It’s no secret that reinvention, adaptation, and forward-thinking are crucial to a business’s long-term success. Whether you’re an iconic brand like Apple, a restaurant staple like Red Lobster, or a retail giant like Best Buy, you can never afford to rest on your laurels. One company that has mastered the art of reinvention is MicroStrategy. Founded in 1989 by Michael Saylor and Sanju Bansal, MicroStrategy initially focused on data mining before shifting to business intelligence.
Saylor, now the Executive Chairman, shared in an interview with Charlie Rose that he convinced his former employer, DuPont (DD), to invest $100,000 and provide office space and computer equipment to get the company off the ground. After going public in 1998, MicroStrategy was hit hard by the dot-com bubble burst. For nearly two decades, the company flew under the radar. But in 2020, Saylor made a bold move: MicroStrategy became the first publicly traded company to invest significant portions of its treasury reserves into Bitcoin. Initially met with skepticism, this decision has paid off, as MicroStrategy has outperformed the S&P 500 since adopting its Bitcoin strategy.
Now, Saylor envisions MicroStrategy as a trillion-dollar company with plans to become the leading Bitcoin bank. As he told Bernstein digital asset lead Gautam Chhugani on The Block, “This is the most valuable asset in the world. The endgame is to be the leading Bitcoin bank, or merchant bank, or you could call it a Bitcoin finance company.” Saylor’s pivot offers two critical lessons for CEOs and leaders looking to reinvent their companies after a period of stagnation.
Remove Your Ego And Embrace Change
Being open to change may sound simple, but it requires humility. Our egos often get in the way. Michael Saylor himself was once a skeptic of Bitcoin. In fact, he tweeted in 2013 that he believed Bitcoin was doomed to fail.
Fast-forward and MicroStrategy now holds over 1% of the total Bitcoin supply, making it the largest corporate holder and reimagining the approach to corporate financing. This kind of shift requires letting go of old narratives and being flexible enough to adapt. As Jeff Bezos famously said when building Amazon, “Be stubborn on the vision, but flexible on the details.” Whether your company is stagnating in growth or struggling with workplace culture, the first step is to be willing to challenge your assumptions. One practical tool is to establish a peer council to provide fresh perspectives—just as Blockchain Investment Group Founder Eric Weiss did when he convinced Saylor to reconsider his stance on Bitcoin. As new opportunities and information arise, be flexible and ready to adjust your approach.
Conventional Thinking Will Only Take You So Far
Conventional thinking can limit growth. It is often rigid, limits agility, and stifles innovation, which is crucial in today’s fast-moving business landscape. If MicroStrategy had stuck to the status quo, it might not exist today. As Saylor explained in a recent BTC Prague interview, the company had to take a radical step to avoid fading into irrelevance. Leaders facing stagnant growth, declining market share, or talent drain need to embrace agile, unorthodox thinking. Innovation requires risk.
MicroStrategy’s strategy, which many saw as “radical,” is a prime example of how unconventional thinking can lead to transformational success. This principle applies beyond finance. You can apply this to wellness initiatives, employee engagement strategies, or any aspect of your organization. Being a first-mover in any area gives you a competitive advantage, even if it means going against conventional wisdom.
As competition intensifies, staying complacent and operating as status quo is not an option. It’s a one-way street to irrelevance and loss. “Radical” action, while often met with skepticism, is sometimes the very thing that ensures a brighter, more productive, and more prosperous future. As Robert Frost said, “Two roads diverged in a wood, and I—I took the one less traveled by, and that has made all the difference.” CEOs who dare to take the road less traveled—those willing to reinvent and challenge conventional wisdom—are the ones who will shape the future of business and be industry leaders.