12 Entrepreneurs Share Ideas On The Right Time To Disrupt an Industry
Is it about timing? Is it technological factors?
What are the indicators that an industry is ripe for disruption?
We asked entrepreneurs and business owners about the right time to disrupt an industry and here are the responses.
#1- Too much complexity, or not enough
You know it's the right moment to disrupt an industry when you look at your competitors and see either too much complexity, or not enough. In both cases there's a market for users that's wider or more niche than what's currently available. For example, the products or services on the market may limit the casual or neophyte user from joining due to the high learning curve of the software or presumed expertise on the product. On the other hand, you may find an advantage offering a boutique service or product specifically for long-time users that adds more features. Either way, you're on your way to building a new audience, and disrupting things along the way.
Thanks to Nate Tsang, WallStreetZen!
#2- During the disappointment or frustration
Unfortunately, it is not easy to understand the exact time to disrupt an industry. It is good to see a change is coming when you start knowing a better way to provide or services or products. If you feel dissatisfied with the current services or products offered, then there's a strong chance that other people will also start to feel this frustration. So I believe you look for frustration or disappointment, and this is the point where disruption will soon hit the industry and the best time for you as a leader to disrupt the industry.
Thanks to Tim Culpepper, Conexa!
#3- There’s never a right moment
To be honest, I don’t think there’s ever a “right moment” to disrupt. There’s no planning or preparing for something that’s completely new to an industry, nor do I think it’s possible to predict whether an innovation will take hold on a large scale. If you’re preparing to release a disruptive innovation, you should approach it like you would any high-risk business venture. Preparation and planning are important but you’ll never make any progress if you wait for the perfect moment to come along.
Thanks to Darrell Rosenstein, The Rosenstein Group!
#4- Now! Why wait?
The best time for disruption is either when the world changes or whenever you get inspired! You cannot time it or make it happen the timing is driven by macroeconomic and/or global factors out of your control (like now) or the idea itself so whenever you find the opportunity or stars aligning it is time to make it happen. Part of being an entrepreneur is seeing trends first, it is part of our DNA so if you have a game-changing idea and the market responds you have to strike while the iron is hot. The time is always now! Why wait?
Thanks to Paige Arnof-Fenn, Mavens & Moguls!
#5- Considering two factors
To answer this question, we must consider two factors: current level of disruption and susceptibility for future disruption. Two black swan events can provide evidence that an industry is ready for a major makeover. Take for example the container ship blocking the Suez Canal and the COVID-19 pandemic—one container ship created disruption for economies around the globe and the pandemic unveiled every possible hole in our global supply-chain. Global supply-chain logistics is ripe for disruption. Every crisis has an opportunity to learn and disrupt the “old guard”.
Thanks to Henry Shterenberg, World Trade Center Kyiv!
#6- When you hear complaints from the common consumer
Complaints about the cost of taxi rides and vacation accommodation led to the rise of Uber and Airbnb. The real disruption comes when you challenge the traditional businesses and the ancient ways of doing things with more efficient, technologically advanced methods. When you really look at everyday life, there are many things that haven't been changed or solved in how we run our homes and our businesses. When you understand the problems around you and develop ways to solve them, that is the “right” moment to innovate and disrupt the industry, You just need to keep your ears close to the ground and have an appetite for solving problems and helping the masses.
Thanks to Jack Benzaquen, Duradry!
#7- Depends on your own timeline
Industry disruptions are not new to me. In fact, whenever there is a new disruption that affects an industry where we have clients, we have to reformulate our strategies, or else, we’ll be left behind. In my opinion, though, the right moment to disrupt an industry is whenever you, as a disruptor are ready with an idea or a concept that you know will create a revolution in your industry. The right moment depends on your own timeline because if you are wanting to disrupt an industry, it should be at a point in time when nobody is expecting it. That way, you maximize the disruption.
Thanks to Ted Liu, Just SEO!
#8- At any time
Nobody knows when the right time is coming. For example, many well-known experts have failed numerous times to predict a new crisis. Acting is the best asset ever. Be ready at any time. Spend more time learning customers. The main goal is to find why existing products don't satisfy their intent. Take away the pain and make the lives of your customers much better.
Thanks to Anatolii Ulitovskyi, SEOtools.TV!
#9- When it is being controlled by a small group of people
The market is most famous for its volatile nature, it is therefore exceedingly important to make sure all decisions are calculated and pre-planned. The best time to disrupt any kind of a market would be when it is being controlled by a very small group of people with high barriers at its entry. It is important to bring something new and useful to the people, always keeping in mind that as an entrepreneur one has got to think of new and innovative ways of solving problems and conducting duties. One must routinely keep in mind the timing and movements of the market, the societal, political and/or economical changes that arise within the market should be in proper sync in order to cause a fair amount of disruption. Being attentive to the problems around and offering a better solution than existing sellers, during a time when the people need it the most is one of the most significant ways of causing wide disruption within a market.
Thanks to Thomas Fultz, Coffeeble!
#10- When the last disruptive innovation was quite long ago
When the industry matures margins tend to squeeze, products become indistinguishable, and generally, the industry is considered boring. This means that the last disruptive innovation was quite long ago, so creating a new one would be relatively easy. Furthermore, it also means that incumbents are too slow and don't have enough resources or will to fight back.
Thanks to Borys Pikalov, Stobox!
#11- When a business or organization feels comfortable
I think any time a business or organization might feel comfortable is a sign that you need to think ahead and be prepared to innovate. Change is constant – and the past year has shown us all that the need to be adaptable is a must. Acknowledging that and always being on the lookout for new ways to help or improve your product or service for your customers – especially if they don't even know they would want or need that improved product or service – is a way to stay ahead of your competition, keep your customers happy and disrupt in a good way.
Thanks to Michael Stahl, SERVPRO!
#12- Growth in demand of a product/service
The right moment is when there's a growing demand for your product/service and no one in the market is offering it. In today’s economy, many companies are looking for ways to improve their bottom line. Faced with rising costs, many businesses have a difficult time growing. I started my business to provide struggling enterprises with consultancy advice on how to determine quickly and accurately how to increase your cash flow and reduce expenses. I assembled a team of Engineers, IP Attorneys, Senior Tax Consultants, and Service Specialists. There are not so many consultancy service companies that offer services like ours. Therefore, I have made a decision to disrupt the industry by providing cost optimization consultancy and cost reduction analysis. What's interesting is apart from these, some of our more specialized services such as office supplies expense analysis, workers overcompensation analysis and even zero cost credit card processing, have gotten more inquiries from clients who face these issues but don't know where to find support from experts in the field.
Thanks to Michael Hammelburger, The Bottom Line Group!