A Quote by Martin Naughton
Making new products is an easy tap for a company in a recession.
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When a manufacturing engineer is hired to create new products but insists on sharing his "wisdom" in accounting with the company controller, he is not going to last long in that company.
Being an entrepreneur I love to help people, and I think through the products that we develop in my company, we will be able to help a lot of people. Whether it's help them to get over the difficulties of a technology and use it. Or helping employees, creating new jobs, new opportunities for people that work in my company.
Visionary CEOs don't need someone else to demo the company's key products for them. They deeply understand products, and they have their own coherent and consistent vision of where the industry/business models and customers are today, and where they need to take the company.
During the last five years, those four advantages-costs, products, people, goodwill-have been the salvation of Interface during a recession that saw our primary marketplace shrink by 38% from peak to trough-38%! As a heavily leveraged company with over $400 million in debt, we might not have made it without the sustainability initiative and, especially, the support of our customers. This revised definition of success-this new paradigm-has a name: "Doing well by doing good". It is a better way to bigger profits.
It is one thing to seek out new ways to grow your company and new potential streams of income from new services or products, but it is quite another to take on responsibilities that are far from your primary job as Entrepreneur.
I'm such a product junkie - I love trying new products and new shades. For me, it's really exciting to see what new and wonderful products come onto the market.
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
I admire companies that have a purpose, passion, and performance. I am a fan of Unilever under its CEO Paul Polman, not only for the company's insights into women and men when they buy beauty products or skin products (the DOVE woman, the AXE man), but also as a company seeking to achieve both growth and practicing social responsibility.
In fact, technology in, and of, itself does not cause particular kinds of change. It is, essentially, an enabling or facilitating agent. It makes possible new structures, new organizational and geographical arrangements of economic activities, new products and new processes, while not making particular, outcomes inevitable.
What if the Big Three automakers made products that were simple and easy to use - imagine a car with a user interface made by Apple - while also constantly trying to push the state of the art? What if they constantly sought out new technologies and ideas, and incorporated them into their products?
Why do eight out of ten new consumer products fail? Sometimes because they are too new. The first cold cereals were rejected by consumers. More often new products fail because they are not new enough.
The New York Times is the greatest media company around, arguably, and the people at the New York Times know a lot more about making a giant successful media company than I do.
Online business models are still evolving. New and different products and services pop up every day. This gives rise to supporting products and services. A business can make substantial profit by helping others execute their plans for making money.
Our company has indeed stumbled onto some of its new products. But never forget that you can only stumble if you're moving.
As a student, I had a hobby of inventing new ideas for products. For me, thinking of new businesses is like inventing new products.
At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
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