Konosuke Matsushita, the founder of Panasonic, a big electronics company from Japan. He was known for his innovative ideas and his philosophy of putting the customer first .Matsushita believed in the importance of continuous improvement and was committed to creating products that meet the needs of his customers.
His company grew to world fame because he believed in these 3 business principles.
- Always Keep Experimenting
- Good products don’t sell themselves
- Good times are good and bad times are even better
So we are going to talk about
- What they are
- And how to use them
Always Keep Experimenting
This means that a company should continuously try out new ideas and methods in order to improve their products or services .This includes taking risks and being open to failure, as not every experiment will be successful.
However, by consistently testing and iterating, a company can stay ahead of the competition and better meet the needs of their customers.
Konosuke figured this out when he created a double socket light bulb .The product was revolutionary as it allowed two light bulbs to be connected to one outlet. But this product didn’t catch on very quickly as the first iteration didn’t get any attention at all.
The next big product that he worked on was a bicycle lamp and it was a massive success .It was during this time that I figured out that for a company to grow it needs to keep experimenting.
Good Products don’t sell themselves.
Even if a product is high quality , it still needs to be marketed and promoted effectively in order to attract customers and generate sales .Simply relying on the quality of the product alone is not enough to ensure its success in the market .
The reason why Konosuke ‘s double socket lamp failed in sales is because he didn’t market it properly . It was only after the bicycle light succeeded that the double socket lamp was reiterated .This time promotion and marketing where put at the forefront and this resulted into yet another win for Konosuke .
Good Times are Good, Bad Times are Even Better
A company should not become complacent during times of success, but rather use those moments to prepare for potential challenges in the future .It also means that during difficult times, a company should use those experiences as opportunities to learn and grow and ultimately become even stronger.
As Panasonic was growing in popularity, WW2 came around and if your know anything from WW2, Japan was left with nothing and Panasonic was not left behind. Most people would have given up as there was nothing left but Konosuke proved to the world that he was not like most people .He was optimistic a curious about the future and this kept his hopes up.
He took these moments of failure to learn from his mistakes .He learned through his own experiences as an entrepreneur and businessman .Konosuke faced many challenges throughout his career, including financial difficulties and economic downturns, and he was able to overcome them through handwork, innovation, and a willingness to learn from his mistakes.
Conclusion
Experimentation , Promotion ,Optimisim and Innovation are the core principles that Konosuke lived by and the best thing is , adopting these principles in your business will not only improve the way your business but keep your business relevant and reputable .
