Changing Business Overview
With such a dynamic world, changing business need to be equally or even more dynamic. They need to adapt to customers and societies needs. In order to achieve the success you may desire, you may need to experience some failure or adversity until the correct solution is found. Change is everything, and we as human beings constantly change physically, mentally, and emotionally. These changes are necessary to adapt to the things that surround us.
From a business perspective, change usually needs to follow changes in needs or changes in technologies. Bill Gates mentions, “An old business joke says that if the railroads had understood that they were in the transportation business instead of the steel rail business, we’d be all flying Union Pacific Airlines.” Although the rail industry was extremely successful, the innovations in technology met consumer’s needs more and rail transportation is far less utilized today.
He goes on to give examples of several companies that started their business with one focus, and later though change, adapted to become successful companies that we know today. We saw a Japanese company fail to become the creatures of the first electric rice cooker, only to become the successful producers of televisions and electronics known as the Sony Corporation. Another company started make welding machines and other mechanical devices only to become one of the largest producers of personal computers know by Hewlett Packard (HP).
So if you are trying to start up you an idea. Just remember the importance of change and adaptation to customer needs and technologies just like the major companies have done today.
For more information on the life of Bill Gates, please visit his biography
Sources-
Bill Gates- “Business @ The Speed of Though”
