We have come to an age where organizations catch up to each other within a few months. The only way to keep your competition at bay is to innovate and change. Change your product offering, its price, service quality, etc but do not change the core identity. In business, it is vital to realize that when you are a market leader, you have to be at least 6 months ahead of your competition and when a market follower, you should aim at catching up with the market leader within 3 months.
The business landscape in today’s world is characterized by changing trends and events which keep happening every now and then. This at times, takes several business leaders by surprise. Technology giants have been burned to the ground simply because they did not change with time. The greatest example being of Kodak, which at one point of time was the market leader of the Camera and peripherals industry. They did not adapt towards digitization and felt the emergence of digital imaging was just a momentary phase. Soon came the wave of Digital Cameras and emergence of companies like Cannon and Nikon, which took the industry by storm. Eastman Kodak’s failure is because of its leaders who refused to adapt to the change in technology. It truly was an entrepreneurial failure.
Another aspect one must consider, is to realize the need to upgrade it. Several businesses in the FMCG (Fast Moving Consumer Goods) space adapt by means of change of packaging, seasonal discounts, charm pricing and so on. Why do you think several app developers often offer updates to their consumers? They are not always bug fixes but at times are major changes that keep them glued to the app. The famous “Ping Ping” brand Blackberry is one such brand that did not change and did not offer its patrons a more user friendly, open-source version of the operating software like Android. Within no time, major players like Samsung emerged and entered from the backdoor and dethroned the once considered Smartphone giant. Samsung not only became the market leader but also left Blackberry so far behind that they are still figuring out how to change for the better.
The future belongs to those who are quick on their feet and embrace change. They are innovators like Mark Zuckerberg and Larry Page who are constantly innovating and changing what they offer without deviating from their USP. Facebook still continues to be a Social Media platform but with a twist of offering several new features every now and then. Likewise, Google continues to be a search engine which has gone on to change the way we market our products now. As a business owner, you can either choose to embrace change or perish like the ones we have mentioned above.
Just like Charles Darwin once said, “It is not the strongest or the most intelligent who will survive but those who can best manage change.”
If you too have entrepreneurial dreams, you need to have faith in your Chatur Idea. You will always wonder who will fund this idea and from where will you find investors. In that case, you can participate in the #BeAChatur Contest and not only be mentored, but also stand a chance to win a whopping Rs.10 Lac funding for your dream startup idea.