The Sub-Conscious mind usually acts in a very strange way. It creates a dichotomy of ideas and feelings which are always truly opposing and conflicting. Their consequences are wide enough to capture. Abrupt endings and sudden pause in any harmonious activity always makes the person anxious, as their future goals are suddenly snatched away. Practically we all been in this very situation before, if not before then we all can appreciate the Virus. We are aware of this very situation when our projects got cancelled; trips removed from the calendar and Internships opportunities washed off. Business is a very fragile activity; one wrong motive can corrode the entire empire and disrupt the whole equilibrium.
In today’s modern times, where industries are rapidly pacing for good growth and revenue, they are facing extreme challenges to meet up their desire. Unexpected endeavors always have a great impact on the person’s overall state of mind. This very pandemic has caused paralysis in the mindset of various business owners and officers; however, some succeed while some are still in grief, what could be the main thorn in their ideology?
What are the main problematic elements?
Flexible thinking Business approach is one the oldest and is a rescue for people in vain. Today, Corporate business owners and leaders are facing high uncertainty and sky rocketing volatility, which is causing high an inflexible mindset, and an Inflexible mindset draws a passage to the gates of failure. There are various reasons which are the main reasons which break the firm’s consistency, topples their management and makes them Inflexible. There is an utmost need for business owners to understand these issues and transform their mindset. What are the main problematic elements?
- Stubborn thinking – “Many firms become a victim of their own victory” this sentence has a clear meaning that success never lasts forever. Consistency plays a crucial role in the growth of a company. But, is that enough? Fame and money become the bi products of success, and these eventually take over the position of handwork. Many companies today are successful due to their pre-existing machinery, mindset, softwares etc. The leaders are unaware that technology is shifting rapidly and so is the consumer behavior. They are extremely rigid to believe this fact and refuse to change or update their Business model, which can include Hardware, Software, Labor, Mindset, literally everything. GlobalLogic was hired by an US firm to update their web service’s Interface, as their competitors like Facebook and Google had a better User interface (focusing on Generation X and Y). GlobalLogic created a wonderful interface which meet up with every detail, but later they were Rejected. During the final presentation, one manager pointed out that they were not adhering to their 15-year-old standards. They adhered to their standards and now they are non-existing.
- Business Stereotypes – “Competitors are bad, partners are good” “Regulations are bad for the business”, pre conceiving some details can limit the growth of a business. One should always have a frugal mindset in order to find new ways and possibilities during an adversity. Anchoring to barbaric thoughts are always lethal towards any form of business. An owner should be like various shades of gray, various shades can open the doors to innovation. Competitors always make someone hardworking if jealousy does not intrude. As someone said Yesterday’s competitors can become tomorrow’s partners”, Think beyond the minds of the society.
- Fear of Cannibalization – Various companies on our planet do not wish to develop new radical products, they fear of their safety, they fear of their growth and most of all they are scared that their successful product will demolish due to the addition of the new product. This particular mindset has various limitations, but there are two which are the most prominent of all. A) Limited innovation to the company and B) Failed marketing and commercialization. This thinking will cripple the innovation of the company and will lead to production of basic and outdated products. Some companies try to launch the other product, but the initial fear increases drastically which leads to poor marketing/effort towards the growth of the other product. Eventually they fall into the trap that they had already created. Kodak was the king of analog cameras, they were leading the market for about 99 years, creating a legacy which no other company had made in this very domain. However, they triggered the self-destruct button when they started to manufacture the digital camera. Kodak failed to create the market of the digital camera as they followed the same pattern as they did during the sale of the analog camera. Their laid-back behavior in this very field lead to their end, which was caused by their own product.
- Work Culture – Apple, Google and 3M lead the world due to their innovative products. Employees have the power of control the market depending upon the work environment and the support they have. Success is a bi-product of innovation, if the company produces innovate products, then only they will succeed. Google follows 70/20/10 model for their employees. 70% of their time should be devoted to their main projects, 20% on small projects and 10% on their OWN innovate projects, which will get funded by google and will be successfully applied to the market. But there is another dark truth which is halting the innovative thinking of the employees. A) Employees are scared of cannibalization, B) Employees are blamed and punished if their project fails commercially. As a result, the innovative engine of the firm cripples down and the firm remains infertile.
Flexible thinking is the one solution to cope up with any kind of situation, it enables the person to create an opportunity during an adversity.
Inspired by – Jugaad Innovation.