The best-known analogy for obsolescence and failure to innovate is the demise of the buggy whip business with the advent of the automobile. But there are far larger industries that were once viewed as unchangeable…..until they weren’t.
“Few industries have seen as many acquisitions, mergers, and name changes as the American stock brokerage and investment banking industries. Perhaps only the equally old railroad industry has seen more such activity” So begins an article on the financial sector that every senior executive should study regardless of their industry as the lessons apply to every industry..
It’s never too soon to apply lessons of past failure to today’s successes. Start by finding out what happened to a different industry “What became of my stockbroker?”
