Even the biggest businesses have rough patches from time to time. Successful businesses take that time to reflect, evolve, and grow to meet new requirements. Businesses that fail don’t grow, and try to continue offering something that is no longer valuable or relevant.
Consider these case studies:
- Star Trek was cancelled after its first three seasons… and then went on to become one of the biggest television and movie franchises in history.
- Sales at Apple dropped by 18% for three years in the 1990’s, until Steve Jobs’ return in 1997. Since then, they have changed the way people live, work, and play with products like the iPod, iPhone, and iPad.
- In 2004, sales of LEGO™ dropped by 35%. After successful licensing deals with major movie and video game franchises, the company is back on track.
- Marvel’s comic book business was in trouble, until the late 1990’s when they formed Marvel Enterprises and began making movies featuring comic book characters.