From being worth $ 150 Billion and having around half of the smartphone market share at the end of 2007, Nokia’s fall was so sharp that by the final quarter of 2012, its market share was just 2.9%, and a year later the ruins of its mobile business were sold to Microsoft.
Many attribute Nokia’s spectacular collapse to the rise of the iPhone. Rasmus Ankersen, best-selling author and performance expert believes Apple didn’t kill Nokia. Nokia killed Nokia.
When companies become successful, they don’t just fight their competitors anymore. More than anything, they fight themselves. Success produces complacency. This might sound counter-intuitive. Social scientists across the globe have researched on this topic for the last 35 years. The scary part of this research is that it does not even have to be recent success. An organization’s glorious days may have ended years ago but the complacency can continue to live on, without the employees and the managers being aware or recognizing it.
As a CEO, Entrepreneur or a Business Owner, you need to ask two critical questions -
- How could a truly iconic brand like Nokia (widely recognised for innovation & commercial success) turn so quickly into a stagnating organization?
- Why do successful businesses fail?
In this month’s GLS Next Talk, Rasmus Ankersen explains why success produces complacency and what is the perfect recipe for dealing with it. Based on impressive and authentic case stories about LEGO, Nokia and others, he shares crucial insights on how to stay hungry even when we are successful and how to avoid becoming another victim of complacency.