Forget, Borrow, Learn
"Forget, Borrow, Learn" is a strategic approach used by companies to adapt and succeed in new markets or environments. It was first proposed by Chris Zook and James Allen in their book "Repeatability: Build Enduring Businesses for a World of Constant Change." This approach encourages organizations to forget some of their existing practices, borrow relevant best practices from others, and learn from the new market or environment in order to create a successful, customized business model.
- Forget: This step involves letting go of preconceived notions, assumptions, and practices that may not be applicable or effective in the new context. Companies need to be willing to question and reevaluate their existing strategies, processes, and cultural norms that may not be relevant or could potentially hinder their success in the new market or environment. By "forgetting" these aspects, organizations can be more open to exploring new approaches and embracing change.
- Borrow: In this phase, companies should look for best practices, ideas, and innovations from other sources, such as competitors, partners, or even unrelated industries. By "borrowing" successful strategies and tactics, organizations can leverage proven methods and minimize the risks associated with entering a new market or adapting to a new environment. This process can also lead to cross-industry innovation and create opportunities for growth and differentiation.
- Learn: Finally, organizations must be willing to learn from the new market or environment by continuously gathering information, analyzing data, and gaining insights from customers, partners, and other stakeholders. This learning process helps companies to understand the unique dynamics, preferences, and challenges of the new context, enabling them to adapt their strategies, products, and services accordingly. The ability to learn and adapt is essential for long-term success, especially in today's rapidly changing business landscape.
"Forget, Borrow, Learn" is a valuable strategic approach for organizations that are looking to expand into new markets, adapt to changing industry conditions, or innovate by embracing new technologies and trends. By following these three steps, companies can more effectively navigate the challenges and uncertainties associated with entering new environments and ultimately achieve greater success.