A Painful Truth About Being First to Market
I recently worked with a young entrepreneur who wanted to launch a new business. She was very excited about the concept and believed she had found a specific angle that nobody else had introduced yet and could exploit what she knew as “first mover advantage.”
I was excited for her as well, but not for the same reasons.
First, without squashing her hopes, I had to point out that her idea was not as unique as she believed. In fact, it was not unique at all, and a few Google searches revealed services identical to hers by other aspiring entrepreneurs. Granted, these other “businesses” were hardly large and intimidating in the way of competition, but I could see the air let out of her sails, as the saying goes, just a bit.
I pointed out that she should not be discouraged. The fact that other businesses are already offering the same service means that there is proof of concept and at least some market demand.
I shifted our conversation from being a “first mover” to being a “successful copier,” which I admit does not sound nearly as glamorous as the prior. In truth, I told her, countless companies have found success being a successful copier (otherwise known as “second mover advantage”).
In fact, according to a 2014 article in KelloggInsight, first movers “were more…
