There are a number of examples in the business world where a few companies have a successful run generation after generation. What can be behind this century of success story that such companies have become an inspiration to the entrepreneurial fraternity the world over? The main reason cited for this is that these firms did not allow any kind of gratification to get the better of them feels Jignesh Barasara
The maxim at these companies has to be always to achieve more and never be satisfied with whatever achievement you have got. With this dictum to climb higher and higher always took them to the top and made them retain the spot for centuries in their field. These companies stood the test of time. Others came as their rivals had their successful run but eventually faded out. And why did they peter out is because their success went to their head.
Once when someone becomes successful and achieves what they have aspired for satisfaction creeps in. this is human nature. Once this feeling of fulfillment and achievement gets in then people begin to become complacent. In business when you become so your fall starts. You no more want to compete or surge ahead. You have remained in the top spot and you think this is the end.
Yes, in a way you are right it is the end of growth and your success story. What went wrong with the success story is the gratification and the feeling of achievement. When you were in your euphoria someone else who was ambitious took over from you and gave you a great fall.
You have in the world some brands that are popular even after centuries and you have families that are loyal to this one particular brand from generations. Making a profit and remaining in the market, retaining old customers and then garnering new customers time and again for an epoch is no less feat for this company. but when this sense of success and accomplishment creeps in you are in for a fall.
Your top position is lost to some other rival company. your market value which was the highest will have now diminished. So to stay on top you have to buck up and shed the content feeling. Get to know the present market trends and make yourself available in the race to the top position. You can regain your spot. Not you nor your employees should show any feeling of achievement.
Your policy should always be to achieve more and to surge ahead. You as an enterprise should be able to adapt and also accept the latest trends and include them into your business strategy. Flowing with the tide you will sail through and will come out with flying colors.
