Adapt or go extinct in an ever-changing world

One of the most dangerous things you can do as an entrepreneur is holding onto beliefs and practices that no longer serve you or your business.

MySpace. Kodak. Blockbuster. Blackberry.

These companies were once household names in their heydays, but all are shadows of their former dominant selves.

Often they're cited as cautionary tales of hanging too stubbornly onto obsolete ways of doing things.

Economics, technologies, laws and societies change with time.

As a result, customer preferences change.

When customer preferences change, so must the companies that serve them.

Those that fail to do so - whether knowingly or unknowingly - get "managed out" of the market.

There are 3 broad outcomes for companies when their environment changes to the extent that it renders existing business practices ineffective: adapt, stagnate or fail.

Which of these 3 buckets does your business fall into right now?

Is it stagnating?

Failing?

Or is it successfully adapting on an ongoing basis to consumer preferences that itself is making continual micro-adjustments in response to the changing macro environment?

If you're currently in the stagnating or failing bucket, which of the three do you ultimately want to end up in?

If you're not where you are right now, maybe you need to reconsider which of your beliefs and thoughts about yourself and the macro environment are actually serving you.

Next, find out what you need to transform those current beliefs and thoughts into.

Then, action your updated thoughts and beliefs in the physical world to effect real change instead of just thinking about it.