This is kind of a #FlashbackFriday – #FF, since I missed #ThrowbackThursday – #TT, though it’s more of just an addition to my life story as made possible through the wonders of Facebook and, especially, the Timeline. Since its inception, I have seen my Timeline as a way to share contemporaneously, as well as retrospectively. I have used it as a way to share both my present and my past, the latter being primarily with the thought my two daughters will one day be able to see who I was, in some sense from the beginning. If others enjoy it, that’s a bonus. Hell – I enjoy it myself once in a while and it gives me a reason to slowly digitize some of my favorite actual, printed photos, which would not be shareable other than in person if I didn’t scan and post them. This seems like as good a place as any; better than most.
The picture I am here sharing was taken quite some time after I owned the business that resided in this small, unassuming space. Nevertheless, the size and location haven’t changed since January of 1967, when my father (fearing I was on the road to becoming a bum) purchased what was then DEB’s Snack Shop and I began managing it. We were partners. My job was to spend 14 hours a day there and his job was to show up once a day and get pissed at me for something I neglected to do or didn’t do properly, as he saw it. He was very good at his job and so was I, though you wouldn’t have known it by how well he performed his special task.
This little place consisted of 14 stools and about a 10′ takeout counter. It sat in a parking lot across the street from the main entrance of the May Company store on Hill St., between 8th and 9th Streets, in downtown Los Angeles. It was small, but it was busy . . . and quite lucrative, especially for a nineteen-year-old who had recently just barely escaped High School.
It was here I learned some of the more valuable lessons I’ve been fortunate enough to benefit from. Perhaps the most important of them was given by my father when he admonished me to never ask anyone who worked for me to do something I wasn’t willing to do as well. I had five employees and every one of them was older than me, one by around thirty years. Earning their respect was of the utmost importance. Now that I think about it, I was fortunate to be raised with respect for most everyone. Another valuable lesson, which made this primary business one much easier to aspire to.
I also learned what I have always considered my first real marketing and sales lesson. This place was a snack shop. Hamburgers, hot dogs, tacos, burritos, ham sandwiches, fries, etc. We also opened up early enough for breakfast, so eggs, bacon, hash browns, etc. Of course, there were other items and most of the food was marked up 300%, that is the cost of the food item was generally 1/3 of the price we charged.
Then there were soft drinks, none of which were served in cans or bottles. We had a dispenser. The cost of a large soft drink was marginally more than a small one and the difference in cost of the cups was about a penny. The difference in profit, however, was spectacular, with the price of a large drink around two and a half times what the small one went for. I think it was $0.10 and $0.25. Let’s say I made $0.07 (in today’s money that would be $0.50) profit from the small drink. Since the cost of the large drink was marginally more than the small – let’s say $0.05 instead of $0.03 – I made a profit of $0.20 ($1.42 today) on the large drinks.
That’s the data behind it, but the real lesson was in behavior. Over a period of time, I did some experimenting. I didn’t keep a little notebook, nor did I design a devilishly clever test. People would place an order like “I’d like a cheeseburger, onion rings, and a Coke.” I merely responded in one of two ways and noted the difference in results. If I asked them “large or small” they would frequently opt for the small. However, if I merely said “large?”, they would seldom say “no”.
I don’t know how much more money I made by doing this, but I’m reasonably certain it was on the order of a few dollars a day. Extrapolated out over a year’s time, that would be around an extra couple of grand in today’s money. Not a bad result. Unfortunately, I didn’t last a year, but that’s another story. I have no regrets, btw.
PS – The name of the place in the pic is JEMP’s, which stood for Jerry, Eileen, Marshall, and Penny . . . the Silversteins. Jerry, who had worked at the Grand Central Market with my father for many years, bought the business at a discount when I kind of abruptly told the old man I was through with it. Shortly thereafter I found myself in the Haight-Ashbury district of San Francisco. This was the Summer of Love, 1967. The rest, as you no doubt know, is history.
Use the Like, Luke.
I am — at least, I was — a Knowledge Management professional. It’s what I did for over a decade at Rocketdyne, starting when it was a business unit of The Boeing Company, up through my retirement from Pratt & Whitney Rocketdyne, a division of United Technologies. Pratt & Whitney paid for me to earn a Masters Degree in KM online from CSUN’s Tseng College. It’s such an exclusive degree they don’t offer it anymore. 🙂
I mention this because it affects how I share information, especially here on my blog. One of the tenets we tried to drill into people’s heads, and follow ourselves, was to avoid reinventing the wheel. That is, make it a habit to reuse information and knowledge that’s already been won at some cost to one or more individuals and the organization in which it was produced. This means, among other things, I am not interested in rewriting what others have written, while adding my own twist to it. This doesn’t apply when how I perceive an issue is substantially different than others, but it does when I’m sharing things I mostly agree with.
Yesterday and today brought me two great, and related, examples of things that need sharing and for which there’s little for me to do than announce them. The first I will actually place second, below, as it’s the subject of the second, which is a post by Dennis Howlett, which he published today in diginomica. What Dennis discusses is a Google Hangout Robert Scoble conducted, wherein he described what he has learned in thousands of hours of tweaking Facebook’s algorithms — primarily through his educated use of lists, likes, shares, etc.
Both Dennis and Robert are still far more embedded in the business world than I am and, rather than attempt an explanation through my eyes, I want to leave it to both of them to help you out. If you are using Facebook for your business or profession, or even if you just want to have a much better experience when using Facebook personally, I suggest reading the post and watching the video, which I am also including here. As Dennis points out, Robert is very generous with sharing his knowledge, something this KM pro really admires. You really should take advantage of it.
If you care to share:
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