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Death to Core Competencies

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On this week’s BizCoachingOnDemand, Fran and Matt review an article from the entrepreneurial magazine Fast Company titled Death to Core Competency: Lessons from Nike, Apple and Netflix. What entrepreneurs can learn from these large multinational corporations is that they continually have to adjust their business model and rethink their core competency in order to reach the top.
Apple
Apple went from chiefly manufacturing to PCs to selling music on iTunes and then to phones, which now make up 40% of their sales. As new technology developed, Apple has continually found ways to offer its customers value. They discovered that people cared about form and function, and desired luxury products to be affordable.
Nike

Nike came out of Oregon making shoes, then made the transition to apparel and now is selling technology to complement their products. When Nike first started, they were focused on providing optimal solutions for runners, but they have since turned themselves into a larger business whose more general competency is to enable human achievement and performance.

Netflix
Netflix realized a shift in consumer demand for movies and television. By bringing the movie and television rental market online, they essentially ran Blockbuster out of business. Don’t discount the power of the internet. As new technology becomes available, consumers will require you to innovate your business or someone else will.

Think Revolutionary
Don’t be satisfied with where you are as a company. For small companies, it’s easy to get stuck in your own way and to be comfortable with your core competency. But you need to think revolutionary and to come up with ideas that knock down doors by enhancing your product and customer experience.

Add Value
Find something that adds value to what you’re already doing. Think of ways to expand your current product line. Is there a complementary product that you can develop or is there new technology available that renders your existing product obsolete and requires you to redesign altogether?

Innovation and creativity are happening within big companies, but they can happen to small businesses even faster. It’s important to think of how you can get better by serving the same audience you have in a different way.

Published: July 9, 2013
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Business Coaching On Demand was formed out of the need to provide small business with expedited results in today's competitive marketplace. We recognize that sometimes small business is overlooked and when services are available, they are generally priced too high to be implemented immediately. We also realize that many small business people have no idea where to go for the help and support they need.

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