You must have heard about this famous quote " early bird catches the worm but the second mouse gets the cheese". What do you think whether you are early bird or second mouse or which strategy is good for you?
In entrepreneurial and business circles, early bird means that being first business to enter the market with a given idea has a big advantage, but the person who initiate something have to face the first problem. You can't just be the first, you have to stay at the top, which is not always easy. Sometimes first gets more resources and it become easier to expand the business. But they keep struggling to create market opportunities for their product or services.
Being first with most will lead you to get competitive advantage. You can put as many as resources to come up with innovative technologies to have dominating market share. For Example: Microsoft had created products that are unmatched.
If you are coming up with something new, you have to tell the market, why this new thing is better solution than currently available solution. Early bird gets worms is true in many cases, but second mouse can also get the cheese. As the early bird(first business who enters the market) had already done hard work to create market opportunity for product, so second mouse strategy is to add some more flavours in order to establish their own business. You have to examine the mistakes of the first comer, which makes your entry much easier. For example: Facebook was not the first social networking site, It was the 3rd or 4th mice but now it is the leading social networking site. Amazon was not the first online shopping site. It depends on your ability to adapt latest technologies and use it in a better way so that you come up with attractive products which meet market demand.
They usually face a lower cost of implementation by buying the technology after the initial price drops, lower support costs, and have almost eliminated the risk of failure because they've seen successful and unsuccessful implementations. You can survive, if you are late but innovative. For example- if you come up with the same product which already exists, but your packaging, delivery and other services are innovative then you would be able to create brand image in the market. So, Entrepreneurs should always remember that second mouse can also get the cheese if they keep on thinking about staying ahead in the competition.
The overall idea is competition never ends. What you should do is to determine what type of business you are, and accordingly decide the strategies, you should implement in your business. So whether you are early bird, second mouse, third or 10th mice, always try to stay at the top so that other can't take cheese away from you.
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These articles can also help you in strategy planning:
1. Make sure you understand your business
2.How to Survive and be successful in this competitive world