It is easy to underestimate the new competitor on the block, yet the big box stores put the local corner stores out of business, Amazon is taking a bite out of all kinds of businesses and we have a new word in our lexicon, namely Uberization!
It is easy to underestimate the speed of change, yet 88% of the Fortune 500 companies 60 years ago don’t exist now. The top five publicly traded companies by market cap in 2017 were all tech companies, yet five years previously four of them were NOT tech companies.
It is easy to underestimate the small startup that has a new way of doing things.
It is easy to underestimate the new technology that will change how your competitors operate.
It is easy to underestimate the impact of big competitors coming into your space.
The reason it is so easy to underestimate all of this stuff is that change is hard, change requires effort, change requires a new way of thinking about old problems … and many people just don’t want to work that hard.
The truth is that our world is changing at an every increasing speed and we can embrace the excitement and opportunity of that … or we can wait and see what happens to us.
Stay current, keep learning, have an open mind … do NOT be so focused within your business that you miss what is happening to your business.
“Time changes everything except something within us that is always surprised by change.” Thomas Hardy
Kevin Dee is the founder and Chairman of Eagle (a Professional Staffing Company)
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