First-Mover Advantage: The Mind of a Leader 2 (Enhanced DVD)
Entrepreneurs have many reasons for starting a business. Knowing what to sell should be followed by a targeted market strategy. Successful entrepreneurs often indicate that competitive advantage is not merely about following a dream, as it is finding the right profitable industry segment. In business economics the concept of first-mover advantage illustrates the efficacy of pioneer enterprise. Modern entrepreneurial scheme dictate the terms to the future of a new product segment or industry.
Enter angel and venture capital investors hedging on a dream. When investors notice an entrant that is a first-moving occupant of a segment, they know they have a profitable opportunity for capitalization. Intellectual property rights patent is the most effective method used by first-movers to gain control of the resources and output of replications of their product, idea, or service without a share of revenues in the future. Lead entrants that achieve huge profit margins during the first wave of success, normally attempt to sustain a monopoly thereafter. Moderate to low capitalization on advantage leaves opportunity for later entrants to compete against the originating entrant. In the latter case, second-mover advantage emerges.
The program addresses first-mover advantage in business in case study of pioneer companies forged from nascent entrepreneurial scheme. Marketing management theorists, Philip Kotler hosts the show, offering insights from the enterprises of well-recognized first-movers such as Dame Anita Roddick, Larry Flynt, Poul Nyrup Rasmussen, and Tony Visconti. Part of The Mind of a Leader 2 series, this episode invites viewers to the think about the nature of competition from the ingenious perspective of pioneer industries.