Lesson #5: Lessons for Entrepreneurial Success (Maybe, with Hard Work and Luck)
There is merit in being the best at what you do. However, if you’re not paying attention to the innovations and ideas being developed around your industry you’ll end up like other bests in the businesses. Just ask Blockbuster, Kodak, and Blackberry how being the best helped them. All businesses should include mandates and incentives to embrace continued learning, disruption, and adaptability.
Learn what your target audience is doing with their lives, but more importantly where their attention is. Know which social media platforms, events and opportunities are both current and upcoming. There are a lot of multi-million dollar businesses that rely heavily on Instagram, and many others that were late to the Instagram game. Just remember, Instagram didn’t exist before 2010.1 All platforms rise and fall, be ready for the next thing.
Disruptions and new behaviours will always change industries. Taxi drivers are still up in arms with the rise of ride-sharing apps like Uber and Lyft. Although, the true disruption is still coming. Commercial transport drivers are a large and integral part of any thriving economy.2 Think about it: What happens when automated transport vehicles become the norm? How will that disruption affect the 3.5 million commercial transport drivers in America alone?3 Part of your business should be focused on not protecting the status quo, but making sure you’re either incorporating the next disruption into your business or ideally that you’re creating the next disruption. When a company gets disrupted (e.g. Motorola) they’re seen as slow to adapt and out-of-touch with customer’s needs. When a company is a disruptor (e.g. Apple) they’re seen as innovative and understanding of the customer’s needs.
- “Our Story.” Instagram, 26 Mar. 2019, https://instagram-press.com/our-story/.
- Mckinnon, Alan. “Life Without Trucks: The Impact Of A Temporary Disruption Of Road Freight Transport On A National Economy.” Journal of Business Logistics, vol. 27, no. 2, 2006, pp. 227–250., DOI:10.1002/j.2158-1592.2006.tb00224.x.
- “Reports, Trends & Statistics.” American Trucking Associations, https://www.trucking.org/News_and_Information_Reports.aspx
Photo by Pavel Danilyuk
Photo by Michał Kubalczyk