With around 9,000 stores, Blockbuster used to be the largest video retail chain in the U.S.
That was until Netflix started delivering video service to homes and eventually, online. Consumers no longer had to make a trip to the video store to rent a movie or T.V. show.
Netflix changed the game by creating a different business model. The subscription-based model of Netflix eliminated the dread of late fees. Blockbuster, on the other hand, relied on late fees to stay profitable. They continued charging late fees despite being aware that customers disliked being penalized.
Blockbuster had the opportunity to buy Netflix in 2000 but passed on the offer. A decade later, the company filed for bankruptcy while Netflix dominated the market.
Having A Growth Mindset Is Essential For Businesses
If Blockbuster was open to learning from Netflix, they could have adapted their business strategy and saved the business.
Disruption is inevitable in every industry. Disruption occurs when individuals and companies don’t learn and adapt quickly enough to external changes in their environment.
This is often a result of a culture with a fixed mindset.
Be Agile In Your Learning
Agile learning refers to the ability to adapt to change quickly on a personal and on an organizational level.
It is the willingness to learn through experimenting and through seeking out new experiences.
Adaptability is one of the key dimensions used by HR leaders and businesses to discuss a person’s potential for growth in the company.
Adaptability is considered a critical factor for someone’s success and refers to the ability to apply to challenges that a person has not encountered before.
What steps are you taking to step out of your comfort zone and develop a growth mindset?
Without learning agility, your business and personal career could be as irrelevant as video rental store in the near future.
Sheevaun Moran is a business advisor, master coach, quantum energy thought leader and the founder of Energetic Solutions. She uses business principles with energetic techniques to help more than 25,000 entrepreneurs, CEOs and leaders bring instant focus and shifts to clarity, purpose, and profits.
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