Pioneering Innovation, Why You Don’t Need to Be First to Market, and The Bell-Curve Effect
Episode 781: Show Notes
In order to become a successful entrepreneur, you need to make sure you’re on the cutting edge of your industry or else you run the risk of becoming obsolete. There is no such thing as having ‘arrived’ as a business owner, and thinking so will only stifle your growth. Exploring ideas makes me think specifically about pioneering innovation which is about discovering what’s never been achieved before and succeeding at making it happen. Pioneering innovation occurs when a brand-new product, service, or way of doing something is introduced into the market and I think that’s where people get stuck. Being successful does not require you to be a pioneer, inventor, or innovator!
I’m sure you have all heard of the adoption bell curve and the truth is that there are people at all different stages of that wave. This is usually discussed with reference buyers but it doesn’t just apply to consumers, it applies to business too! You can be a pioneering innovator at the forefront of your industry or you can ride the curve. You do not have to be first at something to be the best! Industry giants are built by observation and I would argue that your ability to observe is far more important than your ability to innovate. Now, this doesn’t mean that you should copy someone else's work, because copying is not what will make you successful. But learning from others and adapting can be such an incredible way to grow and make an existing idea even better!
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The One Thing You Need to Do to Avoid Bell Curve Downfall
Right now, I am witnessing one of the most fascinating phenomena in my career. We have more than one bell curve happening within the same industry! One has already reached its peak and is falling downward fast and people are terrified and even going out of business. The reason this is disorienting is because there is another curve happening at the same time and we have seen some of its initial success and how it has affected businesses. I think that there is an ability to jump from one curve to the other. Can your business follow the curve downward with a lot of other businesses? Yes, but it could potentially close!
However, you have the opportunity to pivot and adapt to the other curve that is on the uphill swing. Facebook is a great example of this! They know that if they keep doing what they’re doing, they will close eventually. They are in an experimentation phase right now so that they can jump curves. This popular curve and ‘spike’, so to speak, is simply based on different ways that users and consumers are buying! Businesses that are growing and providing quality listen to what the market dictates and are willing to make changes. As a small business owner, you have the unique ability to listen, observe, and jump curves — now more so than ever before.
The Main Reasons the Way Consumers Buy Has Changed
I have been trying desperately to figure out how I can help more people and businesses be successful. I have seen so much success and so much struggle at the same time and I believe that there are many reasons for these things. There are so many factors aiding in this unique challenge and part of the reason businesses are going the other way is because as content is being consumed differently, businesses have to evolve in how they produce it. This affects literally every single business on the planet. People have also learned how to observe and reflect differently (thank you pandemic!)
To add to that, there are a load of different privacy changes preventing businesses from using users’ data which has affected income sources for hundreds of thousands of businesses. That’s not to mention the huge generational clash of having more generations living on the planet at the same time than we ever have before. Each generation has its own buyer behavior and the ability to make different buyer assumptions based on age is a unique challenge. All of these different things lead to a unique space that you can either be terrified of or see as the biggest opportunity for success you have ever had in your life.
How to Uncover the Formula for Success in Today’s Economy
I think a lot of people are struggling to uncover what the formula is to be successful in this unique space. I don’t claim to have all the answers but I am dedicated to seeing your success and I believe that now is the time to be paying attention not just to your industry but also to completely unrelated ones! It’s time to observe what makes people successful and the patterns you see when comparing several industries. Small businesses tend to follow paths set by bigger players so it’s time to pay attention to what industry giants are doing and how they change as well as how they invest their time, energy, and resources.
I am uniquely interested in exploring the timeless aspects of what make businesses run and what is foundational to all of them; the core of what I have been teaching for many years. But I am also interested in the ways businesses need to be operating in today’s economy and with the current industry trends. I am packing all of this information up and delivering it to Co-op members. I would love to continue these conversations with you. I want you to be part of it to create an environment for us to observe and learn together because it has the ability to trickle down to so many other businesses. I believe in sharing this information. I am deeply passionate about sharing what makes you successful so that small businesses can be kept up and running. I want you to be part of this so go watch the Untitled training video and become a Co-op member now!
Quote This
Being first does not guarantee the most success.
Highlights
The One Thing You Need to Do to Avoid Bell Curve Downfall. [0:07:43]
The Main Reasons the Way Consumers Buy Has Changed. [0:19:20]
How to Uncover the Formula for Success in Today’s Economy. [0:23:19]
OUR HOST:
Abagail Pumphrey
Boss Project on Instagram | Facebook
Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Pioneering innovation, Invention, Bell-curve, Market trends
