From ignoring the competition to not making changes, don’t fall victim to these business blunders.
Another once-great company with a market-dominating product may be in danger of becoming extinct. This time it’s Research in Motion, the Waterloo, Ontario-based maker the BlackBerry line of mobile devices. Yesterday RIM announced a $518 million quarterly loss, the elimination of 5,000 jobs and the delay for the release of the BlackBerry 10 smartphone. These are all blows to a company that created the pioneer phone of the mobile industry.
But the turbulence isn’t the result of some recent and sudden market shift. RIM’s slide can be traced to a number of missteps made by its managers over several years. Here’s a look at four of those ill-fated decisions and the lessons that entrepreneurs can learn from them:
1. Don’t ignore the competition. This may be the biggest and most obvious mistake. Can we say, iPhone, anyone?
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