Dilemma around Originality or Adaptation? Settling on the Most Suitable Strategy for Your Business Concept
Wanting to start a business? You've got two avenues to explore: original ideas or adaptations. Both have their own set of risks and rewards.
Original ideas are like striking gold, as they can lead to groundbreaking products or services that hadn't been thought of before. However, they comes with a tougher challenge – constantly pushing yourself to think out-of-the-box and identify unmet market needs.
On the other hand, adaptations are like remixing a classic hit. You can tailor existing products to suit local tastes or market demands, reducing the risk of failure as consumers are roughly familiar with the products.
But is originality always better than adaptation? Absolutely not! Even established companies crave business ideas to keep up with ever-changing consumer needs and preferences, technology advancements, and to maintain their competitive edge.
Businesses thrive on generating profits by providing goods or services that satisfy consumer demands. Introducing new products allows them to secure a greater market share, improve their competitiveness, and most importantly, maintain customer loyalty.
Innovation plays a significant role in this journey, helping companies stay ahead of the game. It can come in various forms, such as inventing something completely new or commercializing existing ideas and improving them. Take NVIDIA Omniverse, OrCam Read, MTA Live Subway Map, Everist Waterless Haircare Concentrates, and Paper Shoot Camera—these are just a few inspiring examples of incredible inventions from 2021.
Adaptations, meanwhile, enable companies to cater to different regions, modify product packaging, alter branding or logos, change product formats, and adapt promotional strategies to suit the needs of their target audience. GoJek and Grab, for instance, modeled their online transportation services after Uber but tailored them for the Indonesian market.
In summary, whether you're starting a business or running an established company, continuous innovation and adaptation are vital for success in today’s dynamic marketplace. Be it new products, services, or processes, always keep an open mind and stay alert to market shifts. After all, the successful companies of tomorrow are the ones that can pivot and adapt like chameleons today.
Want to learn more? Check out our guides on intrapreneurs, entrepreneurs, social entrepreneurs, and the differences between them. You'll also find insights on common challenges faced by entrepreneurs and where they find their business ideas. Happy innovating!
Developing an innovative business can resemble striking gold with groundbreaking products or services, requiring constant out-of-the-box thinking to meet market needs. Alternatively, adapting existing products to suit local tastes or demands can reduce failure risks, demonstrating this through examples like GoJek and Grab. In both entrepreneurship and established business finance, continuous innovation and adaptation are crucial for success in today's dynamic market.
