RIM used to be really successful with its series of Blackberry smartphone. However, this company must admit that they already hit the peak and is now extremely stepping down. All entrepreneurs should learn from this bankruptcy and try their best not to experience the same things. Basically there are several issues we can learn from there. Here are the conclusions.
1. Don’t Underestimate Your Competition
RIM used to ignore Apple development on iPhone. People were talking about it, and they do not pay any attention. Your job is to monitor any progress on market. This may be influenced by your competitor movement. You do not have to imitate them, but you need to make sure that you make solution for your service or product. Don’t let yourself behind everyone on this.
2. Key on Leadership
This is about your inner strength. Your leaders need to be on the same ground all the time. Remind them about your original philosophy. Do not let your people confused because there are too many people have the right to call a shot. It should be well organized and united. Keep it this way, and you will guide your entire family on the right way.
3. Study the Trend
Be sensitive on market trends. Competitors will try to make better steps and movement. They will probably launch extravagant products or service. Your job will be monitor market reaction. All you have to do is study market interest and try to accommodate more to customers. This is how you break the trends and attract people to your product or service. Still, you do not have to imitate.
This is also essential. Do not bother to look and study on noncore companies who are trying to climb up. You should see on your level or higher. This is how it works. And when you have seen higher and see the current condition, focus on how you catch up with development. You must be one of the most updated companies. Work hard on it and never look on something less.
Each of the issue played a big role on RIM bankruptcy. We need also to see that each of the issue should have been able to avoid. Now, watch your situation. This can be existing in your business too. Be keen on it and make sure that you do not repeat the same mistake. Have a great success in your business!
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