Adapt To Survive: A Blockbuster Case Study 📉
Business Leaders!
Don't learn this lesson the hard way as Blockbuster did in 2010 👇
Remember video rentals?
In 2006 Blockbuster was the top dog in the video rental market.
But by 2010, Blockbuster was bankrupt because they refused to adapt.
But, there was an attempt to adapt...
Blockbuster CEO John Antioco abolished late fees and launched a competing video
rental by mail service in 2009.
But, the Blockbuster board and other leaders within the company rejected the
adaptations and forced Antioco out.
This sealed Blockbuster's fate, and without Antioco's competitive vision, they
were bankrupt one year later.
Netflix, by contrast, did nothing but adapt, and their yearly revenue sits above
$2 billion!
Every business has to adapt to survive no matter how dominant they are.
==
You've been successful in business because you have a clear vision.
Just make sure you're not so attached to your vision that you can't see when
it's time to adapt to changing circumstances.
Don't be like Blockbuster...Be like Netflix.
Adapt to survive in the face of existential threats to your business.
In what ways are you looking to adapt in 2021?
Technologically? Philosophically? Financially?
Share in the comments👇
#Investment #FinancialAdvisor
Posted by Gordon Bernhardt on LinkedIn
link: linkedin.com/in/gordonbernhardt
Business Leaders!
Don't learn this lesson the hard way as Blockbuster did in 2010 👇
Remember video rentals?
In 2006 Blockbuster was the top dog in the video rental market.
But by 2010, Blockbuster was bankrupt because they refused to adapt.
But, there was an attempt to adapt...
Blockbuster CEO John Antioco abolished late fees and launched a competing video
rental by mail service in 2009.
But, the Blockbuster board and other leaders within the company rejected the
adaptations and forced Antioco out.
This sealed Blockbuster's fate, and without Antioco's competitive vision, they
were bankrupt one year later.
Netflix, by contrast, did nothing but adapt, and their yearly revenue sits above
$2 billion!
Every business has to adapt to survive no matter how dominant they are.
==
You've been successful in business because you have a clear vision.
Just make sure you're not so attached to your vision that you can't see when
it's time to adapt to changing circumstances.
Don't be like Blockbuster...Be like Netflix.
Adapt to survive in the face of existential threats to your business.
In what ways are you looking to adapt in 2021?
Technologically? Philosophically? Financially?
Share in the comments👇
#Investment #FinancialAdvisor
Posted by Gordon Bernhardt on LinkedIn
link: linkedin.com/in/gordonbernhardt