To me, one key to success in a business is having more than just one great idea. Success is a great idea, followed by some very good ideas, and then a new great idea. Just one great idea is not good enough. If it is truly a great idea, others won't let one have an advantage for long. Competitor's will dismiss, copy or eventually come up with a better idea. If one isn't ready for such market responses, one's advantage will eventually be lost.
To note, a great idea can last a long time. Specific examples include Microsoft, with it's PC operating system, and Walmart with its superior lowest cost supply chain system. Both of these business models lasted over 20 years. However, Google and other web competitors may obsolete PC software and Target and Costco are showing quality and variety may have greater appeal than the lowest cost on everyday items.
Being ready for more than the first act is important for many aspects of life: career, business, personal finance and personal development are just few examples. One solution is to be ready with second (and further) great ideas soon after introducing the first one. Additional great ideas can be created internally, purchased from others, or modeled after existing successes. By having a plan past the first great idea, one can more effectively address competitive responses, whether they come in six months or in 10 years.
For more on New Beginnings, check back every Sunday for the next segment.
This is not financial or business advice. Please consult a professional advisor.
Copyright © 2008 Achievement Catalyst, LLC
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