It’s a shame, but in business, most people are afraid of change.
Someone who loved change and embraced it greatly was David Sarnoff, the founder of National Broadcasting Company (NBC). In 1915, Sarnoff was working for the Radio Corporation of America (RCA). At the time, radio was only being used for shipping.
Sarnoff had a vision and realized that radio could be used to broadcast entertainment. He created the NBC radio network. Broadcasting entertainment via radio was a huge success, but Sarnoff didn’t rest on his laurels. He kept his eye out for the next big thing. As a result, he was one of the first people to see the potential for this new technology called television and later created the NBC TV network.
Steve Jobs was another lover of change. In fact, embracing change was Steve Jobs greatest strength.
In the 1950s, Ray Kroc turned a small California hamburger stand named McDonald’s into a national institution. He realized and took advantage of the middle class’s move into the suburbs and the need to “give mom a night off.”
In the late 1970s, while the big three American carmakers were still turning out gas-guzzling land yachts, Japanese companies like Toyota and Honda responded to the change in gas prices caused by the oil crisis. They successfully provided the public with smaller, more fuel-efficient cars.
Embracing change sometimes means making a change by cutting your losses. In 1985, in one of the biggest marketing blunders ever, The Coca-Cola Company pulled its classic Coke off the market and replaced it with “New Coke.” The company spent hundreds of millions of dollars making this change. After facing complaints from people all over the world, they cut their losses and pulled “New Coke” and brought back Coke Classic.
To jump ahead of your peers, embrace change! There’s no telling where it might take you and/or your company.
Originally published at medium.com