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I know a few people that are still in the same line of work after twenty or more years, actually just three. An accountant, a solicitor and a dentist. Anyone remotely connected to a technology based business won’t even have ten years of continuity.
All my business ventures have been technology based, each one started as a market began to emerge and for a short time made very healthy margins. After a few iterations I began to expect the inevitable cycle of around five years.
These businesses generally needed two years of hard work to establish, and then really flourished from year three. It is during year three that serious consideration needs to be given to the next product or market.
Even none technology businesses are now beginning to show shortened lifecycles as the digital age encroaches on everything.
Once the market starts to change, a number of factors hamper any change of direction. For one, the business owner will be too busy fighting to survive to have the time to plan and secondly, the finance necessary to change direction is going to be tight.
If your business is currently doing well, use this time well to plan your next move.
Keep having brainstorming sessions with your staff and co-