Leaders spend a lot of time thinking about how to be disruptive— to unseat bigger players through a combination of innovative technology and new business models. But they spend a lot less time asking themselves, How likely are we to get disrupted? And that’s a problem.
Disruption often feels like it comes out of nowhere, but it doesn’t. It comes from the corners leaders aren’t looking at, and from companies leaders consider outside their industry. By not getting in touch with the vulnerabilities of their own organizations, leaders leave their companies open to harm, both strategically and financially.
In my academic and professional studies around disruption, I have identified major blind spots that leaders often have—and that their disruptive competitors often exploit. Here are the three things leaders most often ignore but must keep front and center if they want to defend their firms against quick obsolescence.
1/ Own the standard, or get outmoded by it.
Every industry has things in common. Competitors may end up using the same underlying technology, for example, or consumers may start engaging with an industry through aggregator platforms. Amazon’s five-star rating system is a type of standard: It takes millions of retail items and lines them up against each other. Price comparison platforms like Skyscanner are also a standard; they enable consumers to shop across airlines, comparing their options based on basics like ticket prices and travel time.
This story is from the November 2020 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2020 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
THE SUBMERGED ADVENTURES
Spearheading GetVantage, one of the leading alternate financing companies in the country, Bhavik Vasa knows that sometimes entrepreneurial journey can get tough and stressful, but he has his own way of clearing his mind -- a few feet underwater.
Robust Charging Infra Key To India's EV30@30 Ambition
WHILE GOVERNMENT AIMS TO HAVE 30% OF 2030 CAR SALES AS EVS IN THE COUNTRY, THE VISION SEEMS UNATTAINABLE WITH JUST OVER 12,000 PUBLIC CHARGING STATIONS IN THE COUNTRY AT PRESENT.
OWNING A SLICE OF PROPERTY
Real estate is a critical component of one's portfolio as it provides income, capital appreciation, inflation protection, and diversification.
THE FUTURE OF FINTECH
It's all about setting the house in order
ETCHING SEMICON DREAMS
Historically concentrated in regions like the US, East Asia, and Europe, there's a rising interest in expanding semiconductor assembly and packaging capabilities to emerging markets like India.\"
6 Lessons I Learnt In My First Startup Venture
EVEN THOUGH YOU PICK A BIG MARKET, IT’S IMPORTANT TO PICK A SMALL SEGMENT OF IT TO FOCUS ON FIRST AND UTTERLY DOMINATE BEFORE YOU SLOWLY EXPAND.
How AI and ML are revolutionising healthcare industry
Al ALGORITHMS CAN NOW ANALYZE VAST AMOUNTS OF BIOLOGICAL DATA TO IDENTIFY POTENTIAL DRUG CANDIDATES, PREDICT THEIR EFFICACY, AND OPTIMIZE DRUG DISCOVERY PROCESSES.
5 Lessons I Learnt As An Entrepreneur Over The Last Decade
TODAY, WE ARE A PROFITABLE BUSINESS WITH 2.5 TIMES OF OVER PRECOVID BUSINESS VOLUMES.
Revolutionizing the two-wheeler industry with technology
TO CATER TO THE INCREASING DEMAND FOR TWOWHEELERS, THE INDUSTRY IS CONTINUOUSLY EMBRACING THE LATEST TECHNOLOGIES TO ENHANCE EFFICIENCY, PRODUCTIVITY, AND SUSTAINABILITY.
Who's Stealing Your Time?
Do you have less time for the things you love? You might be blaming the wrong people.