“If you see a bandwagon, it’s too late.”
This is so very true in life, but so very dangerous in today’s business environment. We humans have moved from the Stone Age through the Industrial Age right into the Information and Digital Age. What is important to note here are the timeframes, the speed at which we move from a good idea, to a trend, to yesterday’s news. Everything moves so much quicker now.
As a result of this accelerating pace of evolution and taking into consideration the nonsense of Covid 19, the life cycle for a new idea or product is more condensed and the time you have to take advantage of this idea has often passed by the time you get it to market.
A simple example of this is how quickly so many businesses became manufacturers and distributors of Personal Protection Equipment during the Pandemic. Most of those ‘new’ companies are now looking at warehouses full of stock and machinery that they will never need but that must still be paid for.
Trend setters and market mavens have moved on to the next big idea and you are left in the back seat of an overcrowded “I almost made it” bandwagon.
The solution: Do not wait for the next big thing; don’t be the first one to jump on that bandwagon; never try for first place in somebody else’s race. Set the trend, don’t follow it. Don’t sit around the table and tell everyone “they stole my idea” when in reality, you were asleep at the wheel.
Take your ideas, make the commitment and take your product to market as soon as you can. This doesn’t mean you must be reckless and jump in without any due diligence. Committing to a venture means you will have to give it the necessary respect and effort needed to make sure it is a viable concept and that a market exists for it. Do your research, plan your strategy, do whatever the first step is; but take that first step and persist with it for as long as you believe it to be a viable venture.
Make sure your plan includes a nice big bandwagon for the followers. After all, your strategy must make provision for the followers. They will be your customers.