What Can Happen In 10 Years.
There has long been a saying in the business development world that goes
“80% of businesses will fail within the first 5 years, of the 20% that remain 80% of them will fail within the next 5 years; therefore of every 100 businesses founded in 2005 only 4 will remain in 2015.” So if you have established a business that is still in existence after ten years Congratulations.
I am pleased to say that Team Massive Results is now in that elite 4% having been established in April 2005. But this blog isn’t about Team Massive Results. It is about all businesses. When I reflect on recent history it is the rate of change that has taken place in the last 10 years that is perhaps most significant.
10 years ago Facebook was barely a year old and unknown outside the US colleges where it came from, in the UK Big Brother was on its first run and Tony Blair had yet to be elected for his third spell in office. The banks still held a position of respect and authority and no one was expecting that to change whereas the iphone and Twitter had not yet been invented. In just 10 years what a massive amount of change and significant change there has been.
Now I know that older people have always moaned about change but the staggering thing today is how change is getting exponentially faster and how that change is dramatically transforming every aspect of our lives and as a consequence our businesses. So if you have a business that is over 10 year old congratulations on your ability to adapt to the world of constant and rapid change.
Much of that change has been driven by technology. Technology has been doubling in power and halving in price every eighteen months for many years. That means that the rate of change is no longer linear but it is exponential. To illustrate the difference, think about this; if I take 30 linear steps of a meter I end up 30 meters away but if I take 30 exponential steps, one two four eight, sixteen and so on I end up a billion meters away, the equivalent of 26 trips around the globe.
We live in an exponential world.
In an exponential world many of the models and concepts cease to hold.
In a world where change is so very fast and so very radical we have less time to make decisions and the consequences of those decisions can be even more significant. We don’t have the time or the luxury to learn as we used to, by our mistakes, we have to be better than that, we have to be faster than that.
So what strategies do you have in place to speed up your rate of learning? Jack Welch said “the ultimate competitive advantage is an organization’s ability to learn and translate that learning into action rapidly” so I wonder how are you dealing with that.
The highly respected Peter Drucker wrote
“My ancestors were printers in Amsterdam from 1510 or so until 1750, and during that entire time they didn’t have to learn anything new.”
In 2015 you probably need to learn something new between 15.10 p.m. and 17.50 p.m. each day and every day. So how are you dealing with that?
Tim Gallwey said that
“High performers are people who simply learn faster.” If this was true when he wrote “The Inner Game of Tennis”
in 1975, how much more true is it now 40 years later?
Pick up the speed and quality of your learning. Our next free seminar takes place on the evening of the 14 April and there are a few places available if you are quick. It’s your choice.