There are several examples in the business world where even some successful businesses have a story to tell as to how an affluent business suddenly faced a downfall. In the fight between the contemporary and the traditional, it is always the latter that loses out to the former. Then what is new today will become old in a decade or so. This saga continues forever.
The best thing for an entrepreneur is to evolve and adopt the new things. For this, he or she needs to keep learning and never stop this quest for learning new things and always follow the trend. A lifelong learner is always a winner in life as well business.
In an age when smartphones are the order of the day, you can’t keep making feature phones just because you fancy them and were the rage a few years back. It was a trend then and trends keep changing so, should you. There will be no takers for them now and eventually you will have to shut shop. Those who do not heed to the demand of times and do not follow the trend are bound to lose out. To stay in business, it would be prudent to learn the newer techniques and also adopt them. For manufacturers of mobile phones, they would have to learn the techniques of making smartphones. This change has to happen to stay in the business albeit slowly and gradually.
Those companies that have adapted have sailed through and are minting money selling millions of handsets. This is only about one kind of business but every business is similar to this whether they manufacture something sell products or offer services.
As all would have seen in the fashion world fashion trends keep changing. So the dressmakers need to keep updated and stitch dresses accordingly. Also, it is found that some of the fashions return after a couple of decades but not in the original form but in the evolved form. Here too the creator has had to add to the original design and for this, some learning has to happen. Whatever changes take place one thing is constant and it is the learning. So keep learning and you will not be a loser.