Where is your career path, job or business heading?
Could you be similar to 400 Alumni from Harvard who were interviewed and asked this question. “Is your success now a result of the strategy you began with or have you had to change due to market conditions?” The answer – 93% said to be the success they were, they had to change their strategies as their job or their business grew.
Do these words resonate with you? I know that since I began Creating Encores in 2000 I have had to reinvent, reinvigorate, add and subtract so many parts of my business. For example, grow my online presence and create short punchy webinars. Realise that the career I loved in the performing arts is not going to bring forward clients, so take that out and redirect my path towards creative thinking with a big touch of performing arts methodology for maximum results in the business world. Just one example.
This week at Harvard we are being exposed to businesses that have been successful then a new idea comes along and another organisation moves in on their territory and they are out. Bankrupt. One of our case studies is on Blockbuster video stores and the disruption of Netflix. I remember how I loved Blockbuster when I lived in Byron Bay. The new release videos kept me in touch with the rest of the world. I eagerly frequented those stores each week for my fix! But all it took was a smart entrepreneur, Reed Hastings to get pissed off when he forgot to return the Blockbuster DVDs and pay a late fine (fines were responsible for $600 million revenue), to create a better way to watch new release DVDs.
He started a mail out DVD service with membership which grew quickly and the rest is history. It morphed into a digital streaming service we now know as Netflix. Blockbuster was stuck in the conservative thinking that had made them successful and profitable for years but they were not able to move quickly and create innovative online products to stop Netflix. The result – bankruptcy in 2010.
This story made me think about Creating Encores and the clients who work with me. It is so important for us to stay current and be aware of the challenges of competition and disruption that lie around us. Have a think about how you may have let yourself drift into a safe, static, boring place where you continue to produce what you have always done. Ask yourself how long can this last? Our world is changing so fast and there are so many exciting ways to create re invigoration in your business. No different to the 93% of Harvard graduates who said to be the success they were, they had to change their strategies as their job or business grew.
Over this Melbourne Cup week here in Australia, have a think about the Harvard case study – Blockbuster vs Netflix and create a Netflix strategy for your work or business. If you need some help with this, I can give you an overview in a quick 10 minute power coaching session.