Entrepreneurs are by nature big-idea people. They are creative and innovative. However, sometimes, it doesn't hurt for entrepreneurs to learn from their competitors and reverse engineer others' methods. Why try to reinvent the wheel when other companies on the planet have already succeeded. After all, these businesses were initially started by innovative people themselves and their methods have been proven by their record.
Everyone has his or her own preference when it comes to starting a new venture. Hopefully, these examples will provide you to take your business from idea to action.
Priceline- Be Disruptive
Disrupting used to be viewed as a negative word, but it isn't one when it comes to starting a venture for a new way to do things. To disruptive the old ways of doing things could be great for the world. Priceline is a great example. The online travel service company launched its website in 1997 with a radically different idea about how people should travel and disrupt the traveling industry.
Jay Walker, the cofounder of Priceline, liked the idea of customers being able to name their price for travel. That's exactly what Priceline was designed to do for its customers. Many customers started converting to Priceline to name their own price. Although it might seem like normal to us now, it was a disruption back then to the whole travel industry. Creating disruptive innovations where no others have tried before is how entrepreneurs take risks and become successful. Whatever your business is, think about how you can offer products or services in a way that no one has done before. That will provide significant benefits to your customers.
Johnson & Johnson: Learn to fail quickly and move on
Johnson & Johnson has been around for 130 years and it is one of the most successful and admired companies in the world so they must have some secrets for their success. One way J&J has earned that success and admiration is that when it fails, it moves on quickly to something else.
When Johnson & Johnson is probably best known for consumer products like Band-Aid and baby powder, the company makes nearly half of its total revenue from its pharmaceutical business. J&J claims one of the best drug pipelines around, but you don't hear about a large number of its drugs. That's because like other pharmaceutical companies, J&J has build a process to try to identify drugs that won't be safe or effective as early as possible. If a drug is destined to fail, the company wants it to happen quickly so it can invest in other drugs that can be more promising.
Entrepreneurs should try to mimic J&J in this respect. Fail big and fail fast, then move on to different projects. When you try something new, define specific parameters that will help you determine as quickly as possible if the idea is going to work. Doing so will allow you to allocate your time and money to ideas that will be worth your time.
There are so many great companies to learn how to do business from.