Many of us wish we would be truly innovate and be leaders in our industries (or maybe even be the ones creating new industries). However, for many of us, that is not going to happen.
Because of this, we tend to be more reactive. Situations happen and we react. The problem with this is it means we are always behind our competition.
The alternative is to react, then adapt and then overcome. This means we don’t always have to be out front in terms of innovation but we must be willing to adapt to it after we react and then try to overcome the opposition.
An excellent example of this has been Netflix. They were innovative originally when they started offering a monthly fee for movies to be mailed to you. Because of this innovation, they became dominant in their industry (if you don’t believe me, see Blockbusters bankruptcy filing in yesterdays paper). However, their competition changed and instead of competing with the brick and mortar stores, they realized their competition was the cable companies offering video on demand. People could watch videos of their choosing right away as opposed to waiting for a DVD to be delivered by mail. Rather than sticking with their old business model they reacted by offering their own version of video on demand. They adapted this by offering unlimited downloads for the one monthly fee (and kept adding new videos to their list). This has allowed them to overcome this opposition and now their stock keeps going up, their profits are increasing and they are ready to react/adapt/overcome the next situation that arises.
When your industry changes do you maintain the status quo or do you react or do you react/adapt/overcome?
Have a great day!