The Agility Paradox: Why New Businesses Thrive and Legacy Businesses Struggle
The biggest strength of new businesses is also the biggest weakness of legacy businesses
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Introduction
Have you observed this phenomenon?
Until one day, you’d think/ feel that a particular market is totally saturated with eateries/ restaurants/ cafes/ dessert places.
And the next day/ week, you’d find a new business in the same space that serves a new product or a new variant of the same product, and the customers automatically create space for a new player.
Today’s note will help you understand how a new player creates space for itself in what may feel like a saturated market for everyone else.
Agility: Strength of the challenger
Think about this. Can a pizzeria start serving Chinese food, just because Chinese food is gaining popularity?
It would be a financial and a business disaster to say the least.
On the contrary, a new business can start adjacent to the pizzeria and start serving Chinese food from day 01.
I hope you’re getting the message here.
The biggest strength of any new business is also the biggest weakness of an established business.
The strength is agility and experimentation.
A new business has the bandwidth to be agile, and create a product/ service that will cater to the needs (new/ underserved) of the market that the existing player can’t cater to.
Conclusion
If you’re trying to create/ grow your business; finding ways to innovate and create an offer which challenges the incumbents in the market and caters to a specific (unseen) need of an existing market is the way to go. Want to give this edge to your business? Feel free to reach out to me and let’s connect.Your Thoughts!
If you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
I’m done sharing what’s on my mind, and now is your turn to share your POV.
Tell me how you are processing the information that you’ve just read?
Do you agree with my thoughts?
Do you think I missed something important?
Do you disagree with something in particular?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine an entrepreneur creating an alternative to a product in a billion dollar market which is being controlled by incumbents”