Monday, August 6, 2007

Replicating:

The viability of any scientific finding is the ability to replicate the results independently. If the methodology is not reproducible the results are suspect. Reading books and blogs to garner new ideas is valuable, however the specific recommendations might not apply to your business.

Brian McCann authored Managerial Economics and offered these comments in his blog,


” First, you can't really learn anything about what causes success unless you study both successes and failures.”…“Now that everyone knows about it, no advantage is possible. Competitive advantage flows from having something that competitors can't easily duplicate - you're not likely to find these on the shelves of your local bookstore.”

The statement “successful cafĂ©’s sell hazelnut coffee” would lead most people to deduce that if you want your cafe to be successful you must sell hazelnut coffee. McCann makes two points: First, though it works for someone else in a particular situation, it may not work for you. Second, once everyone copies it, the process does not offer a competitive advantage.

Your restaurant must continue to differentiate and innovate. There is a constant need to experiment with new ideas whether or not they worked for others. Look at each suggestion with a fresh open attitude and do not dismiss anything out of hand. Weighing factors helps determine whether the idea has merit to your situation.

It is very confusing reading a variety of literature, because all manner of direction is espoused in multiple paths. The essence of entrepreneurship is the continual balancing that is required for motion. The analogy of riding a bicycle fits well here. Starting a business requires a lot of balance shifting from left to right and back to left until an equilibrium is achieved for a brief instance until the next pedal and the process of shifting weights begins anew.