Successful business ownership is a process. Entrepreneurs that survive and thrive in their industries effectively and successfully move from one strength to the next while overcoming many challenges. Anyone who has ever tried to get a business off the ground knows this reality all too well. There are no shortcuts to success.
Industries are continuously evolving. And you can’t make intelligent decisions within your business unless you understand how your whole industry is changing. As Harvard Business Review suggests, “If the industry is in the midst of radical change, you’ll eventually have to dismantle old businesses. If the industry is experiencing incremental change, you’ll probably need to reinvest in your core. The need to understand change in your industry may seem obvious, but such knowledge is not always easy to come by.”
As a result, some business owners thrive one day and find themselves struggling to make it through the next. Entrepreneurship can be brutal and competitive, so it pays to know your priorities. Those that succeed and become long-standing brands do so with dedication and hard work.
The digital impact on startup culture
Today’s digital era has brought about significant changes. Startup culture has become more inclusive and progressive, barriers to entry have lowered, and resources are more accessible than ever before. The resulting success stories are borne from the removal of many challenges that businesses in years past had to endure. And it is just the beginning. The best is yet to come.
How startups navigate industry change
Incremental change is often seen in mature industries. For example, the real estate industry has experienced changes throughout the purchasing process and supply chain. The co-ordination of people, properties, processes, vendors, information, and resources to deliver real estate products and services to the end customer is shifting.
For example, the buy to build process has become more streamlined and hassle-free. Homebuyers who would, in times past, only consider pre-built homes are now turning to real estate companies that provide premium House and Land Packages with access to favorable financing to buy the land then build the house.
Meanwhile, smart home technology companies focused on home security are on the rise. The smart security space is driven by a wide range of products, vendors, and business models and experiencing its golden age.
How to succeed amid a digital revolution
Ultimately, successful businesses in the digital era will look very different from those of times past. The digital revolution has fueled an exciting new phase with companies in every industry, offering consumers new and improved products and services.
Meanwhile, the digital revolution has resulted in a consumer-led economy. This has resulted in a spike in expectations, making it more difficult for companies to meet customers’ ever-changing demands for more useful and improved offerings.
Adapting to these industry changes within a competitive market will require more dedication, commitment, and problem-solving. Startups that succeed in this new landscape will be hailed for their willingness and capability to reach the top even when unprecedented difficulties stood in their way.
Craig Lebrau is the CMO of Media Insider, a Wyoming-based PR company that aims to disrupt the way companies communicate their brand in the digital era.
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