Q: Must a business owner create a disruptive technology to be able to succeed?
A: Having a disruptive technology that sets you in addition to the competition certainly doesn’t hurt, nonetheless it doesn’t indicate you will succeed – and it’s definately not being the only way to success. In the end, how often do we run into truly disruptive technology?
If you ask me working with entrepreneurs worldwide, the successful ones are those that know their customers and needs well and create services or products that address what their customers want in a distinctive way.
Whether that service or product is a “technology” depends upon how you apply the word. Henry Ford’s disruptive innovation wasn’t the invention of the Model-T automobile, however the mass-production methods that lowered cost and therefore allowed more people to get cars. Entrepreneurs, like the founding team at Tencent in China, didn’t invent messaging, however they did indeed capture the energy of the Internet coupled with low-cost text messaging to create among the world’s largest mobile communication platforms.
Which Do WE ARE IN NEED OF More: Big Data or Fast Data?
Even in the realm of tech startups, some of the most successful companies are using existing technologies to resolve real-world problems, not inventing new technologies from whole cloth.
One great example from the Pacific North West is Porch, a network that connects homeowners with do-it-yourself professionals, such as for example contractors and electricians. There have been already plenty of methods to find and consider these providers-Craigslist, Yelp, Angie’s List and person to person, to mention a few-but the info was scattered everywhere. The Porch team saw the necessity for a tailored solution — such as a LinkedIn for assisting you find trusted workers for your house project –and has achieved tremendous growth by combining all of the right information and making the procedure simple and intuitive. This is simply not to say that the business hasn’t developed innovative technologies that are crucial to its success, but Porch is disruptive primarily due to a focused central idea and fantastic execution.
How exactly to Use Technology to improve Productivity, Not Distract You
The true question here’s: “How do you succeed?” As a way to answer that question, we must look at some companies which were unsuccessful. There are various reasons companies fail and perhaps it has nothing do with their capability to create a disruptive technology. They fail because they’re struggling to find the right business design, or they’re struggling to anticipate the impact of other disruptive technologies or they can’t respond fast enough to changes in customer attitude.
Take Xerox for instance. After the absolute leader in copying machines, Xerox lost market share when Canon and Ricoh introduced low-end copiers that expanded the marketplace and chipped away at Xerox’s dominance.
The moral of the story here’s these companies had completely different approaches – from business models to focus on audiences. They didn’t attack the incumbent at once or offer better technology-quite the contrary actually-but their approach eroded Xerox’s position on the market yet.
To summarize, I’d say that success as a business owner doesn’t indicate creating a disruptive technology; instead, it’s the art of how you react to disruptive technology in a manner that uniquely differentiates your company from the others. By keeping a solid concentrate on your customer needs and the opportunities they present you, and through the use of technology to provide you with an edge, you are on your path to creating a successful business.
Before YOU GET Software for Your Business, EXAMINE THESE Do’s and