Business Ego

Business Ego is something that prevents good businesses from greatness.

This isn’t your personal pride or ego! You can be the most modest person but still be held back by “Business Ego”, let me explain!. If you’ve always believed our  product is great, so we don’t do A, B, C, changes ‘ when it is evident that you must, in order to grab a larger chunk of the market share, then it means you have a business ego holding you back. When that creeps in, it is pretty difficult to develop your business further, regardless of how successful you are.

Where Sri Lanka is heading

I have noticed that Sri Lankans Businesses aren’t quick to adopt to change.  However, I  also observe this – 

Millennials and Gen Z are in the workforce working together. More start-ups are popping up daily with innovation. 

Large part of the Sri Lankans are now quick to adopt new technologies. We only had 2% internet penetration in 2000, but by 2019 we’ve surpassed 50%. 

The downside of this is if you don’t remove your Business Ego, you are only running down the clock on being isolated from the market.

All the news is about doom and gloom, but what they don’t tell you is this is the perfect time to innovate.  The gap between the established and new companies are getting narrower. Now is when the business leader of the future will put their hands up! Tweak your products, or eliminate entire product lines so you can come out the other side of the pandemic with a winning product!

Let me give you some examples for context, 

Blackberry

So if you refuse to adopt, the market will refuse you a lot sooner than ever. One of the best examples is the case study of mobile phone manufacturer Blackberry.

When Steve Jobs introduced the world to the iPhone in the year 2007. Blackberry stated, we will be fine because our clientele is ‘corporate’. 

So they neglected to adopt as they were so entrenched with their own pride for the product. It didn’t take long for Apple to overtake Blackberry and now the days of blackberry seem so ancient when looking back.

So they refuse to adopt and certainly lose all the signals that they had right before their eyes to adopt the change.

Now, I would like you to go back and have another look at your business model and see where you need to adopt this. It might not necessarily be the product. For some it can be the way you deliver your service or the way you manufacture it. 

Remember your business breakthrough is just a couple of simple decisions away!  Delay is the biggest cost in business.

If you’d like to scan your business and see where it is click the link below.