Mutate For Success - Why So Many Businesses Fail
“Learn how to see. Realize that everything connects to everything else.” – Leonardo Di Vinci
Adaptation is a survival trait that goes back to the beginning of time. All organisms need to adapt to survive climatic conditions, predators, and compete for the same food and space.
Although most adaptations happen over a very long period of time, there are exceptions: **Mutations – **instant adaptations. And this could be the difference between life or death for some species.
The same idea can be applied to businesses:
Have you ever wondered why:
- 20% of small businesses fail in their first year
- Of those that survive year 1, another 50% will fail by their fifth year
- Of those, 30% will fail by year 10
Out of 100 small businesses, about 28 will still be around after 10 years. And these rates are consistent over time, which suggests that year-over-year economic factors don’t have much of an impact on how many small businesses survive.
What do these 28 businesses get right that the others don’t?
They don’t just adapt, they mutate.
Humans are a creature of habit, yet our world is changing faster than ever. If a business is to survive in this age, they need to learn to speed up the adaptation process.
Here is one simple strategy that will help you mutate your business to survive against the odds:
LEARN TO READ THE WORLD SO THAT YOU STAY RELEVANT AND BUILD YOUR BUSINESS FOR TOMORROW’S MARKETPLACE, NOT YESTERDAY’S REALITY. *
Learning to read & see the world in a new way takes some effort on your part.
Here is a two step approach to help you get started:
Step 1: BREAK HABITS.
In order to see the world in a new way, you need to explore it, read it, and experience things outside your natural habitat.
How can you do this?
- If you read a business website, magazine, or book each day, try reading something about Art, Engineering or science instead.
- Check out TED talks or YouTube videos on subjects completely unrelated to your business, but interesting to you.
- Live the lives of your customers and their influencers. I learned this one from Rand Fishkin (MOZ Founder). He actually did a CEO swap-for-a-week with a business friend of his. Going this extreme may not be for everyone, but you can always just check out a business that would be new to you.
As you explore, make sure to make notes of new thoughts, ideas, and things you like.
The goal is to plant seeds and start to change the way you think.
Step 2: PLAY MASH-UP
Now that you have explored the world beyond your own bubble, it’s time to use what you’ve seen, learned, and experienced to mutate your business.
The best way to do this is to have creative meetings and ask mutation questions.
Mutation questions typically begin with “What”, “How”, “Why” or “IF” and don’t limit the imagination. These questions don’t need to be answered within the realm of current reality and don’t need to be fully explained.
The goal here is to spark the imagination and get the mind to think differently.
Start with questions about your exploring:
- What did I observe that surprised me?
- How are the lives of people changing?
- What will I be able to do in the very near future that I can’t do today?
Then question within your business:
- Wouldn’t it be cool if…. (toss out some crazy ideas based on what you have seen and how they could be used within your business)
- What is one thing a company outside our industry is doing that we could incorporate into our business?
- How could we make our product/service appealing to the direct opposite of our current target market?
- If we were to build the business from scratch, how would we build it differently?
Take time (every few months) with your team to think about the future, the industry, and problems that you face. Think BIG, futuristically, and over the top. Once you have an outrageous idea, slowly walk it backwards until it’s borderline possible.
The right question could lead to your next breakthrough.
Just ask Tesla.
Q: What if we could have an affordable battery powered vehicle?
Just ask Netflix.
Q: What if we could stream our entertainment and not have to go to the store?
Just ask Square.
Q: Why can't everyone accept credit cards?
In order to mutate, you must better understand the world around you.
Everything is connected.
LEARN TO CONNECT THE DOTS.
*Some ideas and thoughts for this article were sparked from the following books (Which I also recommend for business owners):