781: Pioneering Innovation, Why You Don’t Need to Be First To Market & The Bell-Curve Effect

In order to become a successful entrepreneur, you need to make sure you’re on the cutting edge of your industry or else you run the risk of becoming obsolete. There is no such thing as having ‘arrived’ as a business owner, and thinking so will only stifle your growth. Exploring ideas makes me think specifically about pioneering innovation which is about discovering what’s never been achieved before and succeeding at making it happen. Pioneering innovation occurs when a brand-new product, service, or way of doing something is introduced into the market and I think that’s where people get stuck. Being successful does not require you to be a pioneer, inventor, or innovator!  I’m sure you have all heard of the adoption bell curve and the truth is that there are people at all different stages of that wave. This is usually discussed with reference buyers but it doesn’t just apply to consumers, it applies to business too! You can be a pioneering innovator at the forefront of your industry or you can ride the curve. You do not have to be first at something to be the best! Industry giants are built by observation and I would argue that your ability to observe is far more important than your ability to innovate. Now, this doesn’t mean that you should copy someone else's work, because copying is not what will make you successful. But learning from others and adapting can be such an incredible way to grow and make an existing idea even better!  Thank you for listening! Please subscribe, rate, and review The Strategy Hour Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated. For show notes, go to thestrategyhour.com.