I am sure that looks like the simplest/stupidest question that you might be asked about your business. But bare with me, the question may be more important than first glances might appear.
It seems to me that too many businesses fail (or fail to see opportunities) because of how they see themselves.
Let me explain what I mean. Have you ever been to a business and the person said we don’t do that we are not a… fill in the blank for yourselves.
Because they saw themselves one way, they couldn’t see themselves in another way. Because of this they failed to see the way the tide was turning or the opportunity as it was arising.
Here are some quick examples of businesses that failed (or failed to see opportunity) because they failed to realise what business they are in or the way their industry was headed.
Kodak- thought they were in the making of film for cameras. They were not they were in the capturing of people memories business. Belive it or not they had digital cameras in the 70’s but they were not so good so they ignored them after all it was not what they did. If it was maybe they would have owned digital photography or bought instagram. Too late now they are for all intets and purposes gone.
Blockbuster were in the entertainment provider industry not the renting videos business. They could have bought Netflix for buttons and didn’t. They just loved receiving those late fees until they went out of business.
Yahoo were in the digital information access business not digital publishing business. They were offered google again for buttons but no they got that wrong.
This is not a new thing I think back to the railroad barons of old they probably saw themselves as Railmen not in the transportation business.
They missed Cars, Trucks, Shipping, Aviation, Rockets?
When you think about your business, you should examine it closely to figure out what business you are really in. If you get clear on that maybe you ask yourself what is one step up. If you think you are in the car industry maybe you are in the transportation industry. If you keep going up and up you will find that in real terms you are in only one of two industries. The serving the customer industry and the making money industry.
So think about what industry you are in and go one level up or figure out what business you are really in as it might just save your life or better still present opportunities to you that you are blinkered to.
Take the time to think about this it might be important oh and if you like this idea you MIGHT LIKE THIS…