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Profits alone will not guarantee long-term survival of your firm

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It helps to have a core product that is much loved and can jump the generations.

Photo credit: | Shutterstock

Childhood is a place of magical memories—once we have left it. Our first tastes and other sensory pleasures tend to stay with us for life. We develop deep loyalties and could potentially consume our favourite products from our tender years for our entire lifetimes.

But there’s a problem. Do those products and businesses still exist? Think about the favourite go-to places and most beloved products from your childhood. Are they still in business? A few, yes—but what became of the rest? I thought about this the other day, throwing my mind back to my own childhood and teenage years in Nairobi—and mostly just came up with a graveyard of ghosts. So many restaurants, shops, dishes, products—gone.