Change is Inevitable, Except from a Vending Machine

I stumbled upon this article written by Dr. Ronald Klatz that had predictions that blew me away:

Did you know in 1998, Kodak sold 85% of photos worldwide and had 170,000 employees? A few years passed and their business model disappeared, leading to bankruptcy. Three years after Kodak was established, people stopped taking photos on film. Digital cameras were actually invented prior to film cameras, but they did not become superior until later on. This is a prime example of what’s to come in several industries throughout the next 10 years – and most people are not prepared.

All the technological advances our world is now seeing can lead to disappointment. Eventually, the cultures adapt and become mainstream. The future for artificial intelligence, health, autonomous and electric cars, education, 3D printing, agriculture, and jobs will be ever-changing. Welcome to the 4th Industrial Revolution. Welcome to the Exponential Age.

Artificial intelligence will advance through computers becoming exponentially better in understanding the world. This year, a computer beat the best Go player in the world. In 2018, the first self-driving car will appear for the public. Thus, in 2020 the industry will be disrupted. You won’t own a car anymore; you will own a phone to call a car with. The car will show up in your desired location and drive you to the chosen destination. Our kids will never need a driver’s license or own a car. Insurance companies will run into serious trouble without accidents, leading to cheaper insurance and eventually the business model will disappear.

Real estate will change because if you can work during your commute, you can be more productive and live further away from your job. Jobs will also be affected due to technology. Young lawyers already do not get jobs because IBM Watson can give you legal advice within seconds with a higher accuracy rate than humans deliver. So if you study law, stop immediately as there will be a 90% decrease in lawyers in the future.

Updates on software will disrupt the traditional industry in the next 5-10 years. For example, Uber is just a software tool. They do not own any cars, but somehow they are the biggest taxi company in the world. AirBnB is now the biggest hotel company in the world, but they do not own any property.

The world is going to continue to change and businesses will have to learn how to adapt. My question for you is can you prepare yourself for change? I am currently undoing changes in my own company. Athletes now have the desire to own a business. Instead of having exclusive rights, athletes want a partnership. They want to be involved in business and I have had to adapt to this switch by partnering with athletes.

Businesses are ever changing and we have to acclimate to these deviations. So let me leave you with these last words as some food for thought: change is inevitable, except from a vending machine. 

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