What I wanted as A Child and WHY BUSINESSES FAIL
I remember sometimes in 2003, I had a conversation that was more like a deal with my best friend. He wanted to be an engineer and I wanted to be a doctor. We agreed he was going to build all my houses and I’ll be his family doctor.
Guess what, He’s been engineering a lot of things but not a building, and I’ve been on many calls but not as a Medical Doctor (except in some special cases, that’s a story for another day).
It’s funny how we evolve through life, how soon our interest, drive, and desire changes with time, how the conception of our environment and perceptions of ‘what is’ changes as time nurtures our mind.
I used to want to be a pastor when I was a child, up until when I was 11, I wanted to be a doctor. I admire the way pastors dress, their countenance and the way they carry themselves with elegance in church. I respect the level of caution and determination doctors put into their work. There was this time I also had an interest in the military because of the discipline and orderliness. I still relate with all those qualities, even in University when my friends believed I was going to be nothing else but a mad scientist.
Fact: Only 14% of humans become what they wanted to be as a child, and 62% of them achieve that by chance. (Skip the mathematics)
My grandmother once told me that nothing is certain in life, except change. As humans, it is our innate quality to go through changes some of these changes come naturally, and some, we induce as a result of learning. In fact, that is why learning can be defined “as a change in cognitive structure and behavior due to changes in information acquired over time” (My Definition).
As we grow and experience new information around us we begin to change how we want to look, what we wear, where we live, and as our body experiences different changes in the composition of nutrients we ingest, we begin to change body form.
Change is inevitable and this is why many businesses fail.
WHY MANY BUSINESSES FAIL
In summary, many businesses fail because they fail to acknowledge change as a constant factor, both within the company and amongst the target audience.
For big enterprises, it’s called the Titanic effect, and for small businesses, it’s called arrogant stupidity.
The Titanic effect is when a company feels so big that they believe nothing can sink them and no change is needed, in short, they feel they have all the “T” and “I” perfectly crossed and dotted.
Arrogant stupidity is when a small or medium-sized enterprise feels its existence depends on its product and fails to acknowledge that users, buyers, and consumers as humans with constant changing desire, drive, and interest. Even though every customer have an innate quality that makes them what they are, what they want and what they need will always change over time, just like my childhood dream of becoming a pastor – just like your desires and wishes changes often, just like your wants and needs changes as you learn, relearn, and experience new information.
Apple, Google, Rolex, “Tesla”, IBM, and Coca-Cola didn’t become a brand by feeling too big to change (Titanic effect), or by being arrogantly stupid during their growth stage. In fact, I believe they still regard their current stage as a growth stage, and they spend millions every year on research, to understand the trends in their consumer’s wants and desires so that they can innovate and present new products that meet their changes in expectations.
I’m not saying you should spend millions on customer data acquisition or research. I’m simply implying that you take your customer’s interest as the core of your business and be sensitive to the changes in their wants and needs.
For instance, If you’re into fashion be sensitive enough to identify when and why your clients are getting less interested in Jean patches or water flow jackets and more interested in Ankara patches or of denim Ofi (if there’s something like that).
I hope you get the point: your customer’s interest will always change, you need to be flexible to meet up with the changes if you must remain valid in their mind and remain in business. This is why Infinix releases a new mobile version almost every Quarter of the year, to meet up with the changes in their consumer’s expectations.
Be sensitive to how your customers respond to your marketing channel, how they want you to communicate with them, how they want you to deliver to them, including your price and product packaging. Don’t let them get bored in the same iterate styles – make them understand you’re changing (growing) much as they do.
Learn to Embrace Changes and your Business will not Fail.
Many businesses fail because they don’t pay attention to changes in their consumer’s interests and expectations.
See you soon.