An open mind is essential for Winning and it starts with a clean slate that accepts nothing as a given. Many of our assumptions are so basic, we accept them without even realizing it. There must be a willingness, and even an eagerness, to identify, explore and reimagine all of them.
In 2015, we wrote about challenging assumptions and used Blockbuster in our book Think To Win. Blockbuster’s brick-and-mortar model showed signs of vulnerability as soon as Netflix rolled out its more convenient direct-to-consumer mail-order service. Blockbuster took note but failed to respond. As technology advanced and Netflix added an on-demand streaming video capability, Blockbuster again failed to react.
What assumptions did they make about their future and that of their competitors? One was not seeing the potential of Netflix. Reed Hastings, the founder and current CEO of Netflix approached Blockbuster in 2000 with an offer to sell his company for $54 million dollars. Blockbuster declined. Today Netflix’s market cap is $154 BILLION!
Challenge Assumptions Exercise (Source: Think to Win 2015)
Having an open mind is a necessity. It starts with an exploration of what you might be taking for granted. Peel away any built-up layers of assumptions by asking how they came to be accepted and envisioning what would happen if they were not.
Begin by asking the “What If” and “Why” questions:
- Why did we see the need for this decision in the past?
- What if we do things differently?
- What if our biggest competitors were in this room; what would he or she say about us?
- What if we re-imagine things radically? What if we create a new market segment?
- What if I owned this business? What would I do differently?
In a March 30, 2019 New York Times business section article entitled Last Link to the Past, it featured how the last Blockbuster store in America has become a destination for many die hard and nostalgia buffs. This is only 15 years from its peak.
Blockbusters’ brick-and-mortar model showed signs of vulnerability as soon as Netflix rolled out its direct-to-consumer mail order model. In addition, as technology advanced and on-demand streaming capability advanced, they were too late. Many companies have inflicted great harm on themselves by failing to think strategically. While some reinvest themselves and enjoy years of dynamic growth, others keep digging themselves into deeper and deeper holes.
Having an open mind, willing to challenge accepted beliefs and raise new concerns is essential for sustained success. We have to ask questions about why we are doing what we are doing. Our assumptions may be well grounded, but the situation may have changed. The warp-speed changes of today make it more likely that assumptions must be reimagined rather than stay fixed.
What are you going to do TODAY to reimagine your own assumptions?