Dominate the competition
Get instant accessMany of us have been conditioned to think that challenging times mean there is no opportunity for growth or success. But some of the best companies have excelled in the most difficult eras. In fact, more than half of the Fortune 500 were birthed in an “economic winter” — a recession or a depression. Companies like Disney, Apple, Exxon, Microsoft and FedEx were launched when the rest of the business world was licking its wounds. And a number of other businesses have used an economic contraction as a chance to reinvent themselves entirely, creating a breakthrough that led to expansion.
The fact is, the only constant is change. And this does not only include changes in the economic environment, but changes in competition, technology, culture, customers and employees. But if you tell yourself that conditions and circumstances control the fate of your company, you are falling victim to a story of defeat.
This is a lesson that Tony Robbins covers extensively at Business Mastery, and one that resonated with film producer Todd Garner, who faced an industry that was undergoing substantial change:
Sir John Templeton once said, “The best opportunities come in times of maximum pessimism.” But it takes an eye for efficiency, optimization, anticipation and creativity to find and take advantage of these opportunities. It’s what made the difference between Barnes and Noble and Amazon. Blockbuster Video and Netflix. Napster and Apple iTunes. Because it’s not just about creating value any more. It’s about adjusting, evolving, and adopting the principles and strategies necessary to take your business to the next level. Because the competition in any profitable industry is fierce. And the lifecycle of ideas and products has shrunk as the time span between the moment you come up with a breakthrough concept and the instant somebody else comes up with a better one, has gone from decades to years, to months.
