Like a chess player, every business makes a series of moves. If the number of winning moves outweighs the losing ones, the business may survive. When winning moves significantly outstrip losing moves, business thrives. Deciding to wait is considered a move when it is done consciously.
Every business suffers from inertia, entropy and bias. When these three forces take a significant hold, businesses will ‘fall asleep at the wheel.’ Once asleep, businesses start to believe they can’t predict the future and believe they have little hope of changing the future. Left unchecked, this pattern of thinking becomes the elephant in the room. Such beliefs can reduce the competitiveness and profitability of a business and such a firm will eventually fail.