Nokia CEO turned to tears when he told about the downfall of his company which was known to all the people all around the world at some time.
During the press conference which was held to announce that Nokia is being acquired by Microsoft, the CEO of Nokia turned to tears and ended his speech by saying:
We didn’t do any wrong, but somehow, we lost
Not only the CEO of Nokia turned to tears but all his management team teared sadly.
All the people are very much familiar with the Nokia company as it was a giant company for the production of smartphones, but it lost and went into downfall.
They really didn’t do anything wrong as declared by its CEO but as the competitors grown much powerful and world changed too fast, it could not reach and compete with those powerful giants. However, they were stick to their OS and line of production.
What were the reasons of downfall?
In our point of view, the reasons are clear that they didn’t change their concepts, they didn’t make it flexible, they didn’t compromised on their OS at the very early stages. These are few reasons that might led them towards downfall and hence they lost it to make it big. Even, now they have missed the chance to make it survive.
Hereby, it can be concluded that you should be flexible and catch up with time, whether you will be eliminated and face downfall.
Though, it is not wrong to learn and adapt new things but it is the thing to care about your customers.
The example of Nokia is simply worthy to learn about business. The advantage and profit which you were gaining yesterday, will be soon replaced by the trends of coming tomorrow. You should make yourself flexible to change and adapt new trends that will make you survive in the market at least.
Nokia CEO suggests:
As CEO of Nokia said that “We didn’t do anything wrong but somehow, we lost”, it means you don’t have to do anything wrong, but as the competitors will catch the wave of time, trends and make it right, you will lose and fail down.