Disruption and innovation have been in the limelight. But, other routes can lead to business success as well, even for start-up entrepreneurs.
This was well said in “The Dangerous Stories We Tell About Entrepreneurs”, a November 21, 2016 Wall Street Journal article by Morra Aarons-Mele about how the myths of entrepreneurship can have a harmful influence on start-up companies. The article reports that “The entrepreneurial myth is about innovation and disruption.” It goes on to say, “But, all too often, we celebrate disruption and innovation at the expense of what are seen as more mundane businesses”. According to the article, “those are what most people run and there’s nothing wrong with that.”
I agree that this article is on the right track regarding disruption and innovation. As I see it after researching business success and failure patterns for 25+ years, there are various strategies that can bring about business success. Yes, innovation and disruption often play a key role, especially in many high profile companies. But, far more important than innovation and disruption is building upon strengths.
Some companies apply those strengths toward innovation and disruption. Others apply their strengths to fill a valuable niche or target narrow slices of the market, but not necessarily with something highly innovative or disruptive. Still others serve a need in a local area. Regardless of whether or not they are innovative or disruptive, companies should generally have a strategy based upon their strengths, although, depending on the situation, sometimes properly applying an entrepreneur’s passion may be able to compensate when strengths appear to be missing.
It is so easy for companies to get caught up in a push for disruptive innovation, especially when it’s presented in terms of “disrupt or be disrupted.” But, especially for existing companies, there are often strengths that can be developed to bring about future growth. Identifying and harnessing those strengths can bring great success—with or without disruption, and with or without being highly innovative. Downplaying those strengths and getting wrapped up in disruption can weaken the company and impair performance, especially when a company is in a panic about being disrupted.
So, don’t be misled by high profile myths. Build the business that is a good fit for your company. Put the emphasis on strengths, not necessarily on disruption and innovation. Although disruption and innovation do drive many thriving businesses, they are not a prerequisite for all business success.
