TC: DO SOMETHING DIFFERENT
Let’s define the term Disruptive Innovation:” Disruptive innovation is something that creates a new market or transforms an existing one through simplicity, convenience, accessibility, or affordability.”
For me, this definition is an open invitation for small businesses to take advantage of this philosophy. Large companies are slow movers when it comes to innovation because they are busy taking care of their existing profitable customers.
A classic example is that of Barnes & Noble and Amazon. Barnes & Noble had a strong foothold in the book-selling market. The company expanded its brick and mortar business rapidly during the 90’s and early 2000’s. With this business model Barnes & Noble failed to address the key element of convenience in the customer buying journey. Amazon introduced convenience as well as price reduction which attracted many customers.
Other familiar names that did not pay attention to the possibility of disruptive innovation and consequently paid the price are Kodak, Blackberry and Blockbuster.
Your challenge today is to remember the four highlighted words and see how you can create a disruptive innovation in your industry. In today’s economy and world of fast change, your mission is to shake up the establishment or to create what doesn’t exist. You can’t do the same thing that everyone else is doing; you have to find a way to do what people aren’t doing.
Tuesday Challenges are created to get you to do some “out of the box” thinking and to work on your business instead of in it.
TAKE THE CHALLENGE!
Tips & Advice by Nick Petra, CFP – Founder of BizQuack and StrategicDuck
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