I saw several successful business women who were early innovators in their field struggle as their market became saturated. They entered the market with a great product or service that solved a problem or met a need in the industry. Their success inspired others to emulate or follow their business model.
Riding this wave of success they continued offering the same product or service year after year while their audience evolved and the market became more competitive. Instead of growing with their audience, refining their business, and looking for new ways to serve their existing customers and attract new customers they continued doing what had served them well in the past. Unfortunately, it led to stagnancy and they became frustrated because they were not seeing the same results as they had previously.
In order to succeed in business, you have to be constantly changing and evolving. It requires you to always be learning, working, and refining. Change is not easy for anyone, but entrepreneurs have to lead the way. They have to listen to their customers, anticipate their needs, and see gaps or opportunities where they can serve them. Change is scary because it forces us to grow and forces us out of our comfort zone. But by changing it allows our business to grow and opens the door for new opportunities and rewards.
*Espresso Series – Short daily opinions and thoughts about business from our founder.