Mar 20, 2011
Dear Entrepreneur, Stop Dreaming and Just Launch That Business
Posted by Naveen Jain in categories: business, economics, education, philosophy
Common wisdom is that great companies are built by business leaders who out-vision and out-innovate their competitors. However, the truth is that groundbreaking businesses tend to come from entrepreneurs who were smart enough to out-execute everyone else in their space – which means getting products out there and growing a loyal customer base, instead of engineering a product until it’s supposedly perfect.
Microsoft is a great example of company that has succeeded by execution. They’ve rarely been first to market with any of their products, but they’ve successfully brought them to market, figured out how to improve them, and introduce them again and again. This is the approach that puts you in the Fortune 500.
Why do entrepreneurs believe so fervently in the myth that they need to be first to market with a never-before-seen innovation? Because that’s what they’re told in business school. The problem with this piece of wisdom is that it encourages business leaders to wait until the mythical breakthrough business idea is fully formed.
This myth is fed by the public perception of groundbreaking companies as having come out of nowhere to rock the world. But companies like Facebook rarely, if ever, spring into being with no antecedents: MySpace and Friendster were in the market first, but Facebook did social networking better than anyone else had done before. Google wasn’t the first search engine ever; AltaVista probably deserves that title. But Google advanced the search experience to the point that we all believe they were the breakthrough innovator.
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