In the 1990s, a movie night at home most likely involved renting a video from Blockbuster. But with the rise of Netflix and other competitors, the video rental behemoth began losing significance. Blockbuster managers failed to see the writing on the wall. Apparently, its executives snubbed those of fledgling Netflix when the latter proposed a working relationship. Blockbuster eventually disappeared not with a bang but a whimper. To help businesses stay on top, Collaborative Fund partner Morgan Housel explores five “sustainable advantages” they must nurture. Today’s successful businesses, he says, must be able to learn more quickly than their competition, communicate more effectively and be willing to fail. Housel’s list isn’t earth-shaking, but his advice is clear and concise. getAbstract recommends his article to new executives looking to hone their leadership skills and to seasoned executives looking for a refresher.
In this summary, you will learn
- How your company can stay ahead of the competition,
- Why seeing your product from your customers’ perspective and empathizing with their experience can give you a competitive edge, and
- Why clear messaging and customer communication are critical.
About the Author
Morgan Housel is a former columnist with The Motley Fool and The Wall Street Journal. Today, Housel is a partner at the Collaborative Fund.