Good article on need for a network of support for growing companies.
Dr Jeff Cornwall
Co-founder of The Entrepreneurial Mind, serial entrepreneur and professor of entrepreneurship.
Good article on need for a network of support for growing companies.
This comment has nothing to do with the link it is attached to. I just wanted to comment/ask a question about the book industry considering you have authored several.
I am interested in the book industry because my father has written a couple of books and I have learned more about the process writers go through to get books published and on the shelves. In specific, I have learned what a small percentage of the price paid for a book goes to the author. Instead, the publishers, sellers (retail stores and amazon.com) and distributors such as Ingram Industries absorb the majority of the revenue.
Do you anticipate a change in this process due to the improvement of technolgoy, i.e. e-books, direct internet sales, etc.? Do you know of any companies exploring the future of this industry and attempting to capitalize on the potential of dramatic change?
Thanks.
The traditional publishing industry has not always been kind to authors. It is not unlike the music industry and songwriters. I typically make a few bucks on each sale of one of the books that I have written. Since none of these are really in the popular market, that equates to less than minimum wage for most of these projects when you calculate out the time it takes to write, edit, etc. each book.
So why do it? For me, it is part of the academic world. It also helps me pull together all than I am working in within a particular area of interest. I also just like to write and find the process enjoyable and rewarding.
Some authors are moving into self-publishing or semi-self-publishing. There are hundreds of such outlets and I don’t honestly know the good from the bad as this is still am emerging industry segment. It does require that you do all of your own promotion and marketing, and you will want to hire a good editor to make sure the work is of good quality.
I think this industry may well change dramatically in the next ten years. None of the new technologies is proving to revlutionize this industry. And least not yet. But, I really think that such a change is going to occur sometime soon. What it will lead to is uncertain. The current changes have resulted in a glut of books on the market as it is easier to write, edit and publish a book. It is not unlike how the personal computer was going to create a revolution (which it did). However, it did not occure in the way that was predicted, namely creating the paperless office. Instead, it had created a level of paper creation never before seen (just look at my desk!!!!).
So, revolution in publishing may be at hand, but revolutions rarely are a predictable phenomenon.
Jeff
I think a huge factor in the lack of technological change in the book industry is the refusal of society to accept electronic books/magazines/periodicals, etc.
Look at the changes that are regailing the music industry right now. The technology application of a “virtual” product (the music) is gaining wide acceptance. People think it is OK to not have the physical CD/Album/Tape. They just put the files in their iPod and go on about their business.
However books are different. People still want to sit down with a good book, not a good electroniic viewer! The love of paper as a communication medium is one that will possibly never be overcome. Which, in turn guarantees that the business model of the publishing industry will remain intact for now.
-Chris