The modern world of business is experiencing what Charles Darwin said in the mid-1800s;
Darwin stated that all species arise and develop through natural selection in his theory of biological evolution, whereby only a small number develop traits that increase their chances of survival, reproduction, and competing.
This means that species that fail to evolve and adapt to the changing needs of nature get erased swept off.
If we draw conclusions from this theory, we can explain why many companies or businesses end up closing down when competition becomes stiff.
The brutal reality is that most companies have very slim chances of survival in these competitive markets. This is because many of them are unwilling to change and adjust to the evolving marketing needs to meet changing customer expectations.
Take Nokia, for example. It was once a giant company in the mobile phone market, but after being rigid to adapt to changes in consumers’ tastes, they were forced out. As the world was embracing smartphone technology (touchscreens phones), Nokia failed to evolve and adjust to consumers’ preferences.
Fast forward a decade later, Nokia is now just a shadow of its former self. Competing companies such as Samsung and Apple embraced the change and are still relevant today.
The point here is- what differentiates companies that will emerge successfully and those that will be absorbed by the strong wave of change is the willingness to evolve and adapt to changing needs. A company or business’s willingness to embrace innovations that suit its consumer needs is what makes a business survive.
How Can a Business Derive Inspiration from Survival of the Fittest Theory and Build Itself?
The competitive nature of the world of business will only spare the brave and the daring. This means that companies that become innovative and embrace changes will likely benefit more from greater demand soon.
For instance, at the moment, we are moving more towards automation and efficiency. This means that if a business doesn’t embrace software solutions to automate most of their processes and become more efficient in delivering products and services to their customers, they will likely lose out. And soon, they will barely survive on their revenue and profits, and eventually, they will close down.
Therefore, start to see your business through the lens of innovation:
- What can you do to streamline your business process?
- What can you do to simplify your processes?
- What can you do to automate your processes?
- What is appealing most to your target customers?
- How can you solve repetitive problems or hitches that you experience in your business?
These are some examples of the questions you need to ask if you want to survive and emerge victorious.
Indeed, Charles Darwin was way ahead of his time when he said that natural selection works by favoring individuals who are better adapted to environmental conditions that come their way. Instead of seeing changes as obstacles, see them as an advantage over those willing to embrace them.
The faster you adapt to changes, the more chances you will have of surviving in this competitive world of business.
We conclude by saying- fortune favors the bold and the daring.