December 2, 2016
I could go on about the innovations at Domino’s, but Doyle’s most important lessons are about the mindset required for organizations to do big things in tough fields. Two of the great ills of executive life are what he calls, borrowing from behavioral economics, “omission bias” and “loss aversion.” Omission bias is the tendency to worry more about doing something than not doing something, because everyone sees the results of a move gone bad, and few see the costs of moves not made. Loss aversion describes the tendency to play not to lose rather than play to win. “The pain of loss is double the pleasure of winning,” he argues, so the natural inclination is to be cautious, even in situations that demand creativity. ... Leaders who want to shake things up have to be comfortable with the idea that “failure is an option,” Doyle concludes. In a world of hyper-competition and nonstop disruption, playing it safe is the riskiest course of all. That’s a recipe for reinvention that makes for good pizza and big change.
Smash an old TV, and you risk spewing lead into the air. Crack open an LCD flatscreen, and you can release mercury vapor. Mobile phones and computers can contain dangerous heavy metals such as cadmium and toxic flame retardants. Mexican workplace regulations, like those in the U.S., require e-waste shops to provide such safety equipment as goggles, hard hats, and masks. There’s little of that in Renovación. ... In much of the world, a place like Renovación couldn’t exist, and not only because business owners wouldn’t be allowed to employ people in those conditions. Twenty-five U.S. states and Washington, D.C., home to 210 million Americans, have laws establishing what’s known as extended producer responsibility, or EPR. That means electronics makers must collect, recycle, and dispose of discarded equipment rather than allow it to enter the waste stream. Parts of Europe also have this system. ... Manufacturers don’t do this work themselves. Typically, a state, county, or town establishes an e-waste collection program. Then recycling companies come to haul away the junk. The manufacturers pay some or all of the bill. The e-waste can be of any provenance. ... The lack of a formal, regulated recycling industry is one of many reasons Mexico has become a magnet for spent electronics. ... A ton of mobile phone circuit boards can produce 30 ounces of gold, worth about $39,000 at current prices.
Nordstrom is beefing up its department store portfolio at a time when we are constantly being told the department store is dying. This summer, Macy's announced it was closing 15 percent of its American stores after six straight quarters of declining sales. Since 2014, J.C. Penney has closed 80 locations; Sears closed nearly 300. According to the US Department of Commerce, department store sales have declined 30 percent from $87.46 billion in 2005 to $60.65 billion in 2015. ... Department stores face a grim future, and it gets even gloomier when Amazon, which is set to outpace them in apparel sales, is factored into the equation. Yet Nordstrom is envisioning eight stores in Canada and three more new stores in the US by 2019, including a flagship in New York City. ... This focus on shoppers starts first and foremost with its generous return policy — or generous lack thereof. ... In addition to transparent customer relations, Nordstrom stocks an impressive mix of higher- and lower-end brands, without managing to alienate anyone. ... The changes are small and incremental, and yet they complete a larger picture for the Seattle-based brand. They don't just give the store a contemporary, boutique-y feel — they're clear indicators that Nordstrom has put a whole lot of thought into what a department store should look like in 2016 and beyond.
Intrigued by the promise of an easier way to make money, he enrolled as a guinea pig in a four-week study testing the effects of alcohol on a painkiller drug. ... For studies looking for healthy subjects, the screening process generally comes in two steps. The first is over the phone, when guinea pigs call to express their interest. ... The second step is in person, where clinic staff will check blood, urine, and vital signs to determine whether subjects’ claims are true. Some studies, the well-paying ones, are competitive, and clinics will often admit more people than they need from the phone screen, expecting to cull the herd after the round of physicals. Pros know to avoid alcohol and drugs in the days leading up to the screening. Some of the more cautious ones will also abstain from exercise, out of worry that an increased creatinine level will make it appear as though they’ve been drinking. ... In chronological order, the phases of drug testing work like this: Phase 1 studies, which test for safety, typically use between 20 and 80 healthy subjects to determine a drug’s side effects and how it’s metabolized in the body. Assuming the drug proves safe, it then advances into Phase 2, which measures its effectiveness against another treatment or a placebo; this time, the study participants are patients with whatever condition the drug was developed to treat, usually somewhere between a few dozen and a few hundred. Phase 3, the last phase before the drug is submitted to the FDA for approval, can include hundreds or thousands of patients and measures both safety and efficacy, as well as how the drug behaves in different types of patients or in conjunction with another therapy.
When she took it for validation to a used video game store in Charlotte, the young man behind the counter rustled open the plastic bag and beheld the game -- pristine in its cardboard box covered by much of the original cellophane -- coughing the words "Oh my god." He offered her all the money in the register for it. She turned him down. ... Before Stadium Events for the Nintendo Entertainment System came into their lives, Jennifer and her now-husband, Jeff, were scraping by. They lived in a double-wide trailer with a mouse problem and a buckling floor, so close to the Carolina Speedway that the sounds of engines from the dirt track kept them awake at night. ... It is seductive because of its rarity but also a testament to the darker side of a hobby reaching new heights of popularity. ... It isn't a good game. It's a boring game. Released in 1987 by the Japanese company Bandai, Stadium Events was made for a piece of peripheral hardware called the Family Fun Fitness mat. ... Nintendo of America president Minoru Arakawa thought the technology could be huge, so the company purchased the mat and relaunched it as the Power Pad. Stadium Events was then rebranded as World Class Track Meet ... what happened to the Stadium Events that had already been made? Nintendo and Bandai have declined to shed any light on the matter, leaving collectors to speculate.