As an entrepreneur
or an entrepreneurial business, there is nothing better, than creating a new
product or service that no one has ever seen before, and turning it into a
blockbuster commercial success. There is however another path to success, and
this is called, the "fast follower":
There are a lot of
organizations who are successful, through the ability to see what others have
done, and then moving quickly to do the same thing; this is the "fast
follower". If you look at great companies like Microsoft or Apple, they
are not necessarily the first to come up with a new idea. They are "fast
followers"; if they see someone doing something, that has potential, they
either buy it or build something similar; only they do it better.
Our company did
not invent "Mobile Money" (Ecocash), it was invented in Kenya, by
Safaricom. As soon as I heard about it, I did two things:
-first I checked
to see, if there was a patent protecting the idea. It turned out they had not
protected it.
-I then put a top
team to research the concept.
The key to being a
"fast follower", is the ability to move with lightening speed.
The Chinese are
masters of the "fast follower" model:
When they see
something in the West, like Yahoo, Facebook, Uber, Google, their entrepreneurs
quickly follow, to build their own. A Fast Follower, never allows a competitor
to settle in, on a new innovation without a response. I can tell you, that if
we do not respond, it is usually because we do not think much of the new
product or service. Otherwise, we try to respond hard and fast, using better
management and execution skills than our competitor, with devastating
efficiency. It's part of the game.
So next time you
see a new product or service, in another market, don't just admire:
Be a "fast
follower".
The key to being a
"fast follower", is being able to see what we call "substance
over form":
Most people find it very difficult, to see "substance", over "form": You cannot afford to have a superficial understanding of how something really works: You have to be very methodical in breaking down, the reason why something is successful. Most often it is not as simple as it looks.
You have to keep asking yourself:
"How does this really work?";
"What is the business model?";
"How do they really make money?"
Ninety-nine percent of the users of What’s App, or Twitter, for instance have no idea, how it makes money. It is superficial, to say, "Advertising"; not enough: how exactly, do they do it?!
Sometimes, when you dig deep, you find the "secret source", is not even technological.
The Fast Follower, is methodical and dogged, in their analysis. They act quickly, but not rashly.
The Fast Follower knows that there is a huge difference between, "knowing" how something works, as a user (consumer), and what you need to know, as an entrepreneur, who is looking for a serious opportunity.
Most people find it very difficult, to see "substance", over "form": You cannot afford to have a superficial understanding of how something really works: You have to be very methodical in breaking down, the reason why something is successful. Most often it is not as simple as it looks.
You have to keep asking yourself:
"How does this really work?";
"What is the business model?";
"How do they really make money?"
Ninety-nine percent of the users of What’s App, or Twitter, for instance have no idea, how it makes money. It is superficial, to say, "Advertising"; not enough: how exactly, do they do it?!
Sometimes, when you dig deep, you find the "secret source", is not even technological.
The Fast Follower, is methodical and dogged, in their analysis. They act quickly, but not rashly.
The Fast Follower knows that there is a huge difference between, "knowing" how something works, as a user (consumer), and what you need to know, as an entrepreneur, who is looking for a serious opportunity.
The Fast Follower,
does not copy, they look at something very carefully, and then try to
re-imagine it:
-"How can we make this better?";
- "how do we use this, in our own context?"
Steve Jobs, did not invent the cell phone, in coming up with the iPhone. He took something that had been there, for nearly 20 years, and completely re-imagined it, to come up with the iPhone.
In Fact, Steve Jobs was the "master" Fast Follower:
He did not invent anything new. He innovated around ideas that had been there all along. The same could be said, about much of what Bill Gates did.
A Fast Follower knows that if you simply copy something, you have not understood it.
When a Fast Follower gets hold of something, they "re-imagine" it into something new.
Understanding the concept of being a Fast Follower", opens up an incredible world for you and your business.
-"How can we make this better?";
- "how do we use this, in our own context?"
Steve Jobs, did not invent the cell phone, in coming up with the iPhone. He took something that had been there, for nearly 20 years, and completely re-imagined it, to come up with the iPhone.
In Fact, Steve Jobs was the "master" Fast Follower:
He did not invent anything new. He innovated around ideas that had been there all along. The same could be said, about much of what Bill Gates did.
A Fast Follower knows that if you simply copy something, you have not understood it.
When a Fast Follower gets hold of something, they "re-imagine" it into something new.
Understanding the concept of being a Fast Follower", opens up an incredible world for you and your business.
To be continued…
