Nokia - A Classic Case Study of Rejecting Change

In 2007, Nokia had 49.4% of the global market share in mobile phones. To understand it better, Apple now has roughly 16% of the global market share.

Let's not just give a throwback to one of the giants of the mobile phone industry. Let us learn from the classic case study and summarize what killed Nokia?

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- Boasting a considerable market share and blinded by their success, they missed out on the first-mover advantage for smartphones. Nokia continued building durable, traditional, and affordable phones while iPhone & smartphones took the world by storm, and eventually, Nokia capsized.

- As a renowned economist, ?????????? ???????????? put it: "?????????????????? ???????????? ??????????????????????. ?????? ???????? ???????????? ???????????? ????????????, ?????? ?????? ???????????? ???????????? ?????? ????????????, ?????? ???????? ???????????????? ???????? ???????? ???? ???????? ?????? ???????????? ????????." As stable as Nokia was, the crisis was inevitable, and when it did, they were not ready for it.

- Inability to understand that customers wanted innovation or they'll switch to competitors & rejecting new ideas finally brought down Nokia to its toes.

Even today, a lot of entrepreneurs or companies do not value change, just like Nokia. The biggest lesson taught by the Covid19 pandemic is that accepting and embracing changes are the only mode of survival & success. Who would have taught that 'Work from Home' can be a way to move forward before the pandemic? However, many companies have adapted to it and even made it permanent for various job roles due to a remarkable rise in the employees' productivity.

"???????? ???????????? ??????'?? ???????? ????????????, ?????? ?????? ???????? ???? ?????????????? ???????????? ???? ?????? ?????????????????????? ???? ?? ????????????????."- ???????? ????????.

Keep on learning new things, actively monitor the innovations around and embrace them, or else you'll be history.???????'?? ???? ???????? ??????????!