Building a company around a product that is of great value to its customers is very common venture, but the statistics show that these types of companies are not designed to last in the long run. The key selling points of a product may be efficiency and less complexity in the short term, but when it comes to thriving and keeping the competitive advantage in the long run, many companies lack clear action plans and strong strategies.
Many entrepreneurs, who are ambitious enough to aim towards dominating their markets for many years tend to focus on important subjects like innovation and diversification. These ambitious entrepreneurs, who want to build resilient businesses, look for the answer of the following questions: “What do you have to do to make sure that you company will last a hundred years?” and “How to build companies that continue to innovate in the long term?”.
Building a resilient business that is designed to flourish in difficult times of change is not an easy job, but is possible if the entrepreneurs implement the right strategies and execute these strategies successfully.
During his TED Talk, strategist Martin Reeves shares the six key principles, which executives need to apply in their long-term business strategies if they want to build resilient successful businesses. Redundancy, diversity, modularity, adaptation, prudence and embeddedness – if implemented successfully in the product development processes and the business model of a company, these six principles will lead to the creation of resilient and long-lived businesses.
Reeves not only introduces to the audience these six extremely important principles, but gives examples of companies that successfully have implemented these principles and managed to not only survive, but also thrive, and companies, which lacked some or all of these principles in their strategies, which failed and unfortunately declared bankruptcy in the end.
You are able to watch this very interesting talk in the video below. Feel free to leave your comment and opinion in the comment section.
