Re-examining business assumptions is critical to long-term success.
Assumptions are the things in life that we accept as true or as certain to happen, without proof. They allow us to expect certain outcomes and aid us in making decisions. Some last a lifetime, such as moral values, while others may only last for a generation or until the next scientific breakthrough. Therefore, for a company to stay relevant and fully realize its potential, business leaders must regularly challenge their thinking and develop new avenues of thought.
In business, we tend to make assumptions about our market and our industry. We tend to get comfortable, assuming that what worked in the past will still work now. If we don’t keep our eyes and minds open, however, we can be blindsided by disruptions in the market that can be detrimental. That’s exactly what happened to Eastman Kodak when the digital photography industry exploded.