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jerryking : infallibility   1

Nokia a lesson for backers of Canada’s nanny state - The Globe and Mail
Oct. 17 2014 | The Globe and Mail | BRIAN LEE CROWLEY.

How did it all go so wrong? And what might Canada learn from Finland’s downfall?

One obvious conclusion is not to put all your eggs in one basket, but it goes well beyond that. There was a time when economic change worked slowly enough that you could get a generation or two’s employment out of an industry before it was overtaken by innovation. Detroit dominated automobile manufacturing for many decades before its own complacency and the innovativeness of European and Asian producers came into play. In a similar vein, Nokia allowed itself to believe in its own infallibility, and Finland meekly followed suit. But the forces of change are now so powerful and lightning fast that sometimes a single product release from a competitor can signal the death knell of a previously healthy company or industry....Canada is rife with industries with their heads stuck in the sand, almost invariably because they believe they can shelter behind a friendly bureaucrat with a rulebook.

Examples abound in fields as diverse as telecoms, dairy, airlines, broadcasting, taxis and transport. Could there have been a bigger farce than the CRTC’s attempt to manhandle online content provider Netflix?...The real lesson of Nokia’s demise was that there is no substitute for being driven by what customers want, which is quality products and service at the lowest possible price...Every deviation from this relentless focus on what customers actually want makes your market a tasty morsel for the disrupters.
concentration_risk  Nokia  Finland  mobile_phones  disruption  Netflix  Uber  CRTC  complacency  accelerated_lifecycles  protectionism  nanny_state  customer_focus  change_agents  Finnish  demand-driven  lessons_learned  automotive_industry  downfall  change  warning_signs  signals  customer-driven  infallibility  overconfidence  hubris  staying_hungry 
october 2014 by jerryking

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