Re: [Pathway To Success] No 25, 15th Dec 2013 - Start trading FOREX today!

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Irena Whitfield

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Dec 30, 2013, 11:47:10 AM12/30/13
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Pathway To Success, Published since 2000
Volume 13, Issue No 25, 15th Dec 2013
Publisher Irena Whitfield
Subscriber Count: 138,500+


Our greatest weakness lies in giving up.
The most certain way to succeed is always 
to try one more time.
Thomas A. Edison

With 'Pathway To Success' you are receiving only top information,
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What's New:

** 1st Dec: Subscriber Corner:
   Subscriber Article: 8 Legitimate Home-Based Business Ideas
   by Bill Hazelton
   Guest Article: 6 Essential Lessons Entrepreneurs Can Learn 
   from Nelson Mandela by Erica Nicole

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Editorial:

Merry Christmas, my loyal Readers!

I wish you and all your families merry Christmas,
thank you for your loyalty and business we have been doing
together over all those years and would like to tell you 
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A little note: our 2013 Calendar is all about puzzles...
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Enjoy and stay tuned, your Pathway To Success is back in 14 days...


Sincerely,

Irena Whitfield
Your Publisher

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***************************
Publishing dates
'Pathway To Success' is published every other Sunday.
Next Issue is supposed on 30th Dec 2013.

***************************
Contents

  1. Today's Feature Article by Scott Allen
  2. Today's Tip On the Opportunity worth checking

Today's Feature Article

The Innovator's Dilemma
What To Do When Your Great Idea Becomes Mainstream
Scott Allen

Innovation is certainly not a prerequisite for
entrepreneurship. Successful entrepreneurship is often more
a matter of timing and perception—providing the right
product or service at the right time in the right market.
However, high-growth entrepreneurial enterprises, the kind
that make people famous, are most often the result of a
significant innovation on the part of the entrepreneur. In
fact, it is frequently entrepreneurs who develop those
disruptive technologies that create a whole new performance
trajectory.

Yet even those that successfully cross the chasm and enjoy
mainstream success are faced with a significant challenge
as the market matures. The competitive edge that has fueled
their growth is difficult to maintain as the market
commoditizes. The innovator is faced with a dilemma. Their
innovation is often part of the identity of both the
company and the entrepreneur—it's brand equity. And yet
that very innovation starts to become a liability as
competition commoditizes the product and the innovation is
no longer innovative.

And so the innovator is faced with a dilemma. He either has
to become a mainstream business dealing with commodity
products, or has to let go of that innovation and come up
with a new one. Large shareholder-driven corporations are
perfectly content to do either one (or both) of these. And
they've usually got both the infrastructure to support a
commodity business and a big enough R&D budget to keep
pumping out the innovations.

But both of these options are far more difficult for the
entrepreneur. For an innovative entrepreneur, the idea of
commoditizing the innovation and doing conventional
business in a highly competitive market is about as
attractive as a root canal. In fact, it's the very
antithesis of the entrepreneurial spirit. On the other hand,
while that innovation is hard to let go of for any company,
it's especially so for entrepreneurs because it is so much
a part of their individual reputation, usually to the point
that it is part of their essential identity.

So what does an innovative entrepreneur do about this dilemma? 
Here are a few tips:

Delegate. Let someone else turn the company into a
sustainable commodity-based business while you look for
something else. This could mean just delegating the
majority of your work (and authority) to your direct
reports. It's sometimes difficult, though, for them to
transition away from a centralized authority. If you're
concerned that this might cause fragmentation, then you may
need to hire an experienced Chief Operating Officer—someone
with the experience of sustained operations in a mature
market.

Sell out and walk away. Seriously! Watching an innovative
entrepreneur suffer under the constraints of an ongoing
concern is like watching someone stuck in a miserable
marriage. There's no shame in it—it doesn't mean you've
failed. In fact, quite the opposite! "Serial entrepreneur"
is a great appellation.

Look around you. The next great innovation may already be
sitting in the head of someone in your company. They know
the market space. They know your product—possibly even
better than you do yourself. And above all, they know the
customers. Get everyone together and just brainstorm. Even
if the idea isn't stated just perfectly by someone, it may
spark something in you that triggers that next great
innovation.

These strategies may help you keep some stability while you're 
working on that next innovation, but the very most
important thing to do is release your ego. Say this with me
one time — “I am not my creation.” Again — “I am not my
creation.”

The sooner you come to the realization that what's really 
a part of you is not the innovation itself, but rather your
ability to create it, the sooner you'll be able to detach
from that first creation, let it live its own life, and
move on to bigger and better things. 

********************************
Scott Allen says: I’ve been writing online for so
long, on so many sites, that I’ve practically lost track! 
I wanted to create a single, simple hub where I could steer
people to some of my best work. Enjoy! 

********************************
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*************************
An entrepreneur tends to bite off a little more 
than he can chew hoping he'll quickly learn how to chew it.
Roy Ash, co-founder of Litton Industries

*************************
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