“Escaping competition will give you a monopoly, but even a monopoly is only a great business if it can endure in the future.” – Peter Thiel
First vs Last Mover
Humans love to be first – the first to get the latest Apple iPhone or be the first to watch the latest Avengers movie. In business, many businesses understand the importance of being a first mover to be a leader in their markets. If a company can be the first to enter or create a market, then this business is able to capture market share by being ahead of the potential competition, be seen as a innovator and establish brand loyalty.
However, in today’s rapidly changing world, being a first mover may not be such a huge advantage. In fact, the first-mover advantage is actually turning to a first-mover liability. With today’s technology advancing at a fast pace, competitors can catch up quickly and erode the first mover advantage.… Read the rest