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Business Blunders - Don't be a Blockbuster

Business Blunders
Everyone makes mistakes from time to time, but this one I just can't see how the management team didn't see the future of their business.  Back in 2000 the internet was more than thriving and Blockbuster could have bought Netflix for a mere 50 million.  As of today Netflix is worth over 128 billion, down from and all time high of 180 billion.  In the summer of 2000, Blockbuster CEO John Antioco said "The dot-com hysteria is completely overblown".  His council went on to state how the business models of Netflix and just about every other online business were not sustainable and would never make any money.  That statement couldn't be any more wrong then than it is now.  Read the full article here on Inc.com

How did these guys not see that by delivering their product online would eliminate all of their overhead, shipping and logistical nightmares.  Yes, management and vision are two different things, but they shouldn't be.  Doesn't matter what business you are in either, not only do you need a strong online presence, there is an evolution going on of how your customers will interact with you and not just on social media.  Developers are building virtual realities to showcase products.  Imagine if your customers could experience your products before they buy.  This will be very popular with the gaming generation as they become the most powerful purchasers of consumer goods in 10 years.

If you haven't read the worst business blunders in tech history I would suggest Googling that phrase and see what you get.  Branding blunders are even more common and they happen all the time.  Avoid a brand blunder and start with a great domain name.  A strong domain name is the foundation for enticing and retaining customers with a memorable name.  Your domain name also attracts B2B partners and lays the ground floor for building supplemental income streams.  Streams turn into rivers and maybe even into a whole new business model for your companies' survival.  Have some vision and get creative.


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