What gives you confidence that you have an advantage in any situation? Shane Parrish from Farnamstreet started an interesting thread on Twitter about sources of personal competitive advantage, check them out below.
One of the reasons people and organizations will never transform themselves is because they’re afraid of making mistakes. Either they never take risks, or they back out on the first sign something doesn’t work if they do make mistakes.
Every organizations lives and dies by its strategy. What makes a good strategy? The best strategies are simple and answer 5 fundamental questions: who, what, where, how and why.
Still, developing a strategy is hard. There’s a tendency to make it a very complex activity, which I believe drives most organizations to fall for many traps; one being the the copy-paste approach.
Startups, by their very nature, do not fall for this trap. But this doesn’t mean their path to victory will be easier; but much more harder.
There are three forces needed for innovation to happen: ability, infrastructure and market. When all three exist you have an industry. Creating a new industry is a long-term challenge, which many people and organizations will not take on. When starting out, every startup is in a race to create find product-market fit. It’s not about being first to market, it’s about getting the business model right.
The Next Economy will be driven by 10 key emerging technologies. All of these technologies are in the news 24/7. Yet, most organizations and governments are behind the technology curve. They’re either slow adopters or stagnant. There’s a difference between being a slow adopter and being stagnant; the latter means you’re not even aware of what’s going to change your business in the short and long-term.