What do you do when you get late to a party?
You need some time to think about that right?
I have spent the last few weeks trying to evolve a new kind of business model, one that is kind of different from whatever it is we have around today. Sure you have heard about Freemium, Affiliates, Subscription and all ’em buzzwords they bounce around in business schools.
My quest led me to do a close study of some of the business with very good business models around today. I discovered they shared something in common.
Most of them got late to the party!
So if you get late to a party, the first thing to do is, Don’t Panic. Many before you have shared similar fates.
What happens when you intend making a market entry into a sector or an industry that is already a red ocean. You know that kinda of feeling when you know and you are sure you cannot even enjoy the hundredth-mover advantage in the market you are entering.
So what do you?
Simple; Do the same thing party-latecomers like you have done in the past. Disrupt!. Basic.
Most of the seemingly innovative businesses of today entered into industries which were as old as the earth itself but what gave them a headway was they turned the tables, introduced a new angle to the business.
Take Uber for example.
Taxis have been available since God-knows-when, I grew up knowing that where ever you wanted to go, there was a yellow-cab waiting around the corner to take you there for very small fee. So what is the big deal about Uber?. More surprising is to know that Uber reportedly the World’s largest Taxi company owns no vehicles. That is a story for another day.
Airbnb, the world’s largest accommodation provider, owns no real estate. Funny isnt it?
Today’s business world is filled with episodes of Disruption. Individuals and Business actively taking on the status quo and disrupting it.
I like the way Strive Masiyiwa puts it when he rightly said “No matter how Old your business idea is, take it and apply technology to it and turn it into something new” AKA You can disrupt your current business and take good market share from the current market leaders.
BTW if you get late to a party all you need do is disrupt the event create a spot-on agenda and let the party keep rolling.
I am Seun Ogunmola!