Pathway To Success
Irena Whitfield, the Internet Business Consultant You Need If You Want to Succeed In Business Online! Published since 2000     Publisher Irena Whitfield
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Volume 13, Issue No 25, Circulation: under revision, 15th Dec 2013
Next Issue: 30th Dec 2013

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Our greatest weakness lies in giving up. The most certain way to succeed is always to try one more time.
Thomas A. Edison


Merry Christmas, my loyal Readers! Winner - TopRank Reader Poll

I wish you and all your families merry Christmas, thank you for your loyalty and business we have been doing together over all those years and would like to tell you about a special event worth your attention:

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The vision is to see a world of entrepreneurial people solving meaningful problems. The mission is to help clients become more visible, valuable and connected doing the things they love.

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    Enjoy and stay tuned, your Pathway To Success is back in 14 days...

    Irena Whitfield Sincerely,

    Irena Whitfield
    Your Publisher

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    Today's Special Reading Tip:
    Entrepreneurship – A Creative Journey by Naveen Lakkur:
    Start Early, Drive Smart, Reach Successfully. is a mantra that Naveen Lakkur preaches to the entrepreneurs of today. According to him Entrepreneurship is a creative journey that has 3 parts to it, the start, the drive and the finish. Know more about these in this white paper. Download the pdf by clicking here.

  • Today's Feature Article
  • The Innovator's Dilemma: What To Do When Your Great Idea Becomes Mainstream
    Scott Allen

    Innovation is certainly not a prerequisite for entrepreneurship. Successful entrepreneurship is often more a matter of timing and perception—providing the right product or service at the right time in the right market. However, high-growth entrepreneurial enterprises, the kind that make people famous, are most often the result of a significant innovation on the part of the entrepreneur. In fact, it is frequently entrepreneurs who develop those disruptive technologies that create a whole new performance trajectory.

    Yet even those that successfully cross the chasm and enjoy mainstream success are faced with a significant challenge as the market matures. The competitive edge that has fueled their growth is difficult to maintain as the market commoditizes. The innovator is faced with a dilemma. Their innovation is often part of the identity of both the company and the entrepreneur—it's brand equity. And yet that very innovation starts to become a liability as competition commoditizes the product and the innovation is no longer innovative.

    And so the innovator is faced with a dilemma. He either has to become a mainstream business dealing with commodity products, or has to let go of that innovation and come up with a new one. Large shareholder-driven corporations are perfectly content to do either one (or both) of these. And they've usually got both the infrastructure to support a commodity business and a big enough R&D budget to keep pumping out the innovations.

    But both of these options are far more difficult for the entrepreneur. For an innovative entrepreneur, the idea of commoditizing the innovation and doing conventional business in a highly competitive market is about as attractive as a root canal. In fact, it's the very antithesis of the entrepreneurial spirit. On the other hand, while that innovation is hard to let go of for any company, it's especially so for entrepreneurs because it is so much a part of their individual reputation, usually to the point that it is part of their essential identity.

    So what does an innovative entrepreneur do about this dilemma? Here are a few tips:

    Delegate. Let someone else turn the company into a sustainable commodity-based business while you look for something else. This could mean just delegating the majority of your work (and authority) to your direct reports. It's sometimes difficult, though, for them to transition away from a centralized authority. If you're concerned that this might cause fragmentation, then you may need to hire an experienced Chief Operating Officer—someone with the experience of sustained operations in a mature market.

    Sell out and walk away. Seriously! Watching an innovative entrepreneur suffer under the constraints of an ongoing concern is like watching someone stuck in a miserable marriage. There's no shame in it—it doesn't mean you've failed. In fact, quite the opposite! "Serial entrepreneur" is a great appellation.

    Look around you. The next great innovation may already be sitting in the head of someone in your company. They know the market space. They know your product—possibly even better than you do yourself. And above all, they know the customers. Get everyone together and just brainstorm. Even if the idea isn't stated just perfectly by someone, it may spark something in you that triggers that next great innovation.

    These strategies may help you keep some stability while you're working on that next innovation, but the very most important thing to do is release your ego. Say this with me one time — “I am not my creation.” Again — “I am not my creation.”

    The sooner you come to the realization that what's really a part of you is not the innovation itself, but rather your ability to create it, the sooner you'll be able to detach from that first creation, let it live its own life, and move on to bigger and better things.

    Scott Allen says: I’ve been writing online for so long, on so many sites, that I’ve practically lost track! I wanted to create a single, simple hub where I could steer people to some of my best work. Enjoy! click here.

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  • In this Issue
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    Featured Article
    The Innovator's Dilemma: What To Do When Your Great Idea Becomes Mainstream Scott Allen

    Today's Tip

    • Today's Tip On the Opportunity Worth Checking
      HOT: Ultimate Conversational Hypnosis

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