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Why The First-Mover Advantage Is A Bullshit Concept

“I call it a fallacy. Everyone always says you need to be first to market. … However, the vast majority of entrepreneurs are never in that position. So, what are you gonna do?” – BigMike Being a first mover in your market doesn’t mean shit...

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Summary

First published

05/21/2019

Genres

business

Duration

46 minutes

Parent Podcast

Business Outlaws

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Episode Description

“I call it a fallacy. Everyone always says you need to be first to market. … However, the vast majority of entrepreneurs are never in that position. So, what are you gonna do?”

– BigMike


Being a first mover in your market doesn’t mean shit if you’re leading a startup rather than a multimillion-dollar corporation. And even if you have the capital in place to be a first mover, your competitors will always be there, waiting in the wings to take you down with a more developed, intuitive product.


The first-mover advantage is a bullshit concept. What you truly need to do first is solve that one key problem your client has been grappling with. What I’m trying to say is, being the first to market means nothing without first demonstrating value to your audience.


On Ep. 60 of Business Outlaws, co-hosts BigMike and Chris “Bulldog” Collins explain why only fools rush into their respective markets without a well-developed strategy to set them up for success. Luckily for those fools among us, the Outlaws reveal what entrepreneurs need to do to adapt and conquer.


“Blockbuster wasn’t going out and understanding the technologies that were out there that were being developed and were coming into play,” explains BigMike by way of example. “Netflix did.” Now, Netflix is dominating because it had all the intel on its competition, plus access to evolutionary technology that appeals to consumers, while Blockbuster has since become obsolete.


To learn how to stay ahead of the curve — rather than rushing in like a damn fool — tune in to Ep. 60 of Business Outlaws.


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