These are the two main reasons why a lot of companies and people fail. We all know this in our hearts but we just resist it at times. Here’s why.
When companies don’t innovate to change with the trends of time and continue to do what they’ve been doing because ‘you don’t change what works’, that’s when they will start to be obsolete.
When people don’t innovate/upgrade their skills and knowledge to change with the trends and needs, they will similarly be deemed obsolete and soon find themselves out of a job.
For companies that are extremely innovative and continuously develop and refine either new or current ideas without pushing the product out for market testing or launching it out, they will die out as well.
They die out because when another competitor enters the market with a similar product but dares to try to have their product tested by the market, they not only gain market share but they also learn and understand market needs better which helps them develop products relevant to the market.
Same goes for individuals who have great ideas but they continue to work to refine on their ideas because they are either not confident enough to have their ideas tested or they just believe that it’s not in their value system to have what they consider an unfinished or work-in-progress idea presented to be judged and criticized, then they will lose significant market share.
So, whatever you are doing today, keep innovating and keep pushing your ideas out to be tested.
That is how you and your company stay relevant with market needs, and those who stay relevant are the ones that end up being successful.
How do you or your company’s personality look like?