Innovating Ideas Through Technology
Innovating Ideas Through Technology
Summary
Gary Salomon is among the few entrepreneurs who have seen opportunities in technology because he made old things into new with the use of computer technology. Salomon realized that there was an opportunity in the world of technology and that made him jump into the business without rethinking twice. He started FASTSIGNS Company in 1985, and this company is currently the leading in signs industry with more than 550 subsidiaries in other parts of the world. In order to invest and restructure the sign industry, Salomon had conducted a research and realized that the industry of signs gives back huge profits and few people know about the industry. In his research, he realized that the old method was expensive and gave little satisfaction to the society. The current industry that Salomon operates came when under operations of the first company. There are different ways that an individual can own a given industry just like Salomon did by reaching an agreement with the inventor, (Simon, 2011).
Salomon dominates the market simply because he borrowed an idea and integrated technology to provide satisfaction to the customers. The owner of the idea had a target of local market, but Salomon thought going international, and as a result of technology, the company grew international. According to Bill Tobin one of the veteran entrepreneur in small business school, an idea represents just 2% of what the business requires in order to survive in the market. It is after Salomon realized that technology was not fully utilized in the sign industry and made an agreement with the owner. Success of a business depends on the ownership of the idea and how well the owner approaches the idea. Salomon did a lot in FASTSIGN Company that lead to the current company that serves millions of people in the world. An ideal entrepreneur should have no ego aspects and should be able to understand his weakness and know how to deal with employees, (Simon, 2011).
Questions:
Development of FASTING Company
Salomon is the founder of FASTING Company that has over 550 outlets all over the world. Initially, the company focused on the local consumer because it operated using the tradition methods. He was on computer and realized that it could make more signs compared to the tradition way. Salomon thought of making new from the old by the use of technology. It is through the approach and agreement reached by the inventor of technology FASTING Company managed to grow and became the leading in the industry. Technology allowed Salomon produces more and something that brought satisfaction to the end users. He bought the inventors idea integrated it in the old way of producing signs which responded positive to the market place, (Simon, 2011).
Impacts of technology in business
Most businesses are moving from the old ways of operation to the automotive ways. Technology have made operations in organizations become easier because they have the potential produce more in less time. Salomon saw an opportunity in getting technology to the business of signs. Different organizations have grown over the past few years due to the integration of technology in the operations. Companies make large profits because their produce increases and can manage to reach large markets. Technology has its negative impacts on society. By reducing operation costs of the company technology increases unemployment simply because it replaces employees who were doing the manual tasks, (Simon, 2011).
Idea implementation
Salomon had learnt and discovered that the computer had the potential to make high quality signs and within the short period. He also did a research and discovered that sign industry had no interest by many investors. After realizing that technology would change the world of the sign industry, he approached the inventor and made an agreement on the use of technology. The most important thing was that Salomon had focused mind and agreed on the use of technology. When you become the owner of an idea, it helps from competition because the company gets rights to enjoy market for a given time before other enters. Technology allowed the company grew drastically making huge profits that gave way to international expansion, (Simon, 2011).
Leadership skills
Leadership is an essential aspect in the development of an organization. Salomon discovered that technology would change the sign industry. It would also give way to products and services improvement. A good leader like Salomon must be innovative and have the aspect of taking risks. It was through realizing that the company had a slow development he invented the idea of using technology. Salomon also admitted his weak sides and created an environment that was conducive for all employees. As a smart leader, he leads people by giving them freedom to make their contributions. Successful leaders leave work to the employee and give them directions on how to accomplish those tasks. Salomon has been successful in the sign industry because he allows decisions from other people, but implementation is accordingly, (Simon, 2011).
Recommendations:
Organizations should use technology to improve their old ways of operation. Focus on technology in the current global world helps an organization become more competitive and retain its market share. FASTSIGN Company is a good example of companies that have improved their operations with the use of technology. Technology improves customer’s satisfaction and profits of the organization. Leaders should foster a healthy environment for employees in order to allow sound decisions that strengthen operations of the company. Motivation plays a vital role in business success thus employers should motivate employees in the most suitable method, (Simon, 2011).
Lesson Learned
Technology can be a form of business idea innovation. Old ideas require a slight technology and change the outlook of the entire thing.
Reference:
Lee, J. (2011). The Right-Brain Business Plan: A Creative, Visual Map for Success: New World Library
Simon, P. (2011). The Changing Landscapes of Business and Technology: John Wiley & Sons
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