February 15, 2007

OK, Ida, comments are now back on. Don't diss me. Diss Google.

And, speaking of Google, how 'bout their project to scan every book ever published onto their site?!

They're well on their way to scanning the more than 32 million titles estimated to be in print. They estimate that the job will take the better part of a decade.

Imagine that. Each of us will have access to virtually every single book every published...as close as our computer or PDA. And, when wireless is worldwide and computers are so inexpensive that they blanket the globe, all people everywhere will have that access. Many more dreams will become a reality. Imaginations will be unleashed. Curiosity will be king. And won't that be fine!

Myths about the Restaurant Industry

In preparation for moderating a panel at the Charleston Food + Wine Festival, I was reading about the restaurant industry today. A couple of myths were dispelled.

First, failure rate. The "fact" that 90% of new restaurants fail has been widely spread for years. But recent research reveals that the actual number is much closer to 57-61%. And, if you look at how "failure" is recorded, it is determined by the closing of a restaurant. Well, obviously, people close businesses for lots of reasons other than financial failure (moving, retiring, changing their plans, etc.).

Second, what contributes to success. Conventional wisdom is that it's having a clear strategy and adequate capital. But, as I read in one report, having a clear strategy or sufficient capital won't necessarily protect restaurant owners from failure if they could not articulate their concept or commit themselves wholeheartedly to the business.

At the end of the day, what matters most is having a clear concept that is passionately and consistently espoused, the ability to commit huge amounts of time to the business, and a willingness to adapt to changing situations.

It strikes me that this is the formula for success in any business. Clear concept AND passion. Consistency on the core values that matter most...combined with flexibility to adapt to changing dynamics.

The Business of Going Green

A reporter asked me the other day if I thought that people were making purchase decisions based upon a company's commitment to being green. I do think that it's increasingly a factor in buying decisions. We've talked about some of that here: for example, citing advertisers who choose publications in which to advertise partially because of their commitment to being green.

We're also seeing green products selling so much better. The Times had a big piece on the wave of new household cleaning products that are green. If they're able to be price competitive, I think they'll blow Windex, Fantastik, et al out of the water. I'm told that the quality is at least comparable. During that same decade when Google scans 32 million books, traditional household cleaners could go the way of the buggy whip. All because the public - as usual way ahead of its leaders - wants to act responsibly with respect to our fragile planet.