Strategic Drift- A lesson for Entrepreneurs.
Most companies start going down the drain the moment they refuse to recognize the changes that are being brought into that industry. In today’s modern business environment, customers’ demands and expectations are increasing every day. Every company that does not constantly innovate or research and quickly accept or adapt to the changes within their industry, will find themselves left out.
Such was the case with the mobile phone industry. Nokia and Motorola had become the market leaders for mobile phones and walkie talkie and they knew that they were rightly positioned to maintain and control that industry. However continous innovation and research as well as demands from customers pushed companies like Samsung and Apple to initiate the smartphones. When such happened, Nokia and Motorola refused to accept this new generation of phones and before they realized it, their leading positions in the industry had been overtaken.
This is very common today, new products and services are constantly being initiated into the marketplace and customers continue to expect better quality and fast usable products and services. Unless you as Entrepreneurs remain proactive to change within your industry and continue to innovate, your product or service with be of no value in the near future.
This is the same thing with skills acquisitions. There are new technologies and machines being developed every day, employers expectations as well as that of customers are constantly increasing, and so if you want to continue to he relevant in your industry or company, you need to constantly retrain yourself and acquire new skills. Take for example the evolution from the use of the typewriter to the desktop, to the laptop, to the tablets and the list continues. If the so call typewriter refused to be retrained at the early stage of the desktop, such a person will definitely be out of job now. Never ignore the changes in society, embrace them and run with them.
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