How to build the future

The next Steve Jobs isn’t building a new tech gadget, the next Larry Page is not writing code for a new search engine.

If you are copying these or any of the other players in your sector then you haven’t learnt anything from past innovators. Sure, replicating an existing model is easier than creating something new. But doing what has already been done stagnates your creative thinking and limits the possibility of significant innovations that advance your business growth and humanity by quantum leaps.

"By being satisfied with incremental improvements and adding more of something familiar or applying conventional wisdom to an already saturated market, most entrepreneurs limit their own creative potential to do something extraordinary in the world."

In building the future, we need to annihilate old methods and models of doing things. Those conventional standards and outcomes need to be made obsolete. This means breaking free of the old identities we have (Individually and collectively) and forging ahead in seeking new and innovative solutions. Understand that these ground-breaking ideas have to be proactively engaged with, a great idea will not interrupt you.

If Elon Musk decided to replicate the production and operation models found in other automotive manufacturer workshops, then Tesla Motors would not be what it is today. Elon actively sought out an effective solution to an ever-increasing pressure that consumers face with increasing fuel prices and the ecological impact that fossil fuels have on the planet.

Now, he is not the only one producing “eco-friendly” electric cars, but he is obviously the one doing things different to his competitors and building a brand that stands for more than the environment, Tesla is a customer experience company.

While the other manufacturers were in a race to build electric cars, Elon is largely focused on building the most effective electric car operating system. Making the car is the easy part, but getting people to adopt it as a primary mode of personal transportation is the challenge that the other electric car producers had not figured out. He thought and did things differently to make the experience of owning a Tesla more fun and easy for the consumer.

Elon is largely focused on building the most effective electric car operating system. Making the car is the easy part, but getting people to adopt it as a primary mode of personal transportation is the challenge that the other electric car producers had not figured out.

This is a problem that other car manufacturers were not so proactive in diagnosing and treating. Elon saw through the problem from more perspectives than his competitors did. Thus the future of electric cars is now more viable, because Elon Musk is building the future by seeking and applying new solutions to problems that humanity may face in future. Let's see what his innovation principles and design thinking do in aiding the colonisation of Mars, for the future survival of the human spices.

So in applying this I propose a rather radical idea; if you are an entrepreneur or are considering founding a start-up, don’t compete. This may be a shocker to most people, but the principle of competition generally means that in most cases you will compete on price, see shrinking profit margins due to market saturation and ultimate commoditization of the product or service you offer.

Engaging your competition is overrated, and it is amongst the least efficient routes to creating a highly valued business. The best companies do not compete for profits or market share, they pivot, lead new markets and create innovative solutions for new market segments, trends and geographies. The best companies are never fixated on the means, instead they obsess over their desired outcome. As a result everyone else finds it hard to keep up or compete with them because they learn and change their approach as many times as needed to find the formula that works.

The best companies are never fixated on the means, instead they obsess over their desired outcome. As a result everyone else finds it hard to keep up or compete with them because they learn and change their approach as many times as needed to find the formula that works.

This is an example of how monopolies can be created by becoming the default category owner like Amazon, Facebook and Google. Google is a good example of a monopoly because they found a way to dominate the customer information and search market. They did this through creating a technology that was 10 times better than any substitute in the marketplace.

At a time when the Internet was at its infancy stage, Google was among the first of many search engine start-ups, and today they could be considered the “the only” player due to their dominance. Just consider that the word “Google” is listed as a verb in the Oxford dictionary.

Most people are puzzled with the idea that Google is a monopoly, but here are the numbers to support that fact. As of May 2014 Google owned about 70% of the search engine market, with Microsoft and Yahoo owning 19% and 10%, respectively. Further to these numbers, it's clear that Google’s market ownership is well earned, they found a way to commercialise information you need (so you don't pay for it), in a user friendly environment (unlike Yahoo), while they offer the fastest and best search results, as well their superior information storage and processing products that have placed them light years ahead of their competitors.

Just remember that not all the best ideas have been taken, there still exist great opportunities for entrepreneurs who are willing to push the envelope and create new frontiers for themselves and humanity.

So how do we begin to create value in new markets? Well the best place to begin is by investigating your own blind spots in identifying the opportunities available in the market. What are the hidden markets that no one else, or at last only a few, are paying careful attention to. Ask yourself, "How do I take advantage of these opportunities, with the skills and resources I have today?" For starters a macro market analysis of your strengths, weaknesses, opportunities, threats relative to the larger landscape could help in mobilizing you to thinking of challenges and solutions you were not aware of.

We are able to assist you in diagnosing and recommending new ways of communicating with your current and future customers, using the most effective technologies and growth strategies. Contact us for a complimentary 30 minute consultation to get you started with your businesses future proofing strategy.