Strategies for business, career, personal success in 2024 and beyond
IN the Pursuit of Success, over the last two decades, I have inspired different people to embrace strategic approaches to their businesses, careers, and personal lives. This article delves into key strategies for navigating key challenges in 2024 and applying the principles of success.
According to INC. Africa here are 4 of the biggest and costliest mistakes in business history.
1. Excite could have bought Google for less than $ 1million but they didn’t do the deal.
Google is currently the number one search engine in the world with approximately 60% of market share. It’s market cap today is $ 1.708Trillion. Back in 1999, Excite was the No. 2 search engine and Google was the new kid on the block. Larry Page offered to sell Google to Excite for $ 750,000. Google is now worth more than 173,333 times what Excite would have paid for it.
2. Kodak had the first digital camera back in 1977.
Whenever the landscape of an industry changes, some businesses innovate, adapt and thrive but others continue doing the same old thing until it’s too late. In Kodak’s case because it made so much money on film, it failed to launch its digital camera. It continued to focus on traditional film cameras even though the market was moving towards digital technology. By the time Kodak finally got into the digital market, it was selling its cameras at a loss. 3. Blockbuster turns down multiple offers to buy Netflix. I am sure it is very difficult and painful for you to imagine that the then number one chain of video rental stores Blockbuster Video failed to see the potential of online video streaming services of Netflix. In 2000, Netflix proposed that it would handle Blockbuster’s online component and eliminate the need for mailed DVDS.
According to former CFO of Netflix Barry McCarthy, “They just about laughed us out of their office.” Today Blockbuster no longer exists and Netflix is the number one movie streaming platform in the world with market cap of $ 217 billion and 247million subscribers.
4. Quaker lost over $ 1Billion on Snapple.
Because Snapple beverages was a huge hit at small retailers, Quaker bought it for $ 1.7billion. But competition moved against Quaker and companies like Coca Cola developed competing products like Fruitopia in 1994 and Sobe in 1996, ultimately the Snapple deal was a major loss and Quaker sold Snapple for just $ 300million to Triac in 1997. If only Quaker had been patient because Triac went on to sell Snapple to Cadbury Schweppes for $ 1.43. The business landscape today is very Volatile, Unpredictable, Complex, Ambiguous, and Disruptive ( VUCAD).
For businesses to survive, thrive and succeed they have to do the following;
1. Embrace Technological Advancements for Innovation:
We are now in a rapidly evolving digital era, businesses must harness technology for growth. I personally believe that Technological advancements are the driving force of modern business. Organisations must embrace innovation, leverage on digital tools to stay relevant and ahead of competition. Each company must research to find out the best technology fit for their customers and business model. If you fail to innovate your business will die, its only a matter of time.
2. Prioritize Diversity and Inclusion:
Research indicates that diverse and inclusive workplaces outperform their counterparts. Hiring a diverse team of different kinds of people at all levels, male and female with varied personalities, perspectives, skills, experiences, ages, etc is very key for the survival and success of organisations today.
A Mckinsey study found that companies with diverse executive teams are 25 per cent more likely to have above- average profitability. For organizations that I currently work with, I strongly advocate that they, prioritize diversity and inclusion as part of their business culture, I also advice that they embrace different perspectives for innovation and enhanced decision- making.
3. Implement Sustainable Business Practices:
Sustainability should not just be a buzz word or trend; it should be a business imperative. I believe that sustainable practices are essential for long- term business success. To stay afloat, some particular businesses must align their businesses with eco- friendly initiatives that contribute positively to the environment and resonate with their conscious consumers.
4. Foster a Culture of Continuous Learning and Improvement:
In the ever- changing business landscape, fostering a culture of continuous learning and improvement is paramount.
According to recent research by the year 2025, 60 per cent of workplace skills will be obsolete and 50 per cent of your workforce will need upskilling every six months.
Your organization must therefore;
Encourage employees to embrace a mindset of constant improvement.
Invest in staff continuous learning and upskilling.
Ensure their workforce remains adaptable and resilient in the face of change.
Investing in coaching your workforce is the most productive and profitable investment today in learning and development.
Coaching has become the most preferred learning and development intervention for board members, CEOS, executives, managers, leaders etc.
For your career relevance and advancement, you must do the needful as follows;
1. Develop Soft Skills:
In a world increasingly reliant on automation, AI and technology, soft skills are invaluable. A World Economic Forum report highlights that skills such as emotional intelligence, critical reasoning, design thinking, problem solving skills, innovation and creativity, effective ve communication will be very crucial for career er success.
Everyone must, develop soft skills ls to complement their technical expertise.
Research reveals that 85 per cent nt of success within the workplace is determined ned by how emotionally intelligent you are. 15 5 per cent of success within the workplace is however owever determined by a combination of technical hnical and cognitive intelligence skills. Effective communication will also o set you apart in your career journey. Engage a top coach today for your ur personal and professional survival al and success.
2. Cultivate a Growth Mindset:
Research in psychology underscores the power of a growth mindset for personal and professional development. I encourage my coaching clients to cultivate a growth mindset that sees challenges as opportunities for learning and growth. This mindset fosters resilience and propel them forward in their careers. People with a growth mindset believe that anyone can become anything, achieve anything, can change and grow through application and experience in life. A growth mindset opens you up to phenomenal achievements by filling your thoughts and beliefs with unlimited possibilities that propel you into a powerful state and place.
3. Build a Personal Board of Advisors:
Successful individuals often have a network of mentors, and coaches. A study by Harvard Business Review found that professionals with mentors and coaches are more likely to receive promotion, pay rise, bonuses and feel more satisfied in their careers. If you want to keep progressing and growing in your career you must have a coach who works with you and supports you to create the career of your dreams. Look around you, most of the top professionals from business, music, sports to entertainment have coaches. Get yourself a top coach also.
For your Personal Growth here are a few things to focus on:
1. Prioritize Your Mental Health and Wellbeing:
Research consistently links mental health to overall well- being. A study published in The Lancet Psychiatry journal found that prioritising mental health has a very positive impact on life satisfaction.
You must prioritise your mental health as a foundation for your personal success.
Daily practice mindfulness, meditation, visualisation and also seek the help of a therapist, coach or psychologist when you are going through trauma or very challenging times. Everyone needs help and support to consistently foster a positive mindset.
2. Set SMART Goals:
Goal- setting is a powerful tool for personal growth.
Based on research only approximately 8 per cent of people globally achieve their goals year in year out, 92 per cent fail. Wow !! That’s a very true bit scary statistic.
Another study published in the Journal of Applied Psychology found that individuals who set Specific, Measurable, Achievable, Relevant, and Time- bound ( SMART) goals are more likely to succeed.
Setting SMART goals, gives you clarity and direction in your personal journey.
Create a plan and break down larger goals into actionable steps for gradual progress. Identify why you procrastinate and overcome your procrastination.
Identify and consider your reality while setting your goals. Get an accountability partner that can hold you accountable to achieving your goals or better still get a coach.
3. Cultivate Resilience and Adaptability:
In a world marked by uncertainty, resilience is a key factor for personal success. A report by the American Psychological Association highlights the importance of resilience in navigating life’s challenges. • If you need help to get to your next level, as an individual or business please reach out to me personally on + 2348098883555 or email hello@thecatalystng.com Shalom