In the 80’s Kodak thought it was invincible. It was a worldwide brand and it owned its space.
Kodak used to be the great inventor.
In 1900, it unveiled the Box Brownie camera. "You push the button, we do the rest," ran the advertising campaign.
Kodachrome film, the standard for movie-makers as well as generations of still photographers because of its incredible definition and archival longevity, was introduced in 1936 and only went out of production 2009.
And we must remember the innovative Instamatic, the camera with the little cartridges of film that spared people the fumbling of trying to get film to spool properly. Between 1963 and 1970 the company sold 50 million of those.
In the 1990’s Kodak invested heavily in developing digital picture-taking technology, but it held back from developing digital cameras for fear of killing its all-important film business.
For Kodak's leaders, going digital meant killing film, smashing the company's golden egg to make way for the new.
And it couldn’t make itself take this step.
In 2012 Kodak filed for bankruptcy.
If you are afraid to innovate your current business model into redundancy, then you are at risk because someone else will.
Recently I had an interaction with someone in a business I own.
Recently we were making a major decision in MedRecruit for a very important leadership role in the recruitment team.
If you go to almost any personal development or business seminar, the presenters will share stories of failure leading to triumph.
It’s not a shop, it’s not online, it’s not Amazon or eBay or Trademe.
Survival isn’t necessary.
Is it meeting specification?
“You don’t choose the life of being an entrepreneur, it chooses you,” is something I found myself saying to a young entrepreneur the other day.
Dissatisfaction is a common state for entrepreneurs.
Fear of failure is a common reason many people don’t start things.
Failure is inevitable.