Each and every day I’m blessed with the opportunity to talk to dozens of leaders in various industries that span the globe.
One of the most common confessions that business owners have shared with me is that they are unable to keep up with the breathtaking pace of technology while keeping abreast of their own respective industries as they evolve.
The second most common confession is the one that troubles me the most. Business owners have become so overwhelmed with technology that they are literally convincing themselves why they don’t need to adapt.
Some common statements heard in the last week alone include “My customers aren’t on mobile”, “Social media is a fad”, “News companies will cease to exist”.
Welcome to the year 2002. Meet Company X. Company X is a manufacturer of one of the world’s most popular hardware devices. The market share of their products is a whopping 95%! They’re on top of the world and completely untouchable by any potential threat! Everyone who tries to stand up against them gets punished severely, ultimately suffering a humiliating and painful defeat.
Flash forward to 2007, essentially rinsing and repeating this story year after year. The story remains the same… until another company comes along, swoops down and over the next 2 years they even out the market. Suddenly it’s a 50/50 playing field, but the momentum seems irreversible and another threat enters the market.
The other day I was having a talk with a colleague that I had lost contact with over the past few years. It was a wonderful time to catch up, right before Christmas and to remember all of the fun and exciting projects we’ve done together over the past several years. He confided in me that in 2012 he would be leaving Sony to start his own online presence, an entrepreneurial dream that he’s held closely to his heart for several years and he asked me what recommendations I could provide him to help him ensure success, after all he was nervous, all the risk was standing on his shoulders. At the same time it was delightful to literally feel the passion in his voice and the anticipation of the rewards he could earn as a result of his hard work. Well after that discussion, I decided that it would be valuable to share with everyone my thoughts on what are the most important aspects of ensuring online success. I hope that you enjoy this read and it opens your eyes to something you hadn’t previously considered. If it helps you or your business to improve even marginally then I’ve accomplished my goals, after all successful businesses are built by one small accomplishment after another. Please note that my advice is assuming that you’ve already done your homework – business plan, competitive analysis, SWOT analysis, etc. and determined that your products and services are competitively viable in the industry. Now, assuming this, let’s get started…