Get First Mover Advantage
All songs are improvised in the beginning. The musicians who invent and perform this original content generally earn more than imitators do.
Similarly, those who develop a company or invent an industry are likely to be paid more for a longer duration than those who are copying them. Certainly, you could successfully copy other people in business and improve on their products and services. But to earn even more, it’s better to be the first to operate within your niche and then to remain the best.
If possible, you should be the first player to enter your industry; the first to invent all the products, services, and processes that make your industry tick; the first person with access to the best employees; and the first with the best marketing ideas.
Unfortunately, you can’t have it all. Yet, as long as you are trying to get it all, you are on the right path. So go for it! Try to be first to enter new markets or niches.
You will move ahead if you are merely operating on par with your competitors, but if you are operating better overall AND are among the first to enter your markets, then you are more likely to capture a “sustainable long-term advantage,” which should become synonymous with a “perpetual profit stream.”
