Me and Tim Ferriss, Napa Valley, California.
As some of you may know, I’ve spent the last week in the Napa Valley with a group of amazing best-selling authors and entrepreneurs, organised by Tim Ferriss. Needless to say, the experience exceeded my expectations and I am inspired about … work, business, life, everything.
Just before I arrived in Napa, Amazon and Tim made an interesting announcement. You can read more about that here.
Apart from what it means to the book selling and publishing industry, it’s also a wonderful example of first mover advantage. So I wrote a post for my Enterprise blog here.
Be a first mover – there is less competition
Too many business owners wait until they see there is a lot of demand in the market before they make a move.
They rationalise that there is no point entering the market until there is proven demand. However, by the time you get in, the first movers have already captured customers. And if they are good at serving them, they will be loyal customers who are hard to convert. You’ll be left with a smaller slice of the pie.
In the book Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne, the authors talk about not outperforming the competition in the existing industry, but creating new market space or a blue ocean. This makes the competition irrelevant.
Note Ferriss’s statement above. He wants to “redefine what is possible.” They are not just publishing books, they are creating a brand new niche. They are swimming in a blue ocean.
You can read the whole post here.