Business executives: how to not lose your mind chasing after trends and buzzwords
The business world's never-ending chase after trends and buzzwords, such as AI, and VR, and ESG, can feel like a high-stakes balancing act.
Here's your guide to staying steady:
Skip the stampede: Racing into a fast-trending field might land you in a crowd of competitors. You may think you're leading the pack, and you can definitely win, but chances are that most competitors think the same. The reality? More players crash and burn than take the prize.
Stay in the game: On the other hand, under-investment isn't a winning strategy, either. You risk falling behind and missing out on key opportunities. Customers appreciate businesses that stay on top of trends and are committed to causes like social responsibility and environmental sustainability. Ignoring this could be a serious setback.
Perfect the balance: The secret sauce is strategic spending — enough to have skin in the game, but not so much that you bet the farm. Watch and learn from those who lead the way, and make your moves wisely.
Choose sustainable success: Being a continuously successful survivor is better than being a one-time high-risk winner. Keep an eye on your risk-adjusted returns, ensuring your investments are strategically coherent.
Some games you play to win: You can't aim to be a silver medalist everywhere. Choose a few right games to win; don't let them choose you.
In the volatile business world, the real winners aren't the first to the finish line but those who play the long game more smartly than the others.