No Thanks, I have enough “New”
Many call for businesses to adopt an innovation culture, but there are good reasons to limit the firm’s exposure to the risks of new endeavors.
It seems sad when 75 year old businesses go bust. They had something that worked for several generations of managers, employees and investors. And now they are gone. How could that be?
There are two ways that old businesses can come to their demise. They can do it because they stick to what they know and their product or service (usually) slowly goes out of fashion. Usually slowly, because all but the most ossified large successful companies can adapt enough to keep going for quite some time, even when faced by competition with a better business model/product or service. Think of the US auto industry slowly declining for 40 years.
The second way is a quick demise. This usually happens after the old company chooses to completely embrace something completely new. If their historic business is in decline, many large old firms are on the look out for that new…
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