The threat and opportunity of change
Change is a double edged sword in business.
It can render what we are doing now, less relevant but simultaneously provide us with new opportunities.
One thing that we do know is that change is constant and always happening.
It is not something to be feared but to be welcomed, planned and catered for.
We welcome change when we consider that it presents us with new needs that can be met. We can develop new businesses around these unmet needs.
Astute observation and anticipation are the skill we need to develop in order to turn change and new trends into an opportunity.
Changes come in various forms.
- Demographic changes - shifts in the population related to age, race, gender, ethnicity, religion, income language, education etc.
- Regulatory changes - national, federal, state or local government and other relevant regulating bodies etc.
- Technology changes - new inventions and other innovations, improved inefficiencies etc.
- Cultural changes - shifts in norms, fads, fashions and other group behaviour.
We need to find the areas that apply or could affect our business the most and keep ourselves abreast and up to date in all of these areas.
Usually success is processed out of comfort zone ( changes)
Yup. Who moved my cheese?
I agree,especially when it is about forsaking old methods of doing business and embracing new ones. A lot of people are so angry at changes in the status quo - the very key to success. Much like the countries who are against cryptocurrencies.
Haha .. you are right .. and to add to you .. early adopters to the new uncomfortable or unusual directions /changes ( individuals or countries) ... are the much successful comparing to the herd of later followers after the norm has already been stated , and “the new” has become no longer new :)
Yeah...imagine if we bought bitcoin when it started,we'd be worth millions by now. Same with Steemit.
Even though the risk of following a newly started trend,or even starting a trend is super-high,the rewards - if successful - can be pretty comforting. It sure will make one forget the hard times of risk taking.
Don’t remind me ! I am hitting my head to the wall .. whenever I remember how I ignored a young teen when he first told me about bitcoin in 2010 😣 and just heard back again about it 6 months ago 😩
Hahahaha...it hurts man. But,it's not too late to make some fortune.
people often underestimate the importance of change.
We can't avoid changes in business do we?
One thing humans are better at than most species.. is adaptation to change. It's one of our blessings. Growth cannot happen without change, progress does not happen without change.
Great post! :)
It's not so scary when you're risking bit by bit with time but when you go all in at once..., DAMN!!!!
Current situation
Any business that does not plan for unforeseen changes does not have the strategy for survival. This is particularly important these days of technological and political upheavals all around the world. Such businesses die off at the very first sign of trouble.
I agree with you completely that change is inevitable. As they say, it is the only thing that does not change.
Thank you for this important reminder to be prepared for changes - expected and unexpected.
Exactly bro. Somthing Ben Carson called, "preparing for worst case scenario".
So true
Apparently, intelligence can be measured by the ability to adapt.
It’s very crucial to follow the trends and change accordingly. If you stop to change, you lose!
Not responding to change leads to stagnation and the possible failure of the enterprise. Change management is a huge undertaking for most businesses. Employees tend to be comfortable with the status quo and will display an aversion to changes in various ways. Executive sponsorship and persuasion helps with change management.
Amazing! Talking about a business plan with one my buddies, and this article pops right in my face. Great post!