FAILURE TO ADAPT
One of the most common decisions entrepreneurs and business owners will need to make at some point of their journey is this, Do I persist, or do I Pivot ?
Coming up against obstacles, setbacks, feedback from customers, investors or the market may be such that current direction or vision may need to be reviewed based on the results or feedback being received
Eric Ries in his International Bestselling Book The Lean Start Up explains the importance of this in what he describes as the BUILD- MEASURE- LEARN FEEDBACK LOOP (See image above)
The intention behind this model is to :
*Test and measure your product or service offering
*Review the feedback and results that you are receiving
*Determine whether you need to keep going despite setbacks or disappointments
*Alter it in some way and then continue
*Totally Change direction or Pivot
*Give up on the idea entirely
The ultimate objective of to model is to progress through this as rapidly as possible so that you are able to adapt to information and results received. A failure to do so, or being slow to adapt, increases the chances of misreading the customer or market needs and demands, and this increasing chances of failure.
This applies not only with start up entrepreneurs and new businesses. Many large and long established companies like Kodak, Block Buster Video and RadioShack failed to adapt to a changing business landscape and competitor product and service offerings and this ultimately lead to their demise
In the Kodak example there is evidence that Kodak was in possession of the technology very early on that lead to them being overtaken, and that ultimately lead to their demise, the bigger question that comes out of this is what prevented them from adapting?
What does prevent people from adapting ?
We have been conducting research and studying this area for some time through our coaching, mentoring and interviewing entrepreneurs and business owners and their teams. And we are passionate about studying some of the most successful people in this area on the planet. What our findings and research reveal to us is that some of the most common reasons that prevent entrepreneurs and and businesses from adapting to information and feedback are :
Fear of making the wrong decision
Lack of Knowledge and skills about what to do
Ego - not being open to views or results that are contrary to their view
Fearing conflict with other members of their team
A lack of emotional intelligence
A lack of self awareness
Armed with these findings, and the needs of our clients, we have been working to develop a model of coaching and support to assist them through these key decision making stages
Far too often, decisions have been made impulsively, spontaneously, and in some cases key decisions have been avoided all together. By navigating entrepreneurs and business owners through these key steps, it is our intention to support them to make better quality decisions, develop situational awareness and increase their chances of success.
We are excited about introducing new programs and product offerings in this space.
LUX Consulting Group