🤔 The Five Pillars of Business Success: Lessons from BlackBerry's Mistakes

🤔 Have you ever wondered what BlackBerry did wrong? In his book "Personal MBA," Josh Kaufman offers a clear and penetrating definition of what it means to run a successful business, based on five fundamental pillars:

1. Value Creation: Every business must start by offering something of value.
2. Customer Demand: It is essential that what we offer is desired or needed by someone.
3. Acceptable Price: The price of our product or service must be such that customers are willing to pay.
4. Satisfaction: The product we offer must meet and preferably exceed customer expectations.
5. Economic Sustainability: The selling price must generate sufficient revenue to make the business profitable and sustainable.

These principles may seem obvious, but recent history is full of examples demonstrating how the lack of even one of these pillars can lead to significant problems:

• Lack of Value Creation - BlackBerry: Unable to innovate and keep pace with consumer needs.
• Lack of Customer Demand - Segway: Innovative, but without a broad market.
• Unacceptable Price - Concorde: Technologically advanced but economically inaccessible to most.
• Lack of Satisfaction - Yahoo: Failed to innovate or meet customer expectations at a crucial moment.
• Lack of Economic Sustainability - Alitalia: Long-term financial difficulties due to poor management and inability to adapt.