Top Five Business Lessons From BlackBerry Exit

Many years ago blackberry was ranking in many countries as the best phone that shows high social class which users shows off when in public places and among their mates.

Recently, Blackberry has purportedly set to exit the market having been dominated and eaten up after the coming of Android mobile phones.

However, there are many lessons to be learnt on the new development which can guide small, medium and big business.

  1. Continuous development: There will always be competitors in the market and every business will need to practice continuous development to suit the trend. Innovation is expected to occur for multiple version of an existing product. Apple seem to have prepared for the future as it continues to develop different version of Apple phones with latest features that makes users excited.
  2. Business model: Founders or brains behind every business must choose the right business model from the beginning as the wrong choice may likely not withstand the test of time. Right business model can easily bend down many competitors in certain sectors.
  3. Management: Every business must have the right management that understands management functions which entails planning, organizing, controlling and directing. Leadership of every business determines the sustainability of the business as credible management knows what to do to stay on top the game in selected niche
  4. Marketing Management and Strategy: Marketing is very vital in business as patronage determines profitability and sustainability of every portfolio product of a company. Marketing has to be critical and accurate to ensure that buyers are not taken by competitors who offers better product features as in the case of Blackberry and Android phones
  5. Think Long term: The success of a business is not valued in the immediate market adoption but the long term dominance of the company product especially for business with no exit interest.
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Long term planning will enable developers to know a product that will stay longer in the market despite possible competition in the future. Long term planning may likely make products users to be loyal fans especially with the combination of continuous innovation, right leadership and best marketing approach.

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