How is it that the biggest companies in the world can get it so wrong that they can go from household name to totally bankrupt? We are talking behemoths with all the resources and talent, yet they still blew it.
“Eastman Kodak said early Thursday (January 19th, 2012), that it filed for bankruptcy protection, as the 131-year-old film pioneer struggled to adapt to an increasingly digital world.
Kodak has become the latest giant to falter in the face of advancing technology. The Borders Group liquidated last year after having failed to gain a toehold in e-books, while Blockbuster sold itself to Dish Network last year as its retail outlets lost ground to online competitors like Netflix.”
“Companies that once were large and massive and failed to adjust to the new reality have been left behind. Xerox that owned the photocopying industry is now a small player in what was essentially its core competency — document management. AT&T used to be a giant wireline phone company that controlled how we communicated with each other. Now it is a cellphone provider and only a component of the way we communicate. Why? Because communication itself has since moved on to a new kind of network and isn’t limited by per-minute billing.”
These companies have failed to keep up with the trends. Can you afford to make the same mistakes they did?
- Research shows that 80% of all businesses fail during the first year (so you’re feeling pretty good about yourself you made it past year 1)
- 92% fail by year five (if you’re still around, don’t get too cocky)
- 96% fail by year 10 (and some of you thought you were out of the woods)
- Only 1 in 25 businesses will make it to year 10
And if you get to year 10 or beyond, are you going to be making any real money?
- Studies also show that only 5% of all businesses generate $1,000,000 or more in annual revenue
- Less than 1% of all businesses will generate between 1-5 million
- Just 1.5% of all businesses will go on to generate 10 million or more in revenues
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