Established businesses must balance legacy and the future (via @mitchjoel)

Mitch Joel, president of Twist Image, says that while it is easy to look at industries undergoing massive change (journalism, entertainment, advertising, retail, publishing) and proclaim, “Adapt or Die,” established businesses need to balance their legacy with plans for the future.

The fallout of these disruptive times in business shows us that we’re still in the middle of it. The challenge for business is to not remain stuck in the past and not get too comfortable with how things are today. Pushing that further, you can’t only be focused on the future (because we all know how bad we are at predicting that). Is it time to take chances? Absolutely. Is it time to blow everything up and start over? Maybe for some, but not for many. Is it time to kill even the profitable business units because you know there’s no future in it? That’s a very tough call. Regardless of what we – as business owners – are capable of, there are bigger forces at play: technology, connectivity, mobility, analytics, data, creativity, commerce, publishing and more will continue to reshape and change how we do business. My guess is that the next five to ten years are going to make the past decade’s disruption seem minor in comparison.