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While most changes to business models are incremental, we should always be looking to see how we can make our existing model obsolete by replacing it with something new.

Incremental changes are, of course, much easier to copy and so any such changes will only give you an edge for a short time, while a completely new model will keep you in front for much longer while your competition seeks to catch up.

Look at what Uber did to the taxi market, Airbnb to the hotel market, Tesla to the car market, Apple to the music, phone and camera markets. They created true disruption and, as a result, gained a market leadership position that has been worth tens of billions of dollars – the first two companies having a market cap over $100 million, Tesla with a market cap north of $675 billion (more than the top 10 traditional car companies combined) and Apple, of course, over $2.2 trillion!

So, don’t be content with tweaking your existing model – look for ways in which to make it obsolete with your brand new one.

It will reap rich rewards.

 

#BusinessFitness #Strategy #Leadership #Disruption #QOTW