Mindset: protecting an existing business model may destroy your own business and ability to innovate
Protecting your current business model and not exploring new possibilities may destroy your innovative ability and at the end your own business. Recent upraising tech companies are disrupting the industries where giant companies used to dominate. The lack of opening up to new possibilities to extend of letting go of the current business model limits your competitiveness to new innovation.
Innovation is hard for people with hesitancy to let go of the existing business model while is easy for people with an open mind.
- BlockBuster, once the largest CD/DVD rental chain, was busy protecting existing rental business while enjoying making 12% on late rental fees while a tech company Netflix now takes over the movie/TV industry on content distribution.