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No, I’m not talking about the decline of the American Empire and Western democracies. (These articles are not usually political commentary, they’re Uncle Ralph’s random rambling commentary on business management and strategic issues.)
I’m talking about the big multinational corporations dominating Western
economies and sitting at the top of their industry in every sector. Are they in decline and slipping off the pedestal of respect, trust, admiration, and loyalty from customers and investors? Are we in a new era of upstarts consistently beating the larger, long-dominant players and winning the competition for hearts, minds, and money in every market?
Consider the struggles of Tesla against the growing success of newer electric vehicle manufacturers from China, Europe and the US; the decline of iconic computer chip manufacturer Intel versus Nvidia; or Nike being attacked from all sides by new brands in athletic wear, Procter & Gamble and Gillette losing ground in consumer products, and Johnson & Johnson failing to capitalize on the growing demands for health care products.
Will new trend-setting product designs and creative marketing initiatives by the newcomers continue to pull the giants down? Or will the big boys be resilient and flexible enough to respond effectively and adjust to rapidly changing economic conditions and the continuously moving targets of consumer expectations and investor sentiment.
What are you shopping for and who will win in your wallet? Will your decisions accelerate the decline of the giants or elevate the position of new players?
The consumer has the power to choose business winners and losers; use it wisely. Recognize that it’s an imprecise and inefficient process that occasionally succumbs to persuasive marketing, like voting in a democracy.
Be better. Do Better. Be an Enlightened Entrepreneur.
Del Chatterson, your Uncle Ralph
Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com
Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.
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