Innovation vs. Marketing Suicide
People often assume that the greatest entrepreneurs are those who invent and bring to market something entirely new that’s never existed before. So a lot of aspiring business owners think being successful means they have to be some kind of groundbreaking pioneer.
But bringing a truly brand new product or service to the market is extremely rare and risky… and it’s actually not where the most opportunity is.
In this video, I’m shining a light on what’s actually closer to the truth… and what I believe is the smartest approach when it comes to launching a product or service.
You can watch here:
In this video, you’ll learn:
- The truth about 99% of entrepreneurs out there (including me!)
- Why it’s much smarter to innovate rather than try to bring something totally new
- What resources you need to make true invention worth the risk
You may have noticed that even people we regard as business legends, like Henry Ford and Steve Jobs, talked about themselves as if they created something completely new. (They both claimed with a sense of pride that they didn’t really pay attention to what people wanted!)
But in reality, they were really innovating more than straight-up inventing.
The car and the assembly line already existed in Henry Ford’s time. He found a novel way to combine those two things to make assembling cars easier and buying cars affordable.
Likewise, MP3 players and smartphones already existed when Steve Jobs introduced the iPod and then the iPhone in the early 2000s. Jobs created a way to make those products elegant, efficient, and indispensable for consumers.
In other words, these famous inventors worked with what was already there and developed a better iteration.
They were gifted at noticing what wasn’t working, where the gaps were, and how they could bring their “special sauce” to these products in a way that revolutionized how we saw and used them.
Finding Your Fit in the Market
When you have a solid sense of the existing market, you know what people are already interested in and what problems they’re trying to solve. And when you know what your unique gifts are, then you can find fresh and imaginative ways to meet consumers where they are with better offerings.
As always, I’d love to hear from you. If you have follow-up questions or want to share your own experience, leave a comment below and let me know what you think!