Why Big Businesses Fail & What You Can Learn From Them

My Space, Kylie Cosmetics, and Yahoo once dominated their industries. Yet today, they are struggling to get by and have suffered massive revenue drops, proving that even giants fall from grace too.

So how can you ensure that your small business doesn't suffer the same fate as these notorious companies, once leaders and the dream of every entrepreneur?

Loyalty comes with Innovation

We all love the idea of loyal customers. Customers who believe in your brand and go above and beyond to support it.

Yet, you must realize that it is your responsibility to innovate and offer newer solutions to your customers.

The world around you is growing, people are learning, and everyone is finding more efficient ways to solve problems.

As new trends take shape and new technology develops, your job as an entrepreneur is to keep up with them. Then, you must evaluate how they can help make your customers' lives easier.

If you fail to do this, other companies will take advantage of the gaps you leave. Your business can end up being the next Blackberry of your industry.

Not Embracing New Minds

Ask Gen Xs, Millennials, and Gen Zs to solve a problem. Compare the solutions they provide.

You will notice that every generation has a different approach to solving the same problem. Now, evaluate what approach resonates with you.

Years ago, yahoo was a thriving company, yet they needed to be open to hiring young people to lead their technology company. Instead, they employed many experienced managers who needed more innovative ideas.

The result- was a company that needed to catch up to Google, a company that was scouting the youths for all their new ideas and skills.

And it is why people don't say 'Yahoo it' today when they want to learn what something is.

The Challenge
Which of these threats to your small business are you ignoring? Brainstorm ways to incorporate them into your business better and take advantage of all the solutions they offer.