In every business, finding product-market fit is such a magical moment. But once you achieve it, you’re suddenly faced with a new challenge: how do I keep it to stay at the top?
Once you finally have that one product-market fit, keep adding more value to stay in the market.
During a 2016 press conference to announce that smartphone maker, Nokia, had been acquired by Microsoft, President and CEO of Nokia, Stephen Elop ended his speech saying:
“We didn’t do anything wrong, but somehow, we lost.”
Upon saying that, all his management team, himself included, shed tears.
Just like Jumia, our very own Amazon of Africa that hit the stock exchange market with flying numbers, there is always something to do to stay at the top as an entrepreneur, founder, or businessman with your product.
Also Read: Maximum Profits, Minimal Risks: The Future of the ANC Trading Community
Nokia had been a respectable company. They certainly didn’t do anything wrong in their business as they claimed. But the world changed too fast and their opponents grew too powerful. Perhaps, they figured out the fast-changing world before Nokia could.
The smartphone maker missed out on learning. They missed out on changing, and thus, lost the opportunity at hand to make it big
Not only did they miss the opportunity to earn big money, but they also lost their chance of survival.
Change or be changed
Within our own community, we have seen such acts and moves/errors made by other companies. A very good example comes from our money transfer sector which I will not want to call names.
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As we set the ground for the 2020 ANC Startup Accelerator program, my message to young startups, founders, managers, and entrepreneurs is that if you don’t change, you shall be removed from the competition.
It’s not wrong if you don’t want to learn new things. However, if your thoughts and mindset cannot catch up with time, you will be eliminated from the race for that is the business world and you must accept innovation and change.
