“What Is HOW BIG IS The Market?
The the greater part of companies want to be innovative, discovering services, business models and better means of doing things. However, creativity is not easy to accomplish. A CEO cannot just order it, and so it shall be. You have to manage an organisation so that carefully, over time, innovations will emerge.
And CEOs often make a number of common mistakes, that hamper rather than induce such procedures. One common mistake is to insist on “seeing the numbers” too much too soon. “What is the size of the market? “, “what’s the Net Presen Value calculation? “, and so forth. What they are forgetting is that, for a innovative product, for example, it is impossible to reliably produce any figures.
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If a CEO insists on hard amounts before the project is even started, it’ll by pure description destroy off any truly innovative ones, simply because you can compute the size of a market that will not exist yet. One CEO who realized this well was Intel’s Andy Grove, at the time an engineer suggested to him to work on something called a “microprocessor”.
The engineer could not produce any quantities, consumer research, and not even a good notion in what type of applications this product was going to be used, but Grove offered permission and a budget anyway. It made Intel one of the very most successful companies the world of business has ever witnessed. Another innovation killer is sustained financial success.
We call it the success trap. When an organisation becomes very good at something, top of its industry, it usually starts to concentrate on the thing (product, technology, or business model) that made its success, crowding out other available choices and points of view. Initially, this might make it even more successful, but there will come a time that its business context will change: new technologies, consumer preferences or foreign entrants emerge.
And then the company and its top management discovers itself trapped in the thing it does so well, thinking that what brought it its success rigidly, will continue to make it prosper. But, the truth is, it is quickly becoming outdated. What always strikes me, easily ask a CEO (or anyone else within an organisation for that matter) “who’s your primary competitor?
“, they always reply with the business that is most like them. And subsequently they can tell me anything about this firm; its strength, weaknesses, products and plans. But in a genuine way, as it pertains to innovation, that is delusional slightly. The company that is most like you is the least important competitor really, simply because they are in the same boat when you are.