Economic Development

Who would have ever thought that technology would play such a big role in today's businesses and economic development? Not even a decade ago, five star services were provided the simple old fashion way where you go to the store and the employees of the store would greet you and take care of your transactions. Nowadays everyone wants everything taken care of through self-checkouts, ordering online and even now you can have everything taken care of by just an app on your phone. Although technology did become really advanced within the past 10-15 years or so, Businesses should always plan ahead so they don't have to worry about their company going into debt or even worse bankruptcy. Unfortunately for some, a classic example of this is the downfall of the Blockbuster movie-rental empire.

Blockbuster movie rental is an American-based provider of home movie and video game rental services, originally through video rental shops that was both owned and franchised, later adding DVD-by-mail, streaming, video on demand and cinema theater. Growing up I would go to Blockbuster and never in a million years, would I have assume that it would have such a downfall. Blockbuster had filed for bankruptcy on September 23, 2010, and this all led to poor strategic planning, failure in management, and also the uprising of very high competitors such as Netflix and Redbox.