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.