It was interesting to see that Apple has announced a target date of 2024 for its autonomous electric vehicle introduction – see https://bit.ly/38rP7Al.
So Tesla, which so successfully disrupted the auto industry to become its most valuable company, now faces competition from a phone company – one with deep enough pockets to bring major disruption!
This really underscores the fact that your next major competitor could come from just about anywhere, so simply looking at your traditional competitors is a very risky strategy.
Similarly, your business’ next major product or service could disrupt a completely different industry, too, so being alive to all opportunities is equally important.
The message here is clear – no matter how big your business today, it can be disrupted, and no matter how small it is, you have the potential to disrupt another, so make time at your board meetings to discuss this.