One of the biggest misconceptions in business is the old adage, "If it ain't broke, don't fix it". Many businesses both big and small who share this sentiment put themselves in precarious situations. They ultimately end up being vulnerable to the innovation of their competitors, resulting in reduced profitability and in some cases, closing the doors. Although there are many that come to mind, the one business that resonates in my mind is Blockbuster. They had the marketshare on video/dvd rentals across the United States for years and had all the infrastructure in place to own that market … (1 comments)
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