Ideas are needed in the growth process of a small business. Most small businesses are started with an idea; an idea of what you want to do and how you want to do it. Unfortunately too many small business owners hang on to those ideas for years.
Let me share an example of hanging onto an idea (could be a product, a service, a way of marketing, etc.) for too long:
When the electric entrepreneurs arrived on the scene, circa 1880, they clearly had a much better idea. The gas-lighting monopolies awoke from a long, complacent slumber and they went to work. To get into electric lighting? Hardly! They strove to make gas lighting more efficient. As the electric firms’ efficiency increased, the big comeback of the gas gang proved to be nothing more than a blip, a last flicker.
I don’t want to limit this topic to just small businesses. Our education system is another prime example of refusing to let go, to change. The result is that our country is not a leader in education innovation but is falling further and further behind.
The noted economist, Joh Maynard Keyes wrote: “The greatest difficulty in the world is not for people to accept new ideas, but to make them forget about old ideas.”
Letting go of systems, products, etc. is hard to do even if they are not achieving the business vision. I believe that the reason we don’t like change is because we “Think too Much” about how to make a change and how long it would take to implement it.
The key word today is take action. Let your competitors be the complacent ones and take the calculated risk as new options become available.
Change has to happen not just in your products or services but in all phases of business operations, including marketing, business tools, staffing etc. Don’t become a business dinosaur! We want our members to lead change, not follow it.
As always, the ball is in your court to reach out to BizQuack for support.
Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
Providing support to build, profit, thrive, and survive the daily challenges of entrepreneurship.
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