Businesses stand to gain from going outside their comfort zone. Some do it because they want to, other times it’s because they have no choice. We won’t pretend it’s a simple matter; seeing success in areas outside our expertise is one of the hardest things for a person or organization to accomplish. With that said, doing so can prove lucrative.
Today’s version of Facebook is a far cry from its original form. When first launched, membership was limited to college students only, and you had to be invited by an existing member to join. What’s more, your profile was limited to a generic format and design with no option to customize.
Meanwhile, Myspace, the most widely used social network at the time, was much more open about membership and profile customization. While this meant Myspace had more users, it also meant Facebook appeared more exclusive and streamlined. The resulting buzz about the benefits of switching over to Facebook led to it becoming an almost overnight sensation.
But to become what Facebook is today, the company had to loosen its criteria for joining. Within a few years, membership expanded to include anyone with an email address. The initial allure of the social network was gone, but it didn’t matter; Facebook had already become the planetary social media platform.
A real estate company based in New York City, Capital Group has made a name for itself buying, selling, and developing high rise buildings across Manhattan. The firm’s holdings include the Belnord, the Bryant, and the XI.
The company’s focus has been the management of architectural marvels and upscale living options. The images of properties under their care reveal a carefully curated collection of buildings, many of which consist of luxury condos and high-end commercial space.
However, 2020 has been a rocky year for real estate all around. As a result, Capital has recently turned to real estate investment trusts (REIT) as an alternative means to make money in the property business. Those at the firm correctly determined that many REITs were undervalued as a result of the Covid-19 pandemic. Unlike traditional market slumps, which are triggered by systemic faults in the economy, the current downturn is the result of a one-off event similar to a natural disaster. The value of these REITs will most certainly bounce back soon, giving the company a substantial return on investment.
The origins of Apple are rooted in the development of personal computer technology. Initially a series of desktop computers, Apple eventually developed laptops.
While the company continues to develop and sell traditional computers, today’s consumers are probably more familiar with Apple’s line of handheld devices and tablet technology. These smaller products enabled on-the-go usage, making them widely popular among the general public.
It started with the iPod (remember those?), followed by the iPhone. Then came the iPad and the Apple Watch. Their handheld devices continue to be the gold standard of personal technology, a feat that happened because the company was willing to venture into unknown territory.
Opting to branch outside of one’s comfort zone business is not always a good idea. With that said, there are many situations where doing so not only makes sense but leads to extraordinary outcomes.