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Innovation and Entrepreneurship

Drucker, Peter
the best discussion of the health-care problem that has appeared so far, and the only one that looks at health care across national boundaries, in all developed countries. It is given in The Economist of April 29, 1984.
Innovation and Entrepreneurship - Drucker, Peter Location 1392-1394 - Your Highlight on Page 61 | Added on Thursday, 5 September 13 15:49:46
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As recently as 1929, health care represented an insignificant portion of national expenditure in all developed countries, taking up a good deal less than 1 per cent of gross national product or of consumer expenditures. Now, half a century later, health care, and especially the hospital, accounts in all developed countries for 7 to 11 per cent of a much larger gross national product. Yet economic performance has been going down rather than up. Costs have risen much faster than services ? perhaps three or four times as fast. The demand will continue to rise with the steady growth in the number of older people in all developed countries over the next thirty years. And so will the costs, which are closely tied to the age of the population. We do not understand the phenomenon.* But successful innovations, simple, targeted and focused on specific objectives, have emerged in Great Britain and the United States. These innovations are quite different simply because the two countries have such radically different systems. But each exploits the specific vulnerability of its country?s system and converts it into an opportunity. In Britain, the ?radical innovation? is private health insurance, which has become the fastest-growing and most popular employee benefit. All it does is to enable policyholders to be seen immediately by a specialist and to jump to the head of the queue and avoid having to wait should they need ?elective surgery?.* For the British system has attempted to keep health-care costs down by ?triage? which, in effect, reserves immediate attention and treatment to routine illnesses on the one hand and to ?life-threatening? ailments on the other, but puts everything else, and especially elective surgery, on hold with waiting periods now running into years (e.g., for replacing a hip destroyed by arthritis). Health insurance policyholders, however, are operated on right away. In contrast to Great Britain, the United States has so far tried to satisfy all demands of health care regardless of cost. As a result, hospital costs in America have exploded.
Innovation and Entrepreneurship - Drucker, Peter Location 1249-1265 - Your Highlight on Page 55 | Added on Thursday, 5 September 13 15:47:25
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* This is also true of Japan, the country that, per capita, buys more books than any other and twice as many as the United States.
Innovation and Entrepreneurship - Drucker, Peter Location 1177-1179 - Your Highlight on Page 50 | Added on Thursday, 5 September 13 15:45:11
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The United States has never been a book-buying country, in part because of the ubiquitous free public library. When TV appeared in the early fifties and more and more Americans began to spend more and more of their time in front of the tube ? particularly people in their prime book-reading years, that is, people of high school and college age ? ?everyone knew? that book sales would drop drastically. Book publishers frantically began to diversify into ?high-tech media?: educational movies, or computer programs (in most cases, with total lack of success). But instead of collapsing, book sales in the United States have soared since TV first came in. They have grown several times as fast as every indicator had predicted, whether family incomes, total population in the ?book-reading years?, or even people with higher degrees. No one knows why this happened. Indeed, no one quite knows what really happened. Books are still as rare in the typical American home as before.* Where, then, do all these books go? That we have no answer to this question does not alter the fact that books are being bought and paid for in increasing numbers.
Innovation and Entrepreneurship - Drucker, Peter Location 1127-1136 - Your Highlight on Page 48 | Added on Thursday, 5 September 13 15:44:30
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The United States has never been a book-buying country, in part because of the ubiquitous free public library. When TV appeared in the early fifties and more and more Americans began to spend more and more of their time in front of the tube ? particularly people in their prime book-reading years, that is, people of high school and college age ? ?everyone knew? that book sales would drop drastically. Book publishers frantically began to diversify into ?high-tech media?: educational movies, or computer programs (in most cases, with total lack of success). But instead of collapsing, book sales in the United States have soared since TV first came in. They have grown several times as fast as every indicator had predicted, whether family incomes, total population in the ?book-reading years?, or even people with higher degrees. No one knows why this happened. Indeed, no one quite knows what really happened. Books are still as rare in the typical American home as before.*
Innovation and Entrepreneurship - Drucker, Peter Location 1127-1135 - Your Highlight on Page 48 | Added on Thursday, 5 September 13 15:44:18
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A competitor?s unexpected success or failure is equally important. In either case, one takes the event seriously as a possible symptom of innovative opportunity. One does not just ?analyse?. One goes out to investigate.
Innovation and Entrepreneurship - Drucker, Peter Location 1056-1057 - Your Highlight on Page 44 | Added on Thursday, 5 September 13 15:42:40
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McDonald?s, for instance, started because the company?s founder, Ray Kroc, paid attention to the unexpected success of one of his customers. At that time Kroc was selling milkshake machines to hamburger joints. He noticed that one of his customers, a small hamburger stand in a remote California town, bought several times the number of milkshake machines its location and size could justify. He investigated and found an old man who had, in effect, reinvented the fast-food business by systematizing it. Kroc bought his outfit and built it into a billion-dollar business based on the original owner?s unexpected success.
Innovation and Entrepreneurship - Drucker, Peter Location 1051-1055 - Your Highlight on Page 44 | Added on Thursday, 5 September 13 15:42:23
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Faced with unexpected failure, executives, especially in large organizations, tend to call for more study and more analysis. But as both the padlock story and the ?basic house? story show, this is the wrong response. The unexpected failure demands that you go out, look around, and listen. Failure should always be considered a symptom of an innovative opportunity, and taken seriously as such. It is equally important to watch out for the unexpected event in a supplier?s business, and among the customers.
Innovation and Entrepreneurship - Drucker, Peter Location 1047-1051 - Your Highlight on Page 44 | Added on Thursday, 5 September 13 15:41:44
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Managements must look at every unexpected success with the questions: (1) What would it mean to us if we exploited it? (2) Where could it lead us? (3) What would we have to do to convert it into an opportunity? And (4) How do we go about it? This means, first, that managements need to set aside specific time in which to discuss unexpected successes; and second, that someone should always be designated to analyse an unexpected success and to think through how it could be exploited.
Innovation and Entrepreneurship - Drucker, Peter Location 958-961 - Your Highlight on Page 40 | Added on Thursday, 5 September 13 15:40:15
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At the monthly meetings of the management group and the board of directors, everybody therefore focuses on the problem areas. No one even looks at the areas where the company has done better than expected. And if the unexpected success is not quantitative but qualitative ? as in the case of the hospital instruments mentioned above, which opened up new major markets outside the company?s traditional ones ? the figures will not even show the unexpected success as a rule.
Innovation and Entrepreneurship - Drucker, Peter Location 889-892 - Your Highlight on Page 37 | Added on Thursday, 5 September 13 15:39:05
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Innovation, as these examples show, does not have to be technical, does not indeed have to be a ?thing? altogether. Few technical innovations can compete in terms of impact with such social innovations as the newspaper or insurance. Instalment buying literally transforms economies. Wherever introduced, it changes the economy from supply-driven to demand-driven, regardless almost of the productive level of the economy (which explains why instalment buying is the first practice that any Marxist government coming to power immediately suppresses: as the Communists did in Czechoslovakia in 1948, and again in Cuba in 1959).
Innovation and Entrepreneurship - Drucker, Peter Location 704-708 - Your Highlight on Page 28 | Added on Thursday, 5 September 13 15:37:48
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The Bell Lab record would indicate that even in the high-tech field, entrepreneurship and innovation can be low-risk.
Innovation and Entrepreneurship - Drucker, Peter Location 657-657 - Your Highlight on Page 25 | Added on Thursday, 5 September 13 15:36:24
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Marks & Spencer, the very large British retailer, has probably been more entrepreneurial and innovative than any other company in western Europe these last fifty years, and may have had greater impact on the British economy and even on British society, than any other change agent in Britain, and arguably more than government or laws.
Innovation and Entrepreneurship - Drucker, Peter Location 554-556 - Your Highlight on Page 21 | Added on Thursday, 5 September 13 15:35:34
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in the McDonald?s hamburger chain ? one of the success stories of the last twenty-five years ? management was being applied to what had always been a hit-and-miss, mom-and-pop operation. McDonald?s first designed the end product; then it redesigned the entire process of making it; then it redesigned or in many cases invented the tools so that every piece of meat, every slice of onion, every bun, every piece of fried potato would be identical, turned out in a precisely timed and fully automated process. Finally, McDonald?s studied what ?value? meant to the customer, defined it as quality and predictability of product, speed of service, absolute cleanliness, and friendliness, then set standards for all of these, trained for them, and geared compensation to them.
Innovation and Entrepreneurship - Drucker, Peter Location 477-482 - Your Highlight on Page 16 | Added on Thursday, 5 September 13 15:33:44
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Up to 1970 or 1975, American hospital administrators still rejected anything that was labelled ?management?. ?We?re hospital people, not business people,? they said. (In the universities the faculties are still saying the same thing even though they will simultaneously complain how ?badly managed? their institution is.) And indeed for a long time, from the end of World War II until 1970, ?progress? meant building bigger institutions.
Innovation and Entrepreneurship - Drucker, Peter Location 455-458 - Your Highlight on Page 14 | Added on Thursday, 5 September 13 15:33:20
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* My first two management books, Concept of the Corporation (1946; a study of General Motors), and The Practice of Management (1954) were indeed the original attempts to organize and present management as a systematic body of knowledge, that is, as a discipline.
Innovation and Entrepreneurship - Drucker, Peter Location 504-506 - Your Highlight on Page 16 | Added on Thursday, 5 September 13 15:31:57
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The most revealing source of information about the growth sectors of the U.S. economy I have been able to find is a study of the one hundred fastest-growing ?mid-size? companies, that is, companies with revenues of between $25 million and $1 billion. This study was conducted during 1981?83 for the American Business Conference by two senior partners of McKinsey & Company, the consulting firm.*
Innovation and Entrepreneurship - Drucker, Peter Location 328-331 - Your Highlight on Page 8 | Added on Thursday, 5 September 13 15:31:37
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It was published under the title ?Lessons from America?s Mid-sized Growth Companies,? by Richard E. Cavenaugh and Donald K. Clifford, Jr., in the Autumn 1983 issue of the McKinsey Quarterly.
Innovation and Entrepreneurship - Drucker, Peter Location 500-501 - Your Highlight on Page 16 | Added on Thursday, 5 September 13 15:31:14
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the shift to much longer years of schooling started in western Europe some ten years later than in the United States or in Japan; and in Great Britain it has barely started yet. If, as is quite likely, demographics has been a factor in the emergence of the entrepreneurial economy in the United States, we could well see a similar development in Europe by 1990 or 1995. But this is speculation. So far, the entrepreneurial economy is purely an American phenomenon.
Innovation and Entrepreneurship - Drucker, Peter Location 294-298 - Your Highlight on Page 7 | Added on Thursday, 5 September 13 15:30:40
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Kondratieff?s long-wave cycle was popularized in the West by the Austro-American economist Joseph Schumpeter, in his monumental book Business Cycles (1939). Kondratieff?s best known, most serious and most important disciple today ? and also the most serious and most knowledgeable of the prophets of ?long-term stagnation? ? is the MIT scientist Jay Forrester.
Innovation and Entrepreneurship - Drucker, Peter Location 492-495 - Your Highlight on Page 16 | Added on Thursday, 5 September 13 15:29:27
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