Why Many Businesses Without New Ideas May Eventually Fail In Future – By Elora Akpotosevbe

If You are doing the same thing for years in your business without growth, you’ve to try something you’ve never done before.

Have you been in that business for years and everything seems the same, as you are lacking growth.

Then is time to do something more innovative, creative, by thinking outside the box.

A vivid example of a company that grew globally is Netflix.

Netflix is today one of the most popular (if not the most) streaming entertainment platforms, but its journey needed a reshape.

The company started in 1998 and its mission was to allow users to rent and buy DVDs. Their first business model was a subscription model – with it, users could rent as many DVDs as they wanted, thus accessing audiovisual content massively.

In 2007, they decided to focus on streaming content and thus changed the way people access audiovisual content for good.

Netflix is an example of how digital transformation can shape the future of a company – pivoting to a new digital format while keeping its business model .

The reason why most businesses fail and phase out is lack of creativity.

I hope you learnt something new reading about how Netflix expanded in their business.

Email: elora.akpotosevbe@yahoo.com