Giving up too early

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Success and greatness are never assured, but there are lessons always to be learned from failure. In the business world, there are plenty of failures to learn from.

Often we see individuals, business people and companies believe in a particular future, objective, strategy or product, often pouring in inhumane amounts of time and an obnoxious amount of money. This belief and singularity of focus is one the most important factors in the success of any endeavor, however many don’t make it till the end. The reason is that they give up too early.

A great example can be that of the MP3 player. Many companies had tried and pretty much given up such as ‘The listen up player’ or the MPMan. Early versions of an MP3 player that never took off until Apple came along. Of course, by the time Apple came along, the internet was faster and MP3 was widely accepted. Apple also came along with a store, however, any number of companies, such as Sony (which had its own back catalog) were much better positioned to take on this market.

Another example of a company giving up is Microsoft that had a portable computer that could be worked on with a stylus when the Ipad was a twinkle in steve jobs' eyes. It didn’t take off, and Microsoft never took the idea forward. Also, Microsoft was not the only company that tried it.

Persistence does give results. A great example of not giving up (sort of) comes from Apple, which created the Newton (a palm-held device) and eventually also came up with the iPhone. Another great example can be that of RenTech, the world most lucrative hedge fund manager. They started dabbling in Quant trading in the 80s and eventually became the behemoth they are now when they started investing in the stock market.

Persistence in business can even overturn nature. However, the question remains, when does one actually cut their losses after a product has failed and run? This is a discussion for another time.

Umair Usman is a Rapid Transformational Therapist, a businessperson, and a writer. You can know more about him www.thecognitiveconsultants.com 
#weightloss #healthandfitness #RTT #performance #goals #consultancy 


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