Jeremy Gutsche on Smith Corona and Motivating Business Tips
Jaime Neely — February 22, 2013 — Business
References: jeremygutsche
Offered in both his innovation keynote speeches and his award-winning book 'Exploiting Chaos' are motivating business tips to avoid complacency. Businesses that become too comfortable and complacent with the success they've already experienced run the risk of waking up one day to a very different story. Complacency creates a mindset that is wary experimenting, taking risks and tackling new challenges.
His case study of typewriter company Smith Corona shows how it became bankrupt after assuming computer word processors would take more time to become popular, hence presenting no need to make a move.
"Without the full story, Smith Corona's decline would seem to be rooted in careless decision making; however, the missed opportunity was much less obvious. Smith Corona was making a ton of money as the world's best typewriter company. No competitor could challenge that claim to fame. By 1989 revenues were at a record high: $500 million.
Incidentally, that's a lot of money.
Yes, the world was changing, but there was not an urgent need to move into unproven market. After all, if computer word processors became interesting, Smith Corona could easily just 'buy their way in.' Right?"
Unfortunately, that wasn't the case and the company crashed as a result of it being too comfortable. For tips on how to avoid this, check out the FREE copy of 'Exploiting Chaos' here.
His case study of typewriter company Smith Corona shows how it became bankrupt after assuming computer word processors would take more time to become popular, hence presenting no need to make a move.
"Without the full story, Smith Corona's decline would seem to be rooted in careless decision making; however, the missed opportunity was much less obvious. Smith Corona was making a ton of money as the world's best typewriter company. No competitor could challenge that claim to fame. By 1989 revenues were at a record high: $500 million.
Incidentally, that's a lot of money.
Yes, the world was changing, but there was not an urgent need to move into unproven market. After all, if computer word processors became interesting, Smith Corona could easily just 'buy their way in.' Right?"
Unfortunately, that wasn't the case and the company crashed as a result of it being too comfortable. For tips on how to avoid this, check out the FREE copy of 'Exploiting Chaos' here.
Trend Themes
1. Avoiding Complacency - Innovation opportunities lie in helping businesses recognize the dangers of complacency and offering strategies to avoid it.
2. Strategic Risk-taking - Exploring calculated risks can help businesses recognize disruptive opportunities and respond effectively.
3. Foresight and Adaptability - Helping companies understand potential emerging trends and adapting to new demands can improve business longevity.
Industry Implications
1. Technology - Technology companies must be especially vigilant against complacency and stay ahead of emerging trends to remain competitive.
2. Manufacturing - Companies in traditional sectors such as manufacturing must adapt to new technologies and changing consumer demands to avoid being left behind.
3. Retail - In a constantly changing market, the retail industry can benefit from paying attention to emerging trends and quickly adapting to technological advancements and changing consumer needs.
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