With the September 22, 2015 publication of my second book, Endless Encores, I wanted to share a few excerpts to catch your interest. Published by The Story Plant, this is a business parable about People, Products, Profits—in that order. This excerpt is from the chapter about Products.
♫ ♫ ♫
Paul’s phone dinged. It was the text alarm. He was afraid to look, but he knew the Band-Aid had to be ripped off in one pull. He turned over the handset so they could both see it at the same time. The text read: “We’ll talk when you get back.”
“I’m not off the hook,” grumbled Paul. “Not even a little.”
“Did you expect you would be with a simple text?” asked Daphne. “He’s your boss, not your father. How much did your company invest in the sequel?”
“Millions. We’re not going to lose all of it. We may not lose any of it. We just aren’t going to make the kind of money we made on the original. Sequels in my business are supposed to do better than the originals as the brand and market expand. Everything we do can’t be a winner.”
“Would you let Randy or Helen off the hot seat for mediocre performance with just a text?”
“No, of course not,” said Paul. “I would remind them that there is no growth without risk, that we have to be willing to try things and fail, but when we fail we have to learn. It’s not failure if it’s learning, but there has to be learning. You have to capture that learning and harness it.”
“I suppose he’ll say something to the same effect,” said Daphne. “Of course, I’ve never met him, so you never know. He could mop the floor with you to make him feel better.”
“Thanks, I feel so much more chipper,” grimaced Paul.
“You should,” said Daphne. “Think about the opposite spectrum. Suppose you weren’t willing to risk failure and learn. Suppose you devoted all your energy to protecting the status quo. Think of a company that isn’t around anymore that tried that trick.”
“Kodak comes to mind,” said Paul. “I read somewhere that they developed the first digital camera in 1975, but kept it off the market because they were afraid of what it might do to their traditional film processing business.”
“Polaroid missed the shift to digital as well,” replied Daphne. “They didn’t have to stick with mechanical, self-developing prints. That was a choice.”
“It’s amazing how bad the blunders can be,” continued Paul. “Borders Books, Circuit City, Tower Records—they’re gone forever. With all the customers they had, the vast resources, all that talent and cash in the bank, these days they’re just names, empty shells. Businesses become nostalgia.”
“Tombstones, actually, all in the Dead Brand Graveyard,” said Daphne. “No Endless Encores there. The list goes on and on: Palm, Zenith, Blockbuster, CompUSA, Wang Laboratories—all once beloved brands, all now decaying tales of yesteryear. Now think of the once great brands about to fail, the ones you know will soon evaporate. What is their idea of risk?”
“Way too conservative,” answered Paul. “They’re afraid to take risks because they’re afraid of failing, when in fact they’re already failing by refusing to dance a little closer to the edge.”
♫ ♫ ♫
Endless Encores: Repeating Success Through People, Products, and Profits by Ken Goldstein is available in hardcover and as an e-book from Amazon, Barnes and Noble, iBooks, Kobo, IndieBound, Indigo, and at independent bookstores near you.