Companies evolve, not disappear into the ether. Whether through an acquisition, merger or re-brand, some of the most successful corporations voluntarily abandon their original business model to free up resources for innovation and continued success. So, to build an enduring business, management teams need to do three things:
1. Let context drive innovation.
2. Build and retain a world-class team.
3. Stubbornly persevere despite all odds.
How context dictates innovation.
Entrepreneurs have a bad habit believing their ideas are going to be game-changers in their industry. While a fresh concept may seem interesting and innovative, business owners should ask themselves: Is it something customers actually want? Is it at all practical?
Unfortunately, many brilliant ideas fail because they are ahead of their time. Currently, Uber, Inc, USA, is valued at an excess of USD50 billion and won’t be going away anytime soon. It was hardly the first company to conceive the idea, but Uber found the right time to capitalize on existing infrastructures and inventory to grow its business. Although Uber is only six years old, it is undoubtedly a brand with significant staying power.
Why company culture should be your first priority.
Plenty of small business owners can build million-dollar businesses all by themselves with technology on their side and a revolving door of contractors. But the success of these companies tends to be short-lived as competitors enter the market and provide customers with a better product at a better price.
For an organization to thrive going the distance, its leaders must prioritize worker happiness to build a company employees don’t want to quit.
Persevere despite all odds
Perseverance is the stuff successful entrepreneurship is all made of. In their business history all big players today will attest to many hurdles they had to cross. Those who failed at the spot of the hurdle or hurdles are those who are not reckoned as successful entrepreneurs. It is as simple as that.