When is a Company in a Mature Space?
I was thinking the other day about “mature” business’s and I was wondering is there such a thing anymore?
Here is why I say (actually type) that. I was helping with laundry – note: only helping as my wife will not let me do the laundry – she doesn’t appreciate my LEAN approach to getting our clothes clean….but I digress.
As I started to look at our machines I remember the day that we bought them….nothing fancy mind you just a good set – I thought how much better can these things get!?
Soon after I was watching TV….and what comes on? A commercial for the “new” washer and dryers that are out in the market – normally I zone out when these come on but given my recent thoughts I watched intently….there are some pretty cool advance’s in both washing machines and dryers.
How long have these been around? Good question! American James King patented the first washing machine to use a drum in 1851 -- the drum made King's machine resemble a modern machine; however, it was still hand-powered. In 1858, Hamilton Smith patented the rotary washing machine.
Why is this important? It made me realize that there is no such thing as a mature industry anymore – given the IOT (internet of things) and the need for the same things only different. The opportunity to create & market a “better” or “new and improved” product or process is just a thought away. I think that is true all cases…
I already made my case about washing machines….what about other things? Cars…tractors…combines…computers…cell phones…Burger joints….I am sure that you can think of a thing or two. All have been around for quite awhile some longer than others. But each have changed over the years to fill a new spot in the space that it is in.
Then I was thinking about “process’s” and the first thing that popped in my head was the LEAN initiatives that are transforming the way that we work. I remember when it was the Deming Principle….then it became the Toyota way…6 Sigma…you get the point.
So when you are challenged from your Leadership about growth don’t fall back into it’s a mature space and will only have limited growth!
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