Thomas Edison succeeded at inventing the lightbulb…but only after 1,200 failed attempts. Edison later said, “Many of life’s failures are people who did not realize how close they were to success when they gave up.”
Just like the prior edition of famous failures, we’re finding valuable MSP lessons in history’s weirdest and worst disasters and business mistakes.
#4. Blockbuster: Ignoring the Future is the Fast Track to Obsolescence
- Failure Summary: Blockbuster famously failed to adapt to the rise of streaming services like Netflix, clinging to its brick-and-mortar business model until it became obsolete.
Lesson for MSPs: Don’t ignore technological trends. Staying stuck in your ways or being slow to adopt new technologies can quickly make your services irrelevant. MSPs need to stay ahead of the curve by embracing innovations like automation, cloud services, and cybersecurity trends.
- Conclusion: If Blockbuster ran an MSP, they’d probably still be recommending on-prem servers for everyone. Keep your MSP on the cutting edge, or one day you might find yourself in a world where your customers no longer need what you’re offering.
#5. The Edsel: Why Market Research Matters
- Failure Summary: The Ford Edsel, first released in 1957, is one of the most infamous product flops in automotive history, largely due to a mismatch between what the company thought customers wanted and what they actually wanted.
Lesson for MSPs: The Edsel had fancy features no one asked for—like a transmission shifter on the steering wheel. Don’t let your solutions become complex and/or unnecessary. Align with your clients’ needs, and don’t invest heavily in an idea that’s destined to flop.
- Conclusion: Market research is essential. Before launching new services, make sure you understand what your clients actually need—otherwise, you might end up pushing an IT service no one’s asking for.
#6. Yahoo: Missing Out on Big Opportunities
- Failure Summary: Yahoo famously had the opportunity to buy Google in the early 2000s for $1 million and later passed on buying Facebook for $1 billion. Both decisions are now seen as monumental missed opportunities.
Lesson for MSPs: If Yahoo ran an MSP, they’d probably be debating if AI is just a fad. Whether it’s adopting emerging technology early, forming a strategic partnership, or expanding your service offerings, missing the boat on a key opportunity could cost you in the long run.
- Conclusion: Don’t be afraid to make bold moves or invest in cutting-edge tech—because you don’t want to look back and realize you missed your ‘Google’ moment.
Featured Image: iStock
Additional Images: DALLE-E 3
