Early Mover, Fast Follower, Late Follower: Strategies in the Business World

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The world is changing quickly, and the new technologies emerging on a daily basis offer companies new opportunities to stay relevant. So what does it mean for an organization to be an early mover, fast follower, or late follower? It’s an important question in today’s world. We see so many businesses with fantastic ideas chasing their own innovations, or trying to keep up with the latest trends in their industry. Answering this question can help you figure out which type your organization is, and start working towards improving as a result. Let’s take a look at some of the traits that are commonly associated with being either an early mover, fast follower, or late follower.

 

What Does It Mean To Be An Early Mover?

The early mover is the one that sees the opportunity early on and pounces on it. They are keen to try out new technologies and understand what the market needs. They are likely to be the first to use new technologies and services, and to invest in new technologies that are still in their early stages. They are also likely to be the first to try out new business models, and to look into new market segments. When an organization is an early mover, it has an advantage as it can identify new and untapped opportunities. It will also be a leader in their industry and can help others get on board with new technologies. However, if the company does not keep up with the latest developments in their field, they will eventually fall behind their peers.

 

What Does It Mean To Be A Fast Follower?

A fast follower is one that sees the trends and starts making adjustments. They have heard of the new technologies and services, but they do not see the full potential just yet. They are likely to be one of the first to try out the new technologies and services, and to understand their potential. If an organization is a fast follower, it means they are typically one step behind the cutting edge, but they have a strong understanding of the latest trends. They are likely to be the second to use new technologies, and to understand their potential. They are also likely to be one of the first to start using the new services, and to understand their potential.

 

What does is mean to be a Late Follower?

A late follower is one that sees the trends and then starts making adjustments. However, it is too late for them to be a fast follower. There are two aspects of being a late follower that you need to be aware of. First, is the fact that you don’t understand the trends well enough to get started with the adjustments. Second, is the fact that once you understand the trends, it is too late for you to catch up with the fast follower. Being a late follower can be a frustrating experience for an organization. They see the trends, but they are going to miss out on the opportunities because they don’t have the resources or the time to start adjusting their business model.

 

Summing Up

Being able to identify and understand the trends in your industry, and the latest technologies and services that are emerging, is a critical skill for businesses to have. Being an early mover or a fast follower is a crucial part of being a successful business in today’s market. It all comes down to seeing the opportunities, understanding them, and then bringing them to life for customers. When it comes to the best type of business personality, the answer is a little bit of everything. It depends on what your specific situation is, and what you can realistically achieve. 

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