YouTube, the largest video-sharing site in the world, did not start that way. In 2005, YouTube was launched as a dating website. It offered users twenty dollars to post videos of themselves. That approach failed, and users began to post whatever videos they felt like posting. The founders pivoted, embraced the idea and revamped the website and the company.
Today, YouTube has over two billion users.
YouTube’s decision to change its business model underscores the importance of periodically reevaluating your business and deciding if it still meets your goals. If it doesn’t, then it’s time to replace it with something that will. Good project management not only encourages such reflection at the project and team levels, but also considers it a must for every business.
Is our model still the right one? Is this still what the business landscape wants? Market demands change quickly, and it’s critical to reflect often about what you’re doing and why you’re doing it. Reflecting on a company’s goals improves both its productivity and its long-term direction.
A business model and sense of mission that are too rigid can be dangerous and lead to a dead end. No one can know the future, but reflection leaves room for the kinds of flexibility and adaptation necessary in a business landscape prone to disruptions, especially those caused by new technologies.
- Recognize that regularly reflecting on your business goals is a necessity.
- Accept that business goals aren’t permanent, but that they need to keep up with a changing market.
- Use frequent reflection to ensure that project results are in sync with the needs of your industry.
Watch the video series from T2's Book "Getting the Job Done: Practical Advice and Real-World Anecdotes to Manage Successful P.R.O.J.E.C.T.S