One of the most cautionary tales in recent corporate history is how Netflix embraced change and Blockbuster didn’t. As of 2018, Netflix, barely 20 years old, had a stock market value of nearly $165B, with 130 million subscribers in 200 countries. Blockbuster was out of business by then, having filed for bankruptcy in 2010 after incurring more than $1B in losses the previous year.
Change is not easy, which is a major challenge for us because we live in a world that is forever changing. Technology is changing. The market is changing. The culture is changing. Not only is everything around us changing, but it seems that change is happening at an ever-increasing rate.