Study Megatrends in businesses

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“If you fail to plan, you are planning to fail”

Etty Hillesum

  1. Nokia was the world market leader in mobile phones just a few years ago; do you know where it ranks now?
  2. Blackberry was the only phone used by the employees for the official emails a few years ago; what is the situation now?
  3. Orkut was the most popular social networking website just a few years ago; where is it now?
  4. Lehman Brothers was one of the most coveted companies in the investment banking industry just a few years ago; where is it now?
  5. Yahoo appeared to be the most promising internet companies in the year 1999; what is the situation presently?

Apart from the aforementioned companies, the list of companies that lost a sizable chunk of their established business or even went out of business completely is certainly a long one. The above mentioned companies are only a few examples or tip of the ice-berg that could not adjust their sails to the boisterous winds of future industry trends and innovations. Gone are the days when in order to succeed all you had to do was to focus on your business alone. The present business environment is such that if you fail to study the industry trends; you will be wiped out by the competitors who better understand future business environment and plan strategically for it. It is the survival of the fittest and you need to constantly struggle to make yourself fit.

 

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