Have you ever wondered if the popular belief that “failure is necessary to succeed” is a lie?
If you ask failed entrepreneurs about the reason the business failed, they’ll tell you that “we ran out of money”. But, running out of money is not the reason businesses fail.
It is only a byproduct of failure.
I want to believe that we can fail and still succeed, but I no longer believe it to be true.
There are failures you learn from and there are failures that destroy your business.
It is also important to note that you can succeed and still fail.
Kodak invented the world’s first digital camera in 1975, yet they were bankrupt by 2012. You’d think that management would jump to joy, owning such a disruptive technology, but they didn’t take it seriously.
The 131-year-old company failed because it refused to adopt to the demands of a new world where consumers wanted digital photography.
Kodak failed to change.
Complacency destroyed innovation.
Kodak was in the center of the shift from film to digital photography. They invented the technology. Instead of monetizing the technology everybody wanted, they desperately held onto the past, film. Instead of creating a “Kodak Moment” they created one of the biggest business failures in history.
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