What makes the idea that “once a business model works, it doesn’t need to change” a fatal assumption in modern business?

What makes the idea that “once a business model works, it doesn’t need to change” a fatal assumption in modern business?

This myth leads to complacency, making businesses vulnerable to disruption. Assuming that a successful business model will last indefinitely ignores the reality of market evolution.

Why it’s dangerous:

  • Customer Expectations Evolve:

    • What worked yesterday may not satisfy tomorrow’s consumers.

    • Convenience, personalization, and sustainability are now key factors that didn’t matter as much a decade ago.

  • Competitors Innovate:

    • If you don’t adapt, others will—especially in tech-driven markets.

    • Netflix disrupted Blockbuster because Blockbuster refused to pivot.

  • Tech and Regulation Shift:

    • Laws, platforms, and technologies change constantly. Rigid models quickly become obsolete.

  • Pandemics and Crises Prove the Point:

    • COVID-19 showed that even long-standing models (e.g., in retail, hospitality) had to transform rapidly to survive.

Adaptable mindset:

Businesses must treat models as living frameworks, constantly experimenting, iterating, and evolving based on data, feedback, and environment.