The World is Changing. Are You?

We all know the world is changing and it is changing at an ever-increasing rate. (We had a terrific piece on this a few years ago, which you can find here.) I don’t know of a single industry that is not changing, whether it is from different buying habits of its customers, the web, globalization, or a number of other reasons. The question for all of us is, are our companies changing as we need them to in order to compete? The reality is that companies don’t change, people do. And many times, change comes down to making difficult decisions.

I love speaking to or reading about entrepreneurs who embrace change, because that can be so hard to do. James and Alexa Hirschfeld, founders of Paperless Post (read their story here) seem to be fearless when it comes to change. Let’s look at two examples. First, they changed their business model several times. Sure, maybe it is easier when your company is one or two years old, but regardless, you first have to decide that you were wrong about something, which is difficult to admit. It also reminds me of one of my favorite interviews that we published. When Jon Bloostein, owner of Heartland Brewery, opened his Times Square location, he realized in the first few weeks that the restaurant missed the mark. Despite pouring millions into the concept, he closed it and reopened with another concept (which is now successful—you can read his story here). I think a lot of us know that some things that we do aren’t working. But are we making the tough decisions to change?

The second example from the Hirschfelds’ interview is that the person you hired in the early stages may not be the right person for your company as it grows. Sure, we all know this. But, once again, are we making the tough decision to make a change in personnel?

I do believe that, 10 years ago, companies could get by without evolving. Not anymore. The marketplace is just too competitive. And one thing is for sure: it will only get more competitive.