Should You Be Ideating On the Next Uber or Netflix?
If you have ever thought ‘I had this idea…’ after looking at a successful enterprise, then you are a part of millions of people who dream big ideas every day! But should you move forward in your pursuit to build another Uber or Facebook?
While it is true that being a second-mover in an established domain is disadvantageous, history is the proof that you can succeed too. The simplest explanation for this theory is that you get to learn from other’s mistakes if you are not a pioneer in the field. We should understand that even if a said industry is burgeoning, there is always room for another player!
Monster Ztudio/Shutterstock: The next big idea
Drawing the First Blood – Boon or Bane
It is natural for companies to receive all the buzz and recognition when they are the first-movers. Usually, there is a phase that involves setting standards and is followed by growth and money. In the next stage, the business model is scrutinized for scalability.
For second-movers to make it work, they must deal with these three phases carefully.
Disrupting the Game
Tero Vesalainen/Shutterstock: Creating “Uber” impact on the market
Fueled by the gig economy and ease of transportation, Uber made great strides in the market. It is an example showing that disruption does not mandate the need for a completely new concept. An overhaul of the existing processes or industry norms is a sure-shot way to give tough competition.
Being Aware
While starting with a minimum viable product is a popular opinion, it is also essential to come up with better iterations.
There is no doubt that second-movers have the opportunity to learn from other’s mistakes without actually facing the music. Bettering the existing norms and gaining traction in the market should be a primary focus. It gets much easier if the industry’s first player hasn’t got a lot of visibility.
Correction Measures
Once the industry matures and there is a fair amount of consolidation in the market, the more prominent companies become a part of our lives. At this juncture, it is vital to answer questions such as – ‘Are you constantly innovating’ or ‘Can your model weather crises.’
Studio R3/Shutterstock: The “Netflix” life
The first-movers in any industry have to go through the arduous task of marketing a concept before selling their product. They often lose a lot of time in gaining consumer trust and drumming up interest. People were already paying for watching movies at home when Netflix made a foray, and they knew how social networking worked before Facebook’s revolution. These companies have gone on to show that innovation triumphs the time of entry every time!
More in Business
-
`
While The World’s Leading Automakers Are Following Tesla’s “Gigacasting,” Toyota Is Not Yet Ready to Join the EV Race
In the rapidly evolving world of electric vehicles (EVs), automakers are constantly seeking innovative strategies to streamline production and enhance efficiency....
December 12, 2023 -
`
The Epic Battle: Unveiling the Epic vs. Google Legal Showdown
In a déjà vu moment for tech enthusiasts, Fortnite publisher Epic Games is gearing up for a legal battle against Google,...
December 6, 2023 -
`
Why Getting Loans From Your Bank Is Tougher Than Ever
Banks are ‘purposefully’ making the process of loans difficult. And there are multifarious reasons. New regulations are continually being introduced to...
November 27, 2023 -
`
The EU Sets 40% Women Workplace Quota to Boost Gender Equality
If there is a lesson we have learned from the corporate world over the years, it is that diversity is not...
November 18, 2023 -
`
Everything You Need to Know About Legal Asylum
You know, there is a word out there that has been both a beacon of hope and a subject of heated...
November 11, 2023 -
`
How to Avoid Hefty Energy Bills? 6 Effective Tips
The dreaded energy bill is no secret today. Every month, it drops in, and every month we wince, wondering, “How did...
November 3, 2023 -
`
Steve Harvey’s Financial Fall: Divorce From Mary Lee Harvey
Steve Harvey, the comedian and television personality we have all come to know and love, has seen his fair share of...
October 29, 2023 -
`
How Extreme Weather Can Sabotage Tourism-Based Small Businesses
Ever dreamt of owning a cozy beachfront café in Bali or a serene cabin retreat in the snowy Alps? If so,...
October 19, 2023 -
`
Everything You Need to Know About Debt Relief
Debt relief is a broad term that refers to strategies, plans, or programs that can help you reduce or eliminate your...
October 13, 2023
You must be logged in to post a comment Login