The upside to a challenging economy is that it inspires an entrepreneurial mindset. It’s common for someone to look at a lay off as an opportunity to pursue a dream, to create the job they always wanted and stop working for “the man.” Problem is, for every successful business venture there are countless others that fail. Now failure isn’t always a bad thing. It’s how we learn and make improvements so we can become excellent. However, there are established businesses (or so we thought) who mess up, don’t fess up, get comfortable and lose their edge and hunger. Here are a few reasons why people and the businesses they run fail and what to do to breathe new life into an existing company to prevent its fall.
#1. They don’t dominate their space. Champions Dominate! Competition is for sissies and wannabes. Competition is for the whiners of the universe. Do you want to be motivated and excited? Look at mega brands like Coca Cola, Google, Apple, in their prime they dominated. Ford Motor Company, domination. I remember when the Pittsburgh Steelers dominated, the Dallas Cowboys dominated, Chicago Bulls dominated, and the US government dominated, and now they don’t. So what happened? They started thinking as competitors, not dominators. Now they battle to keep up with everybody else. Dominate your space. Quit playing in it.