level. The mentee has been at the helm of the Portland Chamber of Commerce (Texas) for a little more than a year. Prior to serving in Portland, she worked at the Rockport-Fulton Chamber (Texas) for 13 years. The mentor has led the Rockport-Fulton Chamber for almost three decades. The two communities are 25 miles apart.
Want to find out more about these facts and how we can change them. Register today for the 29th Annual Women’s Leadership Conference on November 14 at the Chase Center in Wilmington. Click here for more information.