Entrepreneurs are constantly evolving. Constantly pushing the boundaries of what is possible and what can and should be done. This is what makes entrepreneurs so special. This determined belief in the Darwinian; Survival of the Fittest!
This links back to an earlier post on entrepreneurs that I wrote some months back. As entrepreneurs are constantly evolving; they are adding new products and services to their buckets – in the spirit of capitalism – if the market wants it; I’ve got it! But as a rule entrepreneurs are really bad at letting go of responsibility.
The thing with evolution is that there are two sides to it.
The one is the positive, growth focused, moving forward mentality. This is what all entrepreneurs strive for and it is the belief system that drives and shapes most of us. The thought that a problem does not have a solution is one which we fail to comprehend. Entrepreneurs take what’s there and make it better; they evolve it; they tweak it and they challenge the status quo.
But then there is the other side. The side that no one talks about. The side that very often entrepreneurs fail to acknowledge. Sometimes; the horse is dead. Evolution is about life and death. It’s about survival of the fittest and the death of those that don’t have a niche or serve a purpose.
In real terms; what I am saying is that; generally entrepreneurs resist at all times to cull products or services that are no longer viable or sustainable. Whether too emotionally involved or simply blind to the declining profits; entrepreneurs can become clingy!
We all need to look critically at our businesses; our ventures; our product and services mixes, and make objective decisions about what products and services are past their sell-by dates. The Boston Consulting Matrix has never been more valid!
I guess it is almost Newtonian – for every action there is an equal and opposite reaction. Simply put – if you are investing your time and attention to grow one product; another product is likely declining in relative terms.