The ends. All businesses go through a life cycle that leads to stagnation and often decline that ends with the sale of the business. Entrepreneurs often face the difficulties of a declining market, when a new and innovative idea comes along, established Entrepreneurs end up falling behind. A clear example of this is Nokia Corporation and the decline of their market share at the hands of Samsung and Apple Inc.
In the 90s, Nokia held a huge market share holding the title of the first affordable consumer mobile phones. With a dominating 62.5% market share as of Q4 2007, Nokia fell through the ranks to 40.8% in just one year. By 2010 the market share had dipped to below 30% and all was lost for the once largest player in the industry.
This is just one of the many examples of Entrepreneurs not holding the cutting edge standards that are needed to sustain market share. With most businesses ending in the same old school scrap yard, it is hard to give an example where this occurrence can be fended. All that can be done is a large expenditure on Research and Development and making sure all new products hold the same cutting edge as the product that brought the business to that position.
The inevitability of decline in markets is a bitter sweet truth, although it leads to established players blowing over in the wind, it also leads to new innovations by upcoming Entrepreneurs. Due to these reasons we can say that being an Entrepreneurs isn't just a job but more of a mindset and way of life.
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