Week 11 Reading Reflection

What I found most interesting in this weeks reading was the section about Corning. I was not aware that any companies still followed the centralized research lab set up that was so common a half century or more ago.  It appears that success can still be had with this type of innovation strategy.
The section I found confusing was on Routine Innovation. And for the questions that I would have for the author would be at what point of change would an innovation be disruptive or radical instead of  simply routine? Also due to the high cost of innovation in general, would it be a good trade off to try and tackle a radical innovation as the market leader?
There is nothing that i disagreed with in this article, it was well written and gave me further insight into the efforts companies must put into growth in improvement to stay alive.

The Amazon Whisperer

The main revenue driver I have for my business is signage, as that is the product I am selling and the only way I can make money. This can be broken down among customer segments. As I see it I will be offering services on a B2C, B2B, and Wholesale level. This third revenue driver will be the focus on "Whats Next" for me.

This new service will allow me to enter a new segment of the sign market in the form of monumental signage. While my current experience as well as the current plans for my business primarily focus on the "Vinyl on a Rectangle" type of signage, I want to expand into the market for large, permanent signage. Entry into this market will allow sign shops around the country, similar to the one I currently work at, to sub-out the manufacture of these larger more complicated signs and ship the ready to install components to the company for an on-site install. This benefits both my self and my customer, regulations regarding sign installations vary from county to county and getting the required permitting is better left to the local shop doing the install. In exchange for not having to deal with this headache I am able to supply the components of a finished monument sign to the customer at a wholesale price, allowing both of us to make a good profit.

Amazon.com does not offer any sort of monument signage, nor would I expect them too. Instead I found a product relating to the services I intend to offer from the start:

http://www.amazon.com/Custom-Magnetic-Signs--Quality-Magnets/dp/B00ATH42DA/ref=sr_1_7?ie=UTF8&qid=1459096054&sr=8-7&keywords=magnetic+sign

This is a pair of 12"x24" vehicle magnetic offered for $39.99. The listing makes no mention of the thickness of the mag material nor of the process used to apply the copy (Cut vinyl, digital print, thermal print, etc.) so I cannot comment on the quality. This product has three reviews, all of them five stars. The listing for the product give a choice of sixteen colors and ten fonts. This is the primary thing I would change as I will not limit my customers in such a way. I have found that allowing a designer to use their creativity in addition to suggestions from the customer leads to the best signage. This product can be aligned to my business as it is very similar to what I will be offering but with the changes mentioned above.

My Venture's Unfair Advantage

3+ years experience in this field.

• Experience is the most valuable resource there is, in my opinion. It's value is high as it cannot be bought, only earned. It is not necessarily rare as there are plenty of sign shops and signage workers out there who have been around longer than I have. It can be imitated but only after three years. It cannot be substituted.

Technical knowledge of how to operate the necessary equipment.

• Technical skills have value no matter what industry you are in. It is somewhat rare I would say due to it being a specialized skill set that has no calling outside of this industry. It is difficult to imitate as the day to day skills needed to operate and troubleshoot the machines can't be learned from the manual (Mostly because it is written in VERY poorly translated English.) It can be substituted if someone has experience running different yet similar equipment and can adapt.

Technical knowledge of design work (What actually works on a sign, what doesn't)

• High value as it is something that will make or break a sign (not physically of course). It is rare as most people do not see the finer details that really tie a sign together. It is not difficult to imitate at my own skill level as I will freely admit I am not the greatest designer in the world. 

Experience with clients, knowing what they need.

• Understanding the customer's needs is very valuable especially when it leads to an up-sell. It is somewhat rare as it takes time and experience. It is difficult to imitate for the same reason as it is rare. There are no substitutions for this skill as without it you are relying entirely on the customers judgement, and when it comes to signage the customer is usually wrong simply due to ignorance.

Human Capital, a network of suppliers established in the industry who have been dealing with me for years.

• High value, having a relationship with all of the cogs that make the machine move is very beneficial, especially at start up. It is not rare as many people have good relationships with their suppliers. It can be imitated with enough time and money spent with a supplier. It can be substituted as all the suppliers I have networked with are more than happy to take on new business, but the sort of technical expertise I rely on them for would be hard to substitute with out the relationship we have.

Approximately $1000 to my name. (Will need financing)

• Its value is approximately $1000. This is only rare due to the fact that most people have more to their name. It can be easily imitated by working full time for low pay and having an apartment and utilities to pay for. It can be easily substituted for more money.

Extensive personal drive to be financially independent and to make my own way.

•  I consider this resource to have a high value because it is one of the main factors that sets entrepreneurs apart from the rest. It is a rare resource as most people I know are more than happy to draw a wage for the rest of their lives. It cannot be imitated because you either have this drive or you do not. It cannot be substituted because if independence isn't your motivation it is unlikely you will be able to see the enormous challenge of entrepreneurship through since drawing a wage is a lot less stressful in most circumstances.

Both of my parents were entrepreneurs at one point or another.

• I would say this is a valuable resource as it allowed me to grow up seeing the process of running a small business from the inside. It is rare because I don't know many other people with divorced parents who ran separate, independent businesses. This resource can't really be imitated as it's a situation you have to be born into. It can be substituted through other entrepreneurial experiences like internships, but even then it is doubtful to achieve the same level of immersion as a child growing up in this type of environment.

Extensive history of getting the needed results without adequate resources.

• Resourcefulness is very valuable, it has saved my bacon on many occasions. I don't think it is a rare trait although many people do not have it. It cannot be imitated as it requires thinking outside of the box, and some people are simply incapable of doing that. It can be substituted by always having the right tools and equipment for the job, but where is the fun in that?

Experience in web design and networking

• This is a valuable resource because my business is web based, and being able to do at least some of the work myself will save money. It is not a rare skill as most of my generation has at least some experience with computers. It can be imitated with a few courses in these subjects and some time spent practicing. It can be substituted by outsorcing the IT work to an appropriate firm, but that requires extra capital.

I would say the most important resource at my disposal is my experience. As I said before, experience cannot be bought, only earned. I suppose anyone could read up on the sign industry, buy themselves a printer and a plotter and go to town, but I doubt they will be successful. This industry, like any industry, requires experience to understand the ins and outs. You cannot afford to make rookie mistakes when you are running your own business.