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Have you heard of Kodak?
Cameras with film reels?
The market was completely dominated by Kodak. The brand was ranked as the world’s fifth most valuable.
A few words of wisdom:
50 percent of all phones sold in the United States are iPhones.
Maruti Suzuki accounts for half of all automobiles sold in India.
What about Kodak?
Kodak sells 66% of all film reels in the planet.
After Kodak, the second-largest company was so unknown that few people had heard of them.
Then someone came up with the concept of the digital camera. You’re already aware of what happened after that.
But here’s a little-known fact: an engineer named Steve Sasson designed the first digital camera prototype. And he was employed by… Kodak.
It was an attempt by Kodak to do something about it. However, it was unable to profit from this early move.
That wasn’t the only ship Kodak overlooked.
Kodak bought Ofoto, a photo-sharing startup, in 2001, before Facebook or Instagram existed.
Many people today find it difficult to imagine a world without photo-sharing apps like Instagram. It was owned by Kodak in 2001. Kodak attempted to leverage the business in order to encourage more people to print photographs.
Kodak declared bankruptcy in 2012.
Kodak isn’t as dominant as it once was. That’s not even near.
Although almost everybody had heard of it in the past, few people do now.
This isn’t to suggest Kodak didn’t make sound choices. What used to be bad choices now seem to be so just because we know what happened. This is a case of hindsight bias.
A mistake (almost) killed Kodak.
And everybody makes mistakes.
We, too, as investors, cannot stop making mistakes.
They will take place.
The most popular businesses and individuals both have a closet full of skeletons – failures.
Success is fueled by mistakes. You try five/ten/hundred/thousand times, and one of them works.
Apple Newton. Have you never heard of it before? Because it didn’t work. It was a phone, to be precise.
Zune is a portable media player. Microsoft’s response to Apple’s iPod. Failed miserably.
Roadster by Tesla
The list of unsuccessful products is likely to be longer than the list of successful ones.
Not all of your savings will pay off handsomely. There will be those that aren’t so good.
There will be others that looked good but never took off. There would be others who did exceptionally well but crashed just as you were about to take advantage of it.
What we should do is make sure that if we make a mistake, it does not kill us.
First and foremost, you must be able to survive.
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Apple’s iPhone almost crushed Blackberry and Nokia. However, they were unable to remove Samsung.
Phones were created by Blackberry and Nokia. Samsung produced phones as well as a variety of other products.
When it comes to investing, the most important thing to remember is to survive.
How would you react if you lose all of your money today and a new opportunity arises tomorrow?
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