Be Your Own Competitor Quotes

You feel ownership over your creation, your invention, and your ideas. But if you don’t legally claim them, you’re donating them to the public—or to competitors. Say you’ve come up with a solution to a problem. Protecting that potentially valuable IP creates a limited monopoly to keep people out. It’s like zone defense in basketball. IP rights help you own your zone—your competitive space where no one else can score. If the best offense is a great defense, then no offense is the worst.

Complainers, like the friend on the phone, who complain endlessly without looking for solutions. Life is a problem that will be hard if not impossible to solve. Cancellers, who take a compliment and spin it: “You look good today” becomes “You mean I looked bad yesterday?” Casualties, who think the world is against them and blame their problems on others. Critics, who judge others for either having a different opinion or not having one, for any choices they’ve made that are different from what the critic would have done. Commanders, who realize their own limits but pressure others to succeed. They’ll say, “You never have time for me,” even though they’re busy as well. Competitors, who compare themselves to others, controlling and manipulating to make themselves or their choices look better. They are in so much pain that they want to bring others down. Often we have to play down our successes around these people because we know they can’t appreciate them. Controllers, who monitor and try to direct how their friends or partners spend time, and with whom, and what choices they make. You can have fun with this list, seeing if you can think of someone to fit each type. But the real point of it is to help you

look at what your competitors do, and ask yourself a series of questions: “Are their strategy and goals the same as mine?” If their strategy and beliefs are different, and you still have conviction in your own, then you shouldn’t be distracted. Stay the course.

No matter what your reason for wanting to start your own business, developing the foundation is the same. Laying a solid foundation for you business will provide you with a road map to follow as you build your business. As you work through the Start a Business Step-by-Step Workbook you will define the company’s mission, decide what business entity is right for your business, name your business, determine the pricing for your products or services, formulate your financial projections, define your competitors, survey consumers regarding your products or services, determine the marketing methods right for your business and more.

You don't need to be 100 percent better to see a 100 percent improvement. You just need to be a little better. There's a concept in play here called the winning edge. It means that a small change in the right place makes a huge difference in the end result. In golf, a 1-mm difference in the angle of the club head means the difference between “middle of the fairway” and “you can't find your ball.” In a horse race, the winning horse often wins “by a nose,” but that split second is usually a fourfold increase in prize money. In sales, the tiniest perceived difference between competitors can mean the difference between receiving all of the business or none.

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

THREE COMMUNICATION LESSONS FROM THE MOST FASCINATING BRANDS       1.   Don’t focus on how you are similar to others, but how you are different. Leading brands stand out by sharpening their points of difference. The more clearly and distinctly a brand can pinpoint its differences, the more valuable it becomes. If a brand can carve out a very clear spot in people’s minds, the product or service ceases to be a commodity. As we’ll see in Part II, different personality Advantages can be more valuable than similar ones. 2.   Your differences can be very small and simple. The reality is, most products are virtually indistinguishable from their competitors. Yet a leading brand can build a strong competitive edge around very minor differences. Similarly, you don’t need to be dramatically different than everyone else—your difference can be minute, as long as it is clearly defined. The more competitive the market, the more crucial this becomes. 3.   Once you “own” a difference, you can charge more money. People pay more for products and people who add distinct value in some way. And just as customers pay more for fascinating brands, employers pay higher salaries for employees who stand out with a specific benefit. If you are an entrepreneur or small business owner, your clients and customers will have a higher perceived value of your time and services if they can clearly understand why you are different than your competitors. The more crowded the environment, the more crucial these lessons become.

What starts the process, really, are the laughs and snubs and slights you get when you are a kid. Sometimes, it's because you're poor or Irish or Jewish or Catholic or ugly or simply that you are skinny. But if you are reasonably intelligent and if your anger is deep enough and strong enough, you learn that you can change those attitudes by excellence, personal gut performance, while those who have everything are sitting on their fat butts.... But once you learn that you've got to work harder than everybody else, it becomes a way of life as you move out of the alley and on your way. In your own mind you have nothing to lose, so you take plenty of chances and if you do your homework many of them pay off. It is then that you understand, for the first time, that you have the advantage because your competitors can't risk what they have already. It's a piece of cake until you get to the top. You find you can't stop playing the game the way you've always played it because it is a part of you and you need it as much as you can do an arm or a leg. So you are lean and mean and resourceful and you continue to walk on the edge of the precipice because over the years you have become fascinated by how close to the edge you can walk without losing your balance.

Specialisation, accompanied by exchange, is the source of economic prosperity. Here, in my own words, is what a modern version of Smithism claims. First, the spontaneous and voluntary exchange of goods and services leads to a division of labour in which people specialise in what they are good at doing. Second, this in turn leads to gains from trade for each party to a transaction, because everybody is doing what he is most productive at and has the chance to learn, practise and even mechanise his chosen task. Individuals can thus use and improve their own tacit and local knowledge in a way that no expert or ruler could. Third, gains from trade encourage more specialisation, which encourages more trade, in a virtuous circle. The greater the specialisation among producers, the greater is the diversification of consumption: in moving away from self-sufficiency people get to produce fewer things, but to consume more. Fourth, specialisation inevitably incentivises innovation, which is also a collaborative process driven by the exchange and combination of ideas. Indeed, most innovation comes about through the recombination of existing ideas for how to make or organise things. The more people trade and the more they divide labour, the more they are working for each other. The more they work for each other, the higher their living standards. The consequence of the division of labour is an immense web of cooperation among strangers: it turns potential enemies into honorary friends. A woollen coat, worn by a day labourer, was (said Smith) ‘the produce of a great multitude of workmen. The shepherd, the sorter of the wool, the wool-comber or carder, the dyer, the scribbler, the spinner, the weaver, the fuller, the dresser . . .’ In parting with money to buy a coat, the labourer was not reducing his wealth. Gains from trade are mutual; if they were not, people would not voluntarily engage in trade. The more open and free the market, the less opportunity there is for exploitation and predation, because the easier it is for consumers to boycott the predators and for competitors to whittle away their excess profits. In its ideal form, therefore, the free market is a device for creating networks of collaboration among people to raise each other’s living standards, a device for coordinating production and a device for communicating information about needs through the price mechanism. Also a device for encouraging innovation. It is the very opposite of the rampant and selfish individualism that so many churchmen and others seem to think it is. The market is a system of mass cooperation. You compete with rival producers, sure, but you cooperate with your customers, your suppliers and your colleagues. Commerce both needs and breeds trust.

The twentieth-century mystic Thomas Merton wrote, “There can be an intense egoism in following everybody else. People are in a hurry to magnify themselves by imitating what is popular—and too lazy to think of anything better. Hurry ruins saints as well as artists. They want quick success, and they are in such a haste to get it that they cannot take time to be true to themselves. And when the madness is upon them, they argue that their very haste is a species of integrity.”20 Merton elegantly articulates how the pressure of the create-on-demand world can cause us to look sideways at our peers and competitors instead of looking ahead. The process of discovering and refining your voice takes time. Unnecessary Creation grants you the space to discover your unique aptitudes and passions through a process of trial, error, and play that won’t often be afforded to you otherwise. Initiating a project with no parameters and no expectations from others also forces you to stay self-aware while learning to listen to and follow your intuition. Both of these are crucial skills for discovering your voice. It’s completely understandable if you’re thinking, “But wait—I hardly have time to breathe, and now you want me to cram something else into my schedule, just for my own enjoyment?” It’s true that every decision about where we spend our time has an opportunity cost, and dedicating time to Unnecessary Creation seems like a remarkably inefficient choice. In truth, it is inefficient. Consider, however, the opportunity cost of spending your life only on pragmatics. You dedicate your time to pleasing everyone else and delivering on their expectations, but you never get around to discovering your deeper aptitudes and creative capacities. Nothing is worth that.

Many countries have a long history of spying on foreign corporations for their own military and commercial advantage. The US claims that it does not engage in commercial espionage, meaning that it does not hack foreign corporate networks and pass that information on to US competitors for commercial advantage. But it does engage in economic espionage, by hacking into foreign corporate networks and using that information in government trade negotiations that directly benefit US corporate interests. Recent examples are the Brazilian oil company Petrobras and the European SWIFT international bank payment system. In fact, a 1996 government report boasted that the NSA claimed that the economic benefits of one of its programs to US industry “totaled tens of billions of dollars over the last several years.” You may or may not see a substantive difference between the two types of espionage. China, without so clean a separation between its government and its industries, does not.

So, these competitors . . . What do they hope to gain by interfering with your journey?” The instant the question left his mouth, he knew it was too direct. Nicole dropped her gaze and removed her hand from his arm. “With all due respect, Mr. Thornton . . .” Drat. They were back to Mr. Thornton again. “ . . . the details of the business I’m conducting for my father are not your concern.” “They are if they put you in danger. And what of the rest of my staff?” Darius snatched the napkin from his lap and threw it onto the table before lurching to his feet and pacing behind his chair. “I have a right to know if having you here is putting them at risk.” “No greater risk than they face from your exploding boilers!” Nicole shot from her seat, color running high in her cheeks. The audacity of the chit. “I take every precaution—” “As do I.” She glared at him. “The Wellborns are in no peril, especially if they keep my presence here a secret. It’s doubtful that Jenkins’s sons will find me, anyway. Heaven knows they aren’t the sharpest knives in the drawer.” “As master of this house, it’s my duty to know the business of those under my roof.” He didn’t know what nonsense he was spouting now. He didn’t care. Nicole had let a vital piece of information slip in her anger, and he wasn’t about to let the argument cool long enough for her to notice her lapse. “Well, perhaps it’s time I collect the pay I’ve earned and leave you and your roof to your own devices.” Not on her life. The woman would be unprotected. Vulnerable. Easy prey for that Jenkins scum. But he couldn’t let her know his refusal was out of concern for her. She’d simply assure him she’d be fine and walk out the door. Darius crossed his arms over his chest and looked down his nose at her. “You agreed to accept payment after a term of two weeks. I’ll not pay a cent before then. You owe me ten more days, Miss Greyson. Or do you plan to renege on our agreement?” Her hands fisted at her sides. “I never go back on my word.

The evidence for the cognitive interpretation of the above-average effect is that when people are asked about a task they find difficult (for many of us this could be “Are you better than average in starting conversations with strangers?”), they readily rate themselves as below average. The upshot is that people tend to be overly optimistic about their relative standing on any activity in which they do moderately well. I have had several occasions to ask founders and participants in innovative start-ups a question: To what extent will the outcome of your effort depend on what you do in your firm? This is evidently an easy question; the answer comes quickly and in my small sample it has never been less than 80%. Even when they are not sure they will succeed, these bold people think their fate is almost entirely in their own hands. They are surely wrong: the outcome of a start-up depends as much on the achievements of its competitors and on changes in the market as on its own efforts. However, WYSIATI plays its part, and entrepreneurs naturally focus on what they know best—their plans and actions and the most immediate threats and opportunities, such as the availability of funding. They know less about their competitors and therefore find it natural to imagine a future in which the competition plays little part.

March 4 Could This Be True of Me? But none of these things move me, neither count I my life dear unto myself. Acts 20:24 It is easier to serve God without a vision, easier to work for God without a call, because then you are not bothered by what God requires; common sense is your guide, veneered over with Christian sentiment. You will be more prosperous and successful, more leisure-hearted, if you never realise the call of God. But if once you receive a commission from Jesus Christ, the memory of what God wants will always come like a goad; you will no longer be able to work for Him on the commonsense basis. What do I really count dear? If I have not been gripped by Jesus Christ, I will count service dear, time given to God dear, my life dear unto myself. Paul says he counted his life dear only in order that he might fulfil the ministry he had received; he refused to use his energy for any other thing. Acts 20:24 states Paul’s almost sublime annoyance at being asked to consider himself; he was absolutely indifferent to any consideration other than that of fulfilling the ministry he had received. Practical work may be a competitor against abandonment to God, because practical work is based on this argument—“Remember how useful you are here,” or—“Think how much value you would be in that particular type of work.” That attitude does not put Jesus Christ as the Guide as to where we should go, but our judgement as to where we are of most use. Never consider whether you are of use; but ever consider that you are not your own but His.

entire project would be kicked back, and he would need to start the submission process again. The proposal had to be perfect this time. If not, he was sure his competitors would swoop in on this opportunity to launch their own devices. He had spent the last two years on this project, and he was so close—only twenty-seven days left to make all the necessary corrections. He could not afford distractions now. Too much was riding on this; his name was riding on this. He remembered what his father always told him: “No one remembers the name of the person who came in second.” These words motivated him all through high school to earn a full scholarship to Boston University, where he earned his BA and master’s degrees in computer science, and then his PhD in robotics engineering at MIT. Those degrees had driven him to start his own business, Vinchi Medical Engineering, and at age thirty-four, he still lived by those words to keep the company on top. The intercom buzzed. “Your conference call is ready on line one, Mr. Vinchi.” “What the hell were you guys thinking?” Jon barked as soon as he got on the line. Not waiting for them to answer, Jon continued, “Whose bright idea was it to submit my name to participate at this event—or any event, for that matter? This type of thing has your name written all over it, Drew. Is this your doing?” As always, Trent said it the way it was. “If you had attended the last meeting, Jon, you would have been brought up to date for this and would have had the chance to voice any opposition to your participation.” It was a moot point, Jon knew he’d missed their last meeting—actually, their last few meetings—due to his own business needs. But this stunt wasn’t solely about the meeting, and he knew it. “Trent, I have always supported the decisions you guys have made in the past, but I am not supporting this one. What makes you think I will even show? I don’t have time for this nonsense.” “Time is valuable to all of us, Jon. We all have our own companies to run besides supporting what is needed for Takes One. Either you’re fully invested in this, or you’re not. There are times when it takes more than

Navy Seals Stress Relief Tactics (As printed in O Online Magazine, Sept. 8, 2014) Prep for Battle: Instead of wasting energy by catastrophizing about stressful situations, SEALs spend hours in mental dress rehearsals before springing into action, says Lu Lastra, director of mentorship for Naval Special Warfare and a former SEAL command master chief.  He calls it mental loading and says you can practice it, too.  When your boss calls you into her office, take a few minutes first to run through a handful of likely scenarios and envision yourself navigating each one in the best possible way.  The extra prep can ease anxiety and give you the confidence to react calmly to whatever situation arises. Talk Yourself Up: Positive self-talk is quite possibly the most important skill these warriors learn during their 15-month training, says Lastra.  The most successful SEALs may not have the biggest biceps or the fastest mile, but they know how to turn their negative thoughts around.  Lastra recommends coming up with your own mantra to remind yourself that you’ve got the grit and talent to persevere during tough times. Embrace the Suck: “When the weather is foul and nothing is going right, that’s when I think, now we’re getting someplace!” says Lastra, who encourages recruits to power through the times when they’re freezing, exhausted or discouraged.  Why?  Lastra says, “The, suckiest moments are when most people give up; the resilient ones spot a golden opportunity to surpass their competitors.  It’s one thing to be an excellent athlete when the conditions are perfect,” he says.  “But when the circumstances aren’t so favorable, those who have stronger wills are more likely to rise to victory.” Take a Deep Breath: “Meditation and deep breathing help slow the cognitive process and open us up to our more intuitive thoughts,” says retired SEAL commander Mark Divine, who developed SEALFit, a demanding training program for civilians that incorporates yoga, mindfulness and breathing techniques.  He says some of his fellow SEALs became so tuned-in, they were able to sense the presence of nearby roadside bombs.  Who doesn’t want that kind of Jedi mind power?  A good place to start: Practice what the SEALs call 4 x 4 x 4 breathing.  Inhale deeply for four counts, then exhale for four counts and repeat the cycle for four minutes several times a day.  You’re guaranteed to feel calmer on any battleground. Learn to value yourself, which means to fight for your happiness. ---Ayn Rand

How Google Works (Schmidt, Eric) - Your Highlight on Location 3124-3150 | Added on Sunday, April 5, 2015 10:35:40 AM In late 1999, John Doerr gave a presentation at Google that changed the company, because it created a simple tool that let the founders institutionalize their “think big” ethos. John sat on our board, and his firm, Kleiner Perkins, had recently invested in the company. The topic was a form of management by objectives called OKRs (to which we referred in the previous chapter), which John had learned from former Intel CEO Andy Grove.173 There are several characteristics that set OKRs apart from their typical underpromise-and-overdeliver corporate-objective brethren. First, a good OKR marries the big-picture objective with a highly measurable key result. It’s easy to set some amorphous strategic goal (make usability better … improve team morale … get in better shape) as an objective and then, at quarter end, declare victory. But when the strategic goal is measured against a concrete goal (increase usage of features by X percent … raise employee satisfaction scores by Y percent … run a half marathon in under two hours), then things get interesting. For example, one of our platform team’s recent OKRs was to have “new WW systems serving significant traffic for XX large services with latency < YY microseconds @ ZZ% on Jupiter.”174 (Jupiter is a code name, not the location of Google’s newest data center.) There is no ambiguity with this OKR; it is very easy to measure whether or not it is accomplished. Other OKRs will call for rolling out a product across a specific number of countries, or set objectives for usage (e.g., one of the Google+ team’s recent OKRs was about the daily number of messages users would post in hangouts) or performance (e.g., median watch latency on YouTube videos). Second—and here is where thinking big comes in—a good OKR should be a stretch to achieve, and hitting 100 percent on all OKRs should be practically unattainable. If your OKRs are all green, you aren’t setting them high enough. The best OKRs are aggressive, but realistic. Under this strange arithmetic, a score of 70 percent on a well-constructed OKR is often better than 100 percent on a lesser one. Third, most everyone does them. Remember, you need everyone thinking in your venture, regardless of their position. Fourth, they are scored, but this scoring isn’t used for anything and isn’t even tracked. This lets people judge their performance honestly. Fifth, OKRs are not comprehensive; they are reserved for areas that need special focus and objectives that won’t be reached without some extra oomph. Business-as-usual stuff doesn’t need OKRs. As your venture grows, the most important OKRs shift from individuals to teams. In a small company, an individual can achieve incredible things on her own, but as the company grows it becomes harder to accomplish stretch goals without teammates. This doesn’t mean that individuals should stop doing OKRs, but rather that team OKRs become the more important means to maintain focus on the big tasks. And there’s one final benefit of an OKR-driven culture: It helps keep people from chasing competitors. Competitors are everywhere in the Internet Century, and chasing them (as we noted earlier) is the fastest path to mediocrity. If employees are focused on a well-conceived set of OKRs, then this isn’t a problem. They know where they need to go and don’t have time to worry about the competition. ==========

Set aside time on a regular basis to immerse yourself in books, films, magazines, and other resources that stoke the fire of your curiosity. Keep a list of resources that strike you as interesting, and set aside time to experience them each day. I keep a “Stimulus Queue,” which is a list of all of the interesting books, films, or articles that I come across throughout my day and I want to revisit later, during my study time. I also use a variety of Web-based tools to stockpile articles I come across for later viewing. I then work through them systemically, take notes, and consider how they may apply to my work. Always leave time at the end of any reading/study session to reflect on what you’ve read and to consider how it is relevant to your work. The next great idea for your work will probably not come from watching your competitors, but from taking an insight from an unrelated industry and applying it to your own. Read and experience broadly, and with focus on your deeper questions.

The electronics effort faced even greater challenges. To launch that category, David Risher tapped a Dartmouth alum named Chris Payne who had previously worked on Amazon’s DVD store. Like Miller, Payne had to plead with suppliers—in this case, Asian consumer-electronics companies like Sony, Toshiba, and Samsung. He quickly hit a wall. The Japanese electronics giants viewed Internet sellers like Amazon as sketchy discounters. They also had big-box stores like Best Buy and Circuit City whispering in their ears and asking them to take a pass on Amazon. There were middlemen distributors, like Ingram Electronics, but they offered a limited selection. Bezos deployed Doerr to talk to Howard Stringer at Sony America, but he got nowhere. So Payne had to turn to the secondary distributors—jobbers that exist in an unsanctioned, though not illegal, gray market. Randy Miller, a retail finance director who came to Amazon from Eddie Bauer, equates it to buying from the trunk of someone’s car in a dark alley. “It was not a sustainable inventory model, but if you are desperate to have particular products on your site or in your store, you do what you need to do,” he says. Buying through these murky middlemen got Payne and his fledgling electronics team part of the way toward stocking Amazon’s virtual shelves. But Bezos was unimpressed with the selection and grumpily compared it to shopping in a Russian supermarket during the years of Communist rule. It would take Amazon years to generate enough sales to sway the big Asian brands. For now, the electronics store was sparely furnished. Bezos had asked to see $100 million in electronics sales for the 1999 holiday season; Payne and his crew got about two-thirds of the way there. Amazon officially announced the new toy and electronics stores that summer, and in September, the company held a press event at the Sheraton in midtown Manhattan to promote the new categories. Someone had the idea that the tables in the conference room at the Sheraton should have piles of merchandise representing all the new categories, to reinforce the idea of broad selection. Bezos loved it, but when he walked into the room the night before the event, he threw a tantrum: he didn’t think the piles were large enough. “Do you want to hand this business to our competitors?” he barked into his cell phone at his underlings. “This is pathetic!” Harrison Miller, Chris Payne, and their colleagues fanned out that night across Manhattan to various stores, splurging on random products and stuffing them in the trunks of taxicabs. Miller spent a thousand dollars alone at a Toys “R” Us in Herald Square. Payne maxed out his personal credit card and had to call his wife in Seattle to tell her not to use the card for a few days. The piles of products were eventually large enough to satisfy Bezos, but the episode was an early warning. To satisfy customers and their own demanding boss during the upcoming holiday, Amazon executives were going to have to substitute artifice and improvisation for truly comprehensive selection.

Never Put These Ten Words in Your Pitch Deck Take a close look at your standard pitch deck, the “about us” section on your corporate home page, or your PR material. Highlight every instance of the words “leading,” “unique,” “solution,” or “innovative.” In particular, go find all instances of the phrase “We work to understand our customers’ unique needs and then build custom solutions to meet those needs.” Then hit the delete key. Because every time you use one of those buzzwords, you are telling your customers, “We are exactly the same as everyone else.” Ironically, the more we try to play up our differences, the more things sound the same. Public relations expert Adam Sherk recently analyzed the terms used in company communications, and the results are devastating. Here are the top ten: By definition, there can be only one leader in any industry—and 161,000 companies each think they’re it. More than 75,000 companies think they’re the “best” or the “top”; 30,400 think they’re “unique.” “Solution” also makes an appearance at number seven—so if you think that calling your offering a “solution” differentiates you, think again. If everyone’s saying they offer the “leading solution,” what’s the customer to think? We can tell you what their response will be: “Great—give me 10 percent off.” We don’t mean to be unsympathetic here. You’ll find it’s hard to avoid these terms—heck, we call our own consulting arm “SEC Solutions”! In all of our time at the Council, we have never once met a member who doesn’t think her company’s value proposition beats the socks off the competitors’. And it’s understandable. After all, why would we want to work for a company whose product is second-rate—especially when our job is to sell that product? But what the utter sameness of language here tells us is that, ironically, a strategy of more precisely describing our products’ advantages over the competition’s is destined to have the exact opposite effect—we simply end up sounding like everyone else.

Don’t follow competition We are constantly amazed by how much business leaders obsess about their competition. When you get in a room with a bunch of senior execs from large companies, their attention can often wander as they check smartphones and think about the rest of their day, but bring up the topic of their competition and suddenly you’ll have everyone’s full attention. It’s as if, once you get to a particular level in an organization, you worry as much about what your competition is doing as how your own organization is performing. At the highest echelons of business, the default mentality is, too often, siege. This fixation leads to a never-ending spiral into mediocrity. Business leaders spend much of their time watching and copying the competition, and when they do finally break away and try something new, they are careful risk-takers, developing only incremental, low-impact changes. Being close to your competition offers comfort; it’s like covering tactics in match race sailing, when the lead boat tacks whenever the follower does, to ensure that the follower doesn’t go off in a different direction and find stronger wind. Incumbents clump together so that no one finds a fresher breeze elsewhere. But as Larry Page says, how exciting is it to come to work if the best you can do is trounce some other company that does roughly the same thing?85 If you focus on your competition, you will never deliver anything truly innovative. While you and your competitors

The final lesson: what to do when an active client suddenly stops answering our calls. We used to just give up and move on, but Bob has a better idea. “Give them the ‘No.’ Make them say they are done with you. It’s easy to do: just give them an ultimatum. Send an e-mail, or leave a message, saying that it appears that you, the salesperson, have been unable to come up with a way to move forward. You apologize for this, and then say that you intend to close the file and move on. Just say that, nothing more. If the client wasn’t finished, if they were just toying with you, then they’ll get right back to you. Believe me, this will happen. And if they are truly done and you hear nothing, then you can strike them off your list and move on to greener pastures.” Bob suggests another useful tactic. “Suppose you’re afraid that your client is thinking about going to a competitor, or you’re worried they are going to take your ideas and give them to someone else. Or anything, really, that you think might go wrong. Here’s how you deal with it in a non-threatening way. The technique is called ‘My Biggest Fear.’ You ask the question like this: ‘You know, Mr. Client, my biggest fear is that you are going to . . .’” Bob asks us for a list of ways that a deal can go wrong and starts listing our answers. So many fears: the client might give this job to someone else; might not be able to find enough money for the job; might recommend someone else to the decision makers; and on and on. Bob continues, “Whatever your fear is, that’s what you confess to the client. In a humble way. You aren’t trying to bully them into anything. You are going the other way, making yourself look pathetic. If they are human beings, they’re going to feel some sympathy for you, and you’ll get the difficult issue out in the open so that you can address it.” Brilliant.

Also, I’ve been meaning to explain this to you. When I show my teeth, it’s not a display of power or dominance. I’m smiling. It means I’m amused or happy.” “Truly?” That astonished him. He never would have made that connection on his own. “Would it trouble you not to clarify this to others? It makes you less imposing.” “Uh, sure. They can keep thinking it’s a scary battle face, I don’t mind.” “Thank you, Terrible One.” “What did I say about working on your endearments?” she snapped. Zylar processed the reaction, but he didn’t understand her outrage. “It is a compliment. You will behold many fearsome competitors in the Choosing, but I do not believe anyone can best you.” “It’s a cultural thing, I get that. But if you want to put a smile on my face, call me sweetheart or baby or…” She stopped talking, likely reading his horror. “Why would I comment on the delectable nature of your organs?” Zylar shuddered delicately. “It’s even worse to infantilize you.” She tilted her head. “Shit, since you put it that way, now I don’t like those options either. Then…just use my name, okay?” “Yes, Beryl. That I will do gladly.” He set off again, pleased with how readily they’d reached a sensible compromise. “What does your name mean?” “It’s a mineral found on Earth. A gemstone, to be precise. The best known types are emerald and aquamarine, but I’m honestly glad my mom didn’t get more specific.” “These gemstones are valuable, yes?” “Some of them. Why?” Ignoring the question, Zylar churred in satisfaction. “You are well named, my unexpected treasure.” “I…thanks.” She ducked her head, and the color of her cheeks shifted, darkening with what looked like it might be an injury. “Are you well enough to compete?” he asked. “We’ll find out.

If you don’t want to be caught unaware by the future, lose your perspective because everyone from existing and future customers to your current and would-be competitors is likely viewing things from a perspective different than your own.

The trainers at Uberversity, where new employees underwent a three-day initiation, began schooling everyone on this scenario: a rival company is launching a carpooling service in four weeks. It’s impossible for Uber to beat them to market with a reliable carpool service of its own. What should the company do? The correct answer at Uberversity—and what Uber actually did when it learned about Lyft Line—was “Rig up a makeshift solution that we pretend is totally ready to go so we can beat the competitor to market.” (Andreessen Horowitz, the venture capital firm where I work, invested in Lyft and I am on its board, so I was keenly aware of the dynamic between the companies—and I am decidedly biased.) Those, including the company’s legal team, who proposed taking the time to come up with a workable product, one far better than Uber Pool 1.0, were told “That’s not the Uber way.” The underlying message was clear: if the choice is integrity or winning, at Uber we do whatever we have to do to win. This competitiveness issue also came up when Uber began to challenge Didi Chuxing, the Chinese market leader in ride-sharing. To counter Uber, Didi employed very aggressive techniques including hacking Uber’s app to send it fake riders. The Chinese law on the tactic wasn’t entirely clear. The Chinese branch of Uber countered by hacking Didi right back. Uber then brought those techniques home to the United States by hacking Lyft with a program known as Hell, which inserted fake riders into Lyft’s system while simultaneously funneling Uber the information it needed to recruit Lyft drivers. Did Kalanick instruct his subordinates to employ these measures, which were at best anticompetitive and at worst arguably illegal? It’s difficult to say, but the point is that he didn’t have to—he had already programmed the culture that engendered those measures.

If there’s one thing I’ve learned from working with all these large manufacturing companies, it’s that this shift can truly drive growth. What happened to the technology sector is going to happen to the manufacturing sector—I’m sure of it. Why? Because IoT allows you to rediscover your customers. It lets you learn what they really want. In fact, I would argue that the only true competitive advantage is your relationship with and knowledge of your customers. Think about it—what’s the first thing your competitor does when you put out a new product? It buys that product on the open market and sends it to the R&D lab, which then proceeds to dismantle it, benchmark it, and reverse-engineer it in a thousand different ways. Your competitors can’t do that with the collective intelligence of your customer base. That’s something that you, and only you, can own. It’s an incredibly powerful advantage.

After a time, the ads for POWER products grew less prominent in The Final Call; it seems that many who enjoyed Minister Farrakhan’s speeches continued to brush their teeth with Crest. That the POWER campaign sputtered said something about the difficulty that faced any black business—the barriers to entry, the lack of finance, the leg up that your competitors possessed after having kept you out of the game for over three hundred years. But I suspected that it also reflected the inevitable tension that arose when Minister Farrakhan’s message was reduced to the mundane realities of buying toothpaste. I tried to imagine POWER’s product manager looking over his sales projections. He might briefly wonder whether it made sense to distribute the brand in national supermarket chains where blacks preferred to shop. If he rejected that idea, he might consider whether any black-owned supermarket trying to compete against the national chains could afford to give shelf space to a product guaranteed to alienate potential white customers. Would black consumers buy toothpaste through the mail? And what of the likelihood that the cheapest supplier of whatever it was that went into making toothpaste was a white man? Questions of competition, decisions forced by a market economy and majoritarian rule; issues of power. It was this unyielding reality—that whites were not simply phantoms to be expunged from our dreams but were an active and varied fact of our everyday lives—that finally explained how nationalism could thrive as an emotion and flounder as a program.

When you feel like you have to start out competing with the largest player in the market, you end up chasing your competitor’s growth instead of bettering your own offering.

A related trend is today’s vanishing barriers to entry. In many industries, especially those that are technology driven, your competitors need almost no capital to threaten you with cheaper or better alternatives.

Don’t ever let the competition make you angry. You must have clarity of mind to make your own decisions—not the ones that your competitors want you to make.

Another thing you need to understand is what we now call the “core competencies” of your organization. What are we really good at? What do our customers pay us for? Why do they buy from us? In a competitive, nonmonopolistic market—and that is what the world has become—there is absolutely no reason why a customer should buy from you rather from your competitor. None. He pays you because you give him something that is of value to him. What is it that we get paid for? You may think this is a simple question. It is not. I have been working with some of the world’s biggest manufacturers, producers, and distributors of packaged consumer goods. All of you use their products, even in Slovenia. They have two kinds of customers. One, of course, is the retailer. The other is the housewife. What do they pay for? I have been asking this question for a year now. I do not know how many companies in the world make soap, but there are a great many. And I can’t tell the difference between one kind of soap or the other. And why does the buyer have a preference—and a strong one, by the way? What does it do for her? Why is she willing to buy from one manufacturer when on the same shelves in the United States or in Japan or in Germany they are soaps from other companies? She usually does not even look at them. She reaches out for that one soap. Why? What does she see? What does she want? Try to work on this. Incidentally, the best way to find out is to ask customers not by questionnaire but by sitting down with them and finding out. The most successful retailer I know in the world is not one of the big retail chains. It is somebody in Ireland, a small country about the size of Slovenia. This particular company is next door to Great Britain with its very powerful supermarkets, and all of them are also in Ireland. And yet this little company has maybe 60 percent of the sandwich market. What do they do? Well, the answer is that the boss spends two days each week in one of his stores serving customers, from the meat counter to the checkout counter, and is the one who puts stuff into bags and carries it out to the shoppers’ automobiles. He knows what the customers pay for. But let me go back to the beginning: The place to start managing is not in the plant, and it is not in the office. You start with managing yourself by finding out your own strengths, by placing yourself where your strengths can produce results and making sure that you set the right example (which is basically what ethics is all about), and by placing your people where their strengths can produce results.

MARKET DEVELOPMENT Be Your Own Competitor Creating an organization of provocateurs means creating an organization that contains its own competition. You need people who are open to failure and willing to rewrite the industry rules if they feel that the marketplace is moving in a different direction. If those ideas aren’t being generated within your organization, they’re being generated outside of it. I’d rather compete with myself than with someone else in the marketplace. TALENT

Go accroding to your own ways, no need to follow all the instructions (criticism) that your competitors (who have an impact by your acts) suggest (make noise). Strongly keep in mind that you have to reach to your desired or attributed goal. Be relax in having your own ways.

Entrepreneurship is messy. Startup life is messy. Growing a business is messy. I guarantee you it NEVER looks as glamorous on the inside as it does from the outside. If you are comparing what is going on in your company to what you see your peers and competitors doing, and feel behind or inadequate, or in any way not up to par..... Just let it go. You have no idea what they are going through that you cannot see. You never will. You don't need to. Take a deep breath. Stay on your path. Stay focused on your mission. Stay focused on your customers. Stay focused on your team. Your family. Your health. Find connection and joy in your own journey. Allow yourself to be inspired and fueled by others' success, but by all means, do not allow yourself to get derailed or thrown off of your path. Stay focused.

The more you know of your own line of work, by so much do you set yourself a little apart from a hundred of your competitors who are content to let well enough alone.

The power of the platform is modifying—even erasing—many other, similar barriers that once separated industries from one another. Thus, one of the most dramatic effects of the rise of the platform has been the emergence of unexpected new competitors from seemingly unrelated industry sectors. Bear this in mind as you consider the possible future impact of the platform model on your own industry, whatever it may be.

While we are conscious of our strengths and acutely cognizant of our weaknesses, we generally know far less about the other side. Typically, we are aware of our counterparty's strengths because they openly share this information with us, telling us how much others want to work with them and how our competitors desire their business. However, we often do not know much about their weaknesses. So while our own weaknesses are very salient to us, we know very little about the vulnerabilities of the other side. This information asymmetry may lead us to fail to establish aggressive goals because our goal should be based on the weakness of the other side's alternatives.

The gain frame around synergies lacks a sense of urgency and may lead the potential purchaser to think that they can do this deal sometime in the future. Instead, you want to use loss framing by highlighting the risks in the potential acquirer's business that will be mitigated by owning your company. Building your BATNA by generating other interested purchasers will also help you to create a strong loss frame because you can highlight the competitors' interest in acquiring your company and the risk to the potential acquirer if their competitor owns your business.

Amazon Leadership Principles “We use our Leadership Principles every day, whether we’re discussing ideas for new projects or deciding on the best approach to solving a problem. It is just one of the things that makes Amazon peculiar [a word used by Bezos and most Amazonians].”30 Customer Obsession: Leaders start with the customer and work backwards. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers. Ownership: Leaders are owners. They think long term and don’t sacrifice long-term value for short-term results. They act on behalf of the entire company, beyond just their own team. They never say “that’s not my job.” Invent and Simplify: Leaders expect and require innovation and invention from their teams and always find ways to simplify. They are externally aware, look for new ideas from everywhere, and are not limited by “not invented here.” As we do new things, we accept that we may be misunderstood for long periods of time. Are Right, A Lot: Leaders are right a lot. They have strong judgment and good instincts. They seek diverse perspectives and work to disconfirm their beliefs. Learn and Be Curious: Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them.

The more comfortable you become with your skill set, the less you will be intimidated by competitors. Being comfortable with yourself minimizes insecurities. Know yourself, know your worth.

there are some common signs that a winning strategy is in place. Look for these, for your own business and among your competitors. An activity system that looks different from any competitor’s system. It means you are attempting to deliver value in a distinctive way. Customers who absolutely adore you, and noncustomers who can’t see why anybody would buy from you. This means you have been choiceful. Competitors who make a good profit doing what they are doing. It means your strategy has left where-to-play and how-to-win choices for competitors, who don’t need to attack the heart of your market to survive. More resources to spend on an ongoing basis than competitors have. This means you are winning the value equation and have the biggest margin between price and costs and the best capacity to add spending to take advantage of an opportunity or defend your turf. Competitors who attack one another, not you. It means that you look like the hardest target in the (broadly defined) industry to attack. Customers who look first to you for innovations, new products, and service enhancement to make their lives better. This means that your customers believe that you are uniquely positioned to create value for them.

A rational investor makes decisions based on numeric facts. A reasonable investor makes them in a conference room surrounded by co-workers you want to think highly of you, with a spouse you don't want to let down, or judged against the silly but realistic competitors that are your brother-in-law, your neighbor, and your own personal doubts. Investing has a social component that's often ignored when viewed through a strictly financial lens.

As of May 2014, it owns about 68% of the search market. (Its closest competitors, Microsoft and Yahoo!, have about 19% and 10%, respectively.) If that doesn’t seem dominant enough, consider the fact that the word “google” is now an official entry in the Oxford English Dictionary—as a verb. Don’t hold your breath waiting for that to happen to Bing.

The Go story provides a useful reminder that some of the most instructive analogs—First Direct, in Go’s case—don’t have to come from your own industry. And analogs from outside your industry are less likely to have been noticed and copied by your competitors. Everyone in the airline industry already knew about Southwest and Ryanair. But First Direct’s low-cost but friendly service model was something quite different, an inspiration for Barbara Cassani and her team and a key ingredient in Go’s ability to attract and retain its early customers.

On the other hand, when a company’s value curve lacks focus, its cost structure will tend to be high and its business model complex in implementation and execution. When it lacks divergence, a company’s strategy is a me-too, with no reason to stand apart in the marketplace. When it lacks a compelling tagline that speaks to buyers, it is likely to be internally driven or a classic example of innovation for innovation’s sake with no great commercial potential and no natural take-off capability. A Company Caught in the Red Ocean When a company’s value curve converges with its competitors, it signals that a company is likely caught within the red ocean of bloody competition. A company’s explicit or implicit strategy tends to be trying to outdo its competition on the basis of cost or quality. This signals slow growth unless, by the grace of luck, the company benefits from being in an industry that is growing on its own accord. This growth is not due to a company’s strategy, however, but to luck. Overdelivery without Payback When a company’s value curve on the strategy canvas is shown to deliver high levels across all factors, the question is, Does the company’s market share and profitability reflect these investments? If not, the strategy canvas signals that the company may be oversupplying its customers, offering too much of those elements that add incremental value to buyers. To value-innovate, the company must decide which factors to eliminate and reduce—and not only those to raise and create—to construct a divergent value curve. Strategic Contradictions Are there strategic contradictions? These are areas where a company is offering a high level on one competing factor while ignoring others that support that factor. An example is investing heavily in making a company’s website easy to use but failing to correct the site’s slow speed of operation. Strategic inconsistencies can also be found between the level of your offering and your price. For example, a petroleum station company found that it offered “less for more”: fewer services than the best competitor at a higher price. No wonder it was losing market share fast.

Your entire organization must focus on an area of strength where you can defeat your competitors and radically differentiate your company by being ten times better than anyone else in the world. This is the bar you set for your team; you must own and be known for this value.

Even with a legitimate MLM and product, the ultimate enemy is math. The structure of an MLM is inherently self-defeating. If, for example, the company starts with just six people, and each level has to recruit six people of their own, in just twelve levels you have over two billion people. Even without complete recruitment, you quickly saturate a population. Further, every person you recruit is now a competitor. They may share your social network, and you’ll both be recruiting from the same pool.

Does it have a strong reputation? Does it lack competitors? Is it a small part of its customers’ costs and an essential input to the customers’ success? Is it integrated with its customers?

Grow your brand strategically Entrepreneurs sometimes, acquiring other businesses is a very quick way to grow your own business. If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. Take a look within your industry and even outside of it to find potential for potential opportunities.

You want to own businesses that have good pricing power. This means that they can raise prices without losing customers. When Coke decides to raise its prices by 10 cents per can, you probably don't even notice. But when your local gas station is priced 10 cents above its nearby competition, you will probably go to the competitor instead.

I have had several occasions to ask founders and participants in innovative start-ups a question: To what extent will the outcome of your effort depend on what you do in your firm? This is evidently an easy question; the answer comes quickly and it has never been less than 80%. Even when they are not sure they will succeed, these bold people think their fate is almost entirely in their own hands. They are surely wrong: the outcome of a start-up depends as much on the achievements of its competitors and on changes in the market as on its own efforts. However, entrepreneurs naturally focus on what they know best—their plans and actions and the most immediate threats and opportunities, such as the availability of funding. They know less about their competitors and therefore find it natural to imagine a future in which the competition plays little part.

If you have your own standards, you will never have any competitors left, no matter what others do.

Why did Connex for QuickBooks Online succeed? Here are the reasons: I received free app store listings on Intuit’s website. My app was even on the first page of their store briefly. This drove large amounts of traffic to my site. I received free listings on many other sites before they started asking for a commission. I later pulled those listings, since the cost to advertise exceeded the revenue they brought to the company. These stores failed to show how many installs and conversions they generated. I had many positive and real reviews on my app store listings. I noticed competitors had hundreds of five-star reviews that mostly looked fake. QuickBooks Online had few integrations at the time. I was one of the first companies to get listed. For QuickBooks Canada and QuickBooks U.K., my app was one of the first system integrators. I had almost no competitors who serviced QuickBooks outside of the U.S. Shopify, BigCommerce, ShipStation and other companies had no native integration. Mine was one of the first. I recorded videos and added landing pages that ranked high on Google with minimal effort. Since I had a shoestring marketing budget, this was very important. The issue I had with other products was that they didn’t offer free promotion. Since my company was one of the first, we had ample time to add features and fix problems. We have a solution that is light years ahead of competitors. Why would someone want to compete with us? In the words of one of my partner companies, “We could build one, but yours would be a lot better.” My app required no desktop apps or website plugins to install. Since my audience was small business owners, the easier the install the better. Most business users have a limited understanding of websites. Asking them to change a bunch of settings or configure something on their own is daunting. We set up Connex for qualified users. Many competitors just let users go through a self-guided trial. We received feedback from many customers that they would purchase if they could make Connex work. I added a talk-to-sales component, and our conversion ratio increased. Connex was successful because I added a personal touch in a world where SaaS owners expect users to just “figure it out” on their own. Software that requires no support and maintenance is a pipe dream.

You never want to overpay, but if you believe in the business, you’re better off paying more to guarantee you own it than to lose it to a competitor.

Find your own free time and use this stage of your life as an investment; finding your allies (your lifetime clients) will create astounding results for the rest of your life.

The next great idea for your work will probably not come from watching your competitors, but from taking an insight from an unrelated industry and applying it to your own.

At a national level this particularly so when those others seem to have something stronger or better than Japan does. It adopted, adapted and frequently improved, making the strengths of a potential competitor or foe intro own strengths. This is not just a case of "know your enemy": it is a case of knowing what makes thy enemy a threat and then using his own strengths against him. More than a 1000 years ago Japan learned much from China, to the point where it was no longer a vassal nation but considered itself a superior one. It repeated the process some extent in the Tokugawa period, learning the use of firearms from the west. In the Meiji period iit furiously studied western imperial powers till it became one itself. After the war it learned much from America - admittedly with little choice to start with - but went beyond its compulsory lessons to the point where it reversed roles and became widely recognized as the master.

Do You Know How Search Engine Optimization Can Help You? In order to market your website and/or business effectively, you need to have the proper information to guide you along the way. Without the right info, you'll be swinging blindly in the most competitive marketplace in the world. Read the article below and find out about some tips you can use for optimizing your website. You will need to make your website pop up in the google search results. Build a really solid website and use search engine optimization to get it found. If other local businesses in your area don't have this, you will stand out like a shining star from the crowd. When it comes to linking your keywords, whether on your own site or on someone else's, quality beats quantity any day of the week. Make sure that your keywords are linked naturally in quality content. One proper, quality link will earn you much higher placement than 10 garbage links. Since web business is a marathon, it is good to plan around quality so that you last the long haul. To know where you stand with your particular niche market, you should check on your page rank at least once a week. By checking your rank, you will find out varying information about how competitors are finding you and you will also realize what you need to do in order to shoot up in the rankings. Your goal should be a page rank of 1. To search engine optimize your website, don't include more than 150 internal linking hyperlinks on your home page. Too many internal links on one page can dilute a web page's search engine rank. Huge numbers of links also make it hard for visitors to find the information that they need quickly. A great way to get more people to your site is to list your site with Google so that when people search through Google your page will come up. Listing your site in this way, will give you a vast venue where thousands of people will be introduced to your site and to your links. The future development strategy for all companies with a web site should include a strategy for search engine optimization, getting more traffic to their site. One key point is to be aware of the use of appropriate key words. Appropriate key words should be placed strategically throughout your site, the title tag and page header are generally the most important spots for keywords, be careful with your choices. Linking to lists is very popular for website owners and bloggers and can help your search engine optimization. You can find a lot of articles on the internet that are written as a top 10 list or top 100 list of tips or small facts. If possible, present well- written articles with relevant content composed as lists with numbers, not bullets, such as "10 ways to buy a new car." It's all about what the websites want in SEO, and that's what you need to realize. It doesn't matter if you're a simple blog or a legitimate business; you still need the proper optimization if you hope to achieve a high ranking. What you've read here will help you achieve that, but you still need to put the information to good use.

I get excited by the kind of person I know you will become when you give up your excuses and start uncovering what you’ve been capable of all this time. I get excited by the kind of impact you will be able to have when you stop playing small, when you get out of your own way, when you are ready to be done holding back and to become all you were made to be. I get excited by inspiring every individual I meet to access his or her great potential so that the world doesn’t miss what he or she brings to the table. This is what finishing first is about for me. It’s not about proving yourself or beating your competitors but about accessing your deep purpose. What is your unique purpose? Do you know? If you do know, have you taken any time to stop and make sure you’re doing what you were put here to do? My faith tells me that everything is meaningful, that nothing happens by accident. You are here for a reason.

Your own mind is your toughest competitor. Playing against another team or opponent can be hard, but fighting your own self-doubt can be even harder.

Fortunately, Google found product/ market fit by refining Overture’s advertising auction model. Google’s AdWords product was so much better at monetizing search through its self-service, relevance-driven, auction system that by the time those competitors managed to play catch-up, Google had amassed the financial resources that allowed it to invest whatever was necessary to maintain product superiority. Google doesn’t always get product/ market fit right (and if it had run out of money before hitting upon AdWords, the search business might have died before ever achieving that fit). This is a reflection of its very intentional product management philosophy, which relies on bottom-up innovation and a high tolerance for failure. When it works, as in Gmail, which was a bottom-up project launched by Paul Buchheit, it can produce killer products. But when it fails, it results in killed products, as demonstrated by projects like Buzz, Wave, and Glass. To overcome this risk of failure, Google relies on both its financial strength (which comes from its high gross margins, among other things) and a willingness to decisively cut its losses. For example, when Google bought YouTube (which had clearly achieved product/ market fit), it was willing to abandon its own Google Video service, even though it had invested heavily in that product. Other massively successful companies take a very different approach. In contrast to Google, where new ideas can come from anywhere in the company and there are always many parallel projects going on at the same time, Apple takes a top-down approach that puts more wood behind fewer arrows. Apple keeps its product lines small and tends to work on a single major product at a time. One philosophy isn’t necessarily better than the other; the important thing is simply to find that product/ market fit quickly, before your competition does.