Every time I drive by an old Hollywood video building and see them taking down the signs and painting over the purple designs, I can't help but think of where they went wrong. I'm not sure if they had a separate R&D department and/or what they were paying these people but IT wasn't enough. It's hard to believe that this well-known movie company along with Block Buster video could not see Red Box coming. How could they not have known how big nightly rental boxes would be? Why didn't they know that people would rather pay $1 per night and have the option to keep it several nights at a dollar per night, VERSUS paying $5 for five nights even if you only wanted it one night. I give them a little credit because they did start to give money back if you brought back early but it wasn't enough.
Imagine if they would have went the RED BOX route sooner, with the name and customer base they already had, they would have KILLED it and not made room for a company like Red Box to come in and virtually shut them down. It's just AMAZING and SAD at the same time. This is the best example we've seen in a long time about what a lack of forward thinking can do for an entire corporation.
Now I take this same example and apply it to my own life and my own business. What should I be doing daily to reflect on the past, take care of the present, and prepare for the future? What can I do to avoid being outdated and out of business just like Hollywood and Blockbuster? How can I stay focused on research and development and forward thinking?
Take some time to look at your own personal and business lives and make sure you are always thinking forward because where we will be in 5 years from now is exactly where we intend to be!!!
Thanks for reading.
Aaron
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