Changing Business Models: Learning to be Flexible
“One cannot alter a condition with the same mindset that created it in the first place.” -Albert Einstein
In today’s fast-moving society, businesses must adjust their business models or face the risk of obsolescence. Western corporations are especially susceptible to relying on the methods that they instituted decades ago with a hope and a prayer that the economy will act in their favor. We still remember the luxury of big budgets, long timelines, and a structured approach to innovation. The 21st century, however, requires more of us. Corporations today succeed when they act fast, remain flexible, and manage frugally.
There is a lot of opportunity in our futures, and we can learn from the mistakes of corporations that have fallen away. Kodak was a pioneer in the film industry, but it failed to compete in the digital world. Barnes and Noble did not alter from their brick and…
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