Nothing in life has interested me so much as the peculiar 'magic' that makes some things work and some things not. As a child I was no end of frustration to my ever patient mother because I had to find out how things work. Picture the scene on Christmas Day of a brand new electronic toy completely dismantled and laid out on the floor and you are someway to understanding her frustration.
Cut to the present and I'm still doing the same, only the goalposts have moved some considerable distance since then. No longer am I playing with Lego and Meccano but my very own business along with my partners Joe and Silvano. In light of this my quest is to understand the reason why some products and services resonate so strongly with their customers and become household names in a very short space of time whilst others flounder and fail.
My studies of maths taught me that everything starts with a definition so let's take a look at a couple (Cambridge Online Dictionary):
A period of sudden economic growth, especially one that results in a lot of money being made.
If a company goes bust, it is forced to close because it is financially unsuccessful.
There are a many spectacular examples of each in the news nearly everyday but one success story that lives in my mind is the launch of the Arctic Monkeys. The band was catapulted to super stardom with their number 1 hit "I bet you look good on the dancefloor" with no money spent on marketing or advertising. It is no secret that MySpace was pivotal to the bands success but what may surprise you is that they didn't even know what MySpace was and their fans set it up! Check out the band's page on Wikipedia for more info:
Wikipedia History of the Arctic Monkeys
Perhaps the most spectacular business failure in recent memory is the fate of Barings Bank, not simply because of the scale of the disaster but the nature of the business that was brought under. Barings was the oldest merchant bank in
Wikipedia Collapse of Barings Bank
In this blog I aim to begin to understand what are the common denominators behind both boom and bust, so that I can avoid the latter and hopefully embrace the former in my own business activities. I will also give an account of the challenges that I face in life because a topic such as this must cover all areas of human experience. Hence the scope of the content covered within this blog is not limited in anyway and I take the opportunity to encourage my readers to post their thoughts on the topics, no matter how trivial they might seem to be.
So I pose the question "Boom or Bust?" and hope my mother's suffering was not in vein!