Business or technology, the rules are simple. Be Unique and be valuable. However big your company gets you still need to put your head down and grind your way through to success. Resting on your old laurels is the last thing you want to do as an entrepreneur. This is not secret mantra, everyone knows this. The guys who spend 2 years getting an MBA who get hired in high profile organizations are taught this everyday.
Its sad to see that even after knowing these theories there are companies who defy this and continue to do what they think is best. They fail to notice the change around them and also fail to notice the opportunity to shift paradigms. Such companies just die hailing their past successes and resting on their laurels and not to forget there useless patent portfolios which are outdated anyway.
Sony is such an example. It is extremely sad to see that an invincible company like sony who was at it peak for more than two decades is just drowning in the waters of change. Its been 3 years since the company posted a profit figure. They thought they were a TV company even when the world moved to smartphones and tablets. It is a similar case with Nokia who just continued to make their no so smart E & N series phones failing to see the future that apple saw for smartphones. RIM is just another live example.Losing market share by the minute and these are only the technology companies. There also exist companies like ford and GM who thought they were setting standards by making gas guzzling cars when the need of the hour was to invest in green technology. Kodak, a name I grew up seeing at every street and every television advert just went bust 3 months ago. They failed to see the digital camera curve or the mobile camera curve.
The most important thing here is no one ever stopped sony from making trains or cars or robots or anything else for that matter. If you define yourself by the product you make, you will always remain a TV company or a mobile hardware company when the entire industry is shifting towards software. It doesn’t matter what you produce, what matters is that you make your customers happy that they own the best product there can ever be. Your product must speak for the hardwork and sleepless nights that have made it possible. Thats what companies like nike, amazon, ferrari, lamborghini, toyota, starbucks and an endless more do. When you buy any of their products, you know they are THE BEST.
I hope that some of these companies can comeback with something great up their sleeve which for now looks impossible. The question to ask yourself as a company is, are your really adding value to the field of technology you exist in? By keeping yourself afloat are you going to change people’s lives? Can you enchant lives with your innovations and hardwork? If the answer to all these questions is not a unanimous YES, then you probably should just close down your offices and walk away home. But if you hired the right people who still have the courage to answer a YES, then go out there and challenge the world, enrich people’s lives, enchant them with your products.