One can’t win all the time in the business world. There are plenty of companies that faded away because they could not keep up with the changes.
The last time I shared some advice from David Rowan, former editor-in-chief of WIRED magazine’s UK edition. Let’s talk some more about the tips he has offered.
One is to empower your talent. Google X is a perfect example. In 2010, the tech giant set up a secret research and development facility to allow its employees to cook up whatever crazy ideas they have. The self-driving car company Waymo was born there, and it now has a market valuation of nearly US$100 billion.
The spirit of innovation is the key for companies to stay competitive in today’s world. Companies should encourage employees to step out of their comfort zone in order to test ideas and introduce innovations.
Another one is to follow the data. The rapid growth of Facebook, Google and China’s e-commerce giants shows that whoever has the data conquers the world.
Data has become the basis for every industry. Conventional marketing and financial models will be become outdated very soon. Many governments and companies have already taken action to take advantage of the trend.
David Rowan also reminds entrepreneurs to find their “blind spot”. Many people just don’t know their blind spots. I found this to be quite true during my conversations with young people.
Frankly speaking, many young and outstanding entrepreneurs are surprisingly stubborn. They draw conclusions without thorough market research. This could lead to failure.
The last point is to cross the line. Rowan encourages companies to step into different areas and trigger collisions. Co-location across different disciplines can help unleash the company’s full potential. This approach is way better than for a company to shut the door and work on its own.
This article appeared in the Hong Kong Economic Journal on Aug 10
Translation by Julie Zhu
[Chinese version 中文版]
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