Thursday, March 27, 2008

Copying Vs Innovating

Seth Godin on his blog had an interesting post where he asks

Should you make stuff aimed at people who usually buy your product?
Should you make stuff aimed at people who rarely do?

Well this is my take on it

If you do what your competitors don't have you are a pioneer. There is a high probability that it will fail but if it does succeed then you have higher returns. On the other hand if you choose to go with what your competitors have you are a copycat but you have a higher chance of making something that will succeed as it has already been tried before but the returns are obviously lower.

I once read that an entrepreneur is one who sees things that other people don't. They are people that can put order to the chaotic messages that they are being bombarded with and visualize something that no one else does. Putting these thoughts into practice is a lot harder and more risky but if successful higher are the rewards.

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