A Lesson Most Business Owners Must Learn From Kodak Fail

[Africa Choice TM]

Possibly you are not aware that Kodak is often used as a case study of what happens in your life, business, or career when you miss to keep up with technology.​

Now here are the real stories, Except… they didn’t fail because of technology, but because they failed to keep up with technology. Hundreds to thousands of great businesses have failed just because they failed to keep up with advanced technology

Just as we all know about Kodak's failure, Kodak didn’t ‘miss’ digital photography, they are part of the revolution that brought digital photography. They invented the first digital camera, yes the first digital camera back then. Kodak didn’t ‘miss’ the internet.

They bought a popular online photo-sharing site a decade before Instagram was even an idea, so if we are to say. Kodak is among the first companies that launch Photo photo-sharing social media portal. But failed to keep up with technology

Some may ask, what then was Kodak's problem, well Kodak's problem wasn’t technology, neither was it the internet... it was their highly profitable physical film.

The irony is that this giant company, like many others, failed because its core business model was too strong, and more importantly it failed to follow where the trend of technology was heading to

They *had* the new technology ready, they had the internet with them, and the money back then was not an issue… but they didn’t invest sufficiently in the new business models because they put their core profitability at risk

The real lesson from Kodaks's downfall is that sometimes your existing business model is your biggest threat if you fail to challenge your existing business you may fallout from such a business niche

This is the critical point so many businesses, companies, and individuals still miss today, almost three decades after the late Clayton Christensen first coined the term ‘Innovator’s Dilemma’ to describe this exact challenge.

For innovation to succeed, you often have to be willing to compete with your core business, learn to compete with yourself, your business, and your career, and not choose to remain in whatever comfortable zone you are Sign up to Africa Choice here for more incentive. Get Access To the World Leads Database to grow your business across the world targeting over 150 countries' audiences