In business, does it make sense to reinvent the wheel?
In competition, does it make sense to challenge the status quo? Can you always be the David that stares Goliath in the face, while planning to bring the giant down? Or are you not just wasting your time by entering into a sphere were someone is still dominant, and is not likely to give up top spot that easily?
For years, MySpace ruled the social networking scene. Facebook started out simply as a closed network, but when it opened to the public, along with its plethora of applications and inherent expandability, it just took off. But it’s not always the case. There are a handful of other startups that looked promising from the start. But where are they now? Think Friendster. Think Multiply. Perhaps they still serve a niche, but they probably no longer merit the same expectations as before.
Are there lost opportunities here? Did people take a wrong turn? Is this a case of reinventing the wheel, and then realizing it’s an exercise in futility?
Sure, innovation is good. But it does take timing, hard work and a bit of luck (or serendipity) before something will click.
- Why Reinvent the Wheel? WISLounge.com, September 5, 2009.
2. David Chang never set out to be the king of pork buns, and the fact that this is now the case is something he finds a little weird. As he puts it: “Can you imagine being Neil Diamond and having to sing ‘Cracklin’ Rosie’ every time you get on stage for the rest of your life?” The whole thing was an accident. In 2004, Chang signed a lease on his first Manhattan restaurant, a noodle bar he called Momofuku, which means “lucky peach” in Japanese, but is also a nod to the inventor of instant noodles, Momofuku Ando. The menu was simple: ramen noodles with shredded pork, $7; Momofuku ramen with pork and a poached egg, $12; spicy noodles, $9; rice with chicken and egg, $10. The business was cash only. But he had no business to speak of. No one came. Chang would gaze on the “terrible” Japanese place across the street, which was always packed, and wonder what in hell he was doing wrong.
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