It is important to know that the moment one stop; one STOP LIVING! That is why you need to pick out some lessons from today’s piece by making sure you read through to the END. I don’t care about how you are feeling or what you might have been told before now; all I know is that your business will see the light of the day following this priceless business lesson from Yahoo and Nokia.
We all know Yahoo and Nokia; these are BIG boys in the Tech. industries. In fact, Yahoo was the first official email provider when the internet first started. Even till now I have some Yahoo accounts that I don’t even remember my log in details – because I rarely use them. Nokia? This brand was so popular that a Nigeria artist form a chorus round the Name: “I am 3310…., I am 3310…., Ojabo kofo o o o, I am 3310…” that chorus was a BOMB them. Yes, at that time Nokia 3310 was the strongest phone then with long lasting battery. In fact, you can marry a lady then with Nokia 3310 – no joke here (ask the elder around you). But where are these brands today? Yes, they are still in business but definitely not in there place.
1998: Yahoo refuse to buy google for 1Million.
2002: Yahoo realizes it’s mistake and tried to buy Google for $3Billion. Google says ” Give us $5Billion”, Yahoo says no.
2008: Yahoo refuses to be sold to Microsoft for $40Billion dollars.
2016: Yahoo sold for $4.6 Billion to Verizon.
Similarly Nokia CEO Cries During his last Speech! During the press conference to announce NOKIA being acquired by Microsoft, Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we lost”. Even at that, all his management team, himself included, teared sadly.
Nokia has been a respectable company. They didn’t do anything wrong in their business, however, the world changed too fast. Their opponents were too innovative and flexible with strong competitive edge.
They missed out on learning, they missed out on changing, and thus they lost the opportunity at hand to make it BIG. Not only did they miss the opportunity to earn big money, they lost their chance of survival.
The message of this story is, if you don’t change, you might soon loose out of the GAME. That is why your business model must be flexible to accommodate business changes.
Lesson: Do not stop changing your BUSINESS with TIME; else you might LOOSE against TIME!
I hope this help someone today just like myself. However, feel FREE to leave your views below as comments.