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The main reason why company fails is whether they are overdoing or underdoing things. Another way to put it is company fails because the lack of balance between exploration and exploitation. Knut Haanaes suggested exploration of NEW idea is useful when company takes a long-term perspective, while exploitation on EXISTING idea is beneficial for short-term perspective. As companies become more successful, they tend to explore less as they already feel "comfortable". So they keep producing the same products for a long time. Both of the elements; exploration and exploitation, are important and hard to do at the same time. But one step at a time would surely help!
1. Don’t get stuck in a crisis, get ahead of it
The worst type of management is "don't bring me problems, bring me solutions!". Instead, Richard Branson said “Find problems, create solutions.”. Having problems in our company is one of the ways to be a stronger company if we manage it well. It helps us to be more creative and innovative. To innovate would also mean that the company is buying the insurance for the future. So don’t let yourself stuck in a problem, get ahead of it! People who fails to plan, is preparing to fail.
2. Have different perspective for the company
A study has found that when a company have a short-term perspective, only 30% of the company’s valuation is innovation, which shows that innovation is not that important after all. However, when the company takes a longer term perspective, the innovation part increased by 70%. As having long-term perspective would need larger fund, company should pay extra attention when investing in their future.
3. Recruit a team
“If you want to go fast, go alone. But if you want to go far, go together.” It’s all about working as a team! Inviting more talent in your company helps you to achieve your objective more productively and be open to challenges. Challenges would grow your company and it is a symbol of a great company!
4. Scepticism on success
Don’t be too comfortable when you reached the top because in the end, we all are just human. Celebrate the success and remember it as a motivation. But don’t get attached and stay at where you are right now. Moving forward is the only way!