The modern business arena is a particularly fierce environment, and success does not come easily. Unfortunately, the hopes of achieving those goals become even fewer once disasters strike. For many SMEs, even a single incident can spell the end. Preventing those potential outcomes should be high on every entrepreneur’s agenda.
In truth, the best way to stop those episodes from surfacing is to learn from the past mistakes of other companies. Here are three great examples that will teach you more than about this aspect of business than any guide to personal development. Let class begin.
#1. The ConnectU V Facebook Story
Everybody knows the story of how Mark Zuckerberg has been accused of stealing the idea for Facebook. After all, it was even turned into a film. As such, there’s no need to go into major details. Despite the lawsuits, the ConnectU guys missed out on the billions that Facebook would eventually earn.
This is probably the best-known case of potential idea theft, but there are thousands of more explicit examples. In many cases, it’s the original visionary that suffers.
Lesson: Protecting your business doesn’t only mean preventing physical burglaries. Protecting your innovations and brand with the right copyright documents is essential. Moreover, if a situation does surface, you must act fast. Leave it any longer, and the damage will grow at a rapid rate.
#2. Dapper Darlings Boutique
In 2017, the floods in Houston decimated a large number of homes and commercial properties. One of them, was a small clothing store that had opened its doors just two weeks earlier. When things like this happen, the global giants can usually bounce back. For many smaller companies, it signals game over.
There are many examples of workplace damage destroying the dreams of entrepreneurs. Moreover, only a small percentage are linked to natural disasters.
Lesson: Without a healthy workplace, you do not have a business. Safety equipment like oil stop valves and flood barriers can be used to localize and reduce damage. This works for natural situations and self-inflicted problems. On a separate note, business insurance must be viewed as an essential feature.
#3. The Death Of Blockbuster Video
Did you know that Blockbuster turned down the opportunity to work with Netflix during the streaming provider’s infancy? It’s safe to say that they regretted not getting involved. After all, the success of the online service is largely what planted the nails in the video chain’s coffin. Conversely, Netflix would grow to be a global giant worth billions inside a decade.
In truth, it’s one of the biggest business blunders since Kodak ignored the digital camera.
Lesson: Technology evolves at a rapid rate, and your business must keep up with the times. Success with the online audience is crucial. Likewise, you must also embrace new customer care traits and methods. If you can’t keep the customers smiling, they will take their business elsewhere.
Recent history shows that modern business can be very harsh. Make sure you take the necessary precautions when launching your venture. In turn, our hopes of sidestepping those potential issues will be far greater.