You can learn a lot from the failures of big businesses. Apple is the perfect case in point. They seriously botched it when it came to maps in the new iPhone 6. In fact, it was such a disaster that CEO Tim Cook had to issue a formal apology. You can learn from Apple’s mistakes.
Most large businesses are not innovative. When they are it’s really surprising because it’s so rare. Apple released an innovative product in the iPod several years ago, but everything since has been incremental. The iPhone and iPad are not so much innovative as they are natural extensions of developing the iPod. There is nothing innovative about the new iPhone either‚Äö√Ñ√Æif anything, it displays the lack of innovation in glaring light. Even Macs are not innovative. They have some interesting features and improvements, though again that is expected and there is nothing particularly innovative about them. Retina display is not innovative, it is just more pixels.
Innovation tends to come from small businesses. They don’t have huge income streams they have to protect so they can take chances on creating new and exciting products and services. Small businesses are also far more nimble and can far more easily respond to opportunities and changes in market conditions. Large businesses simply lack the ability to respond effectively in a short amount of time.
As a small business you can use these two factors to your advantage. Take chances and create something new and interesting. You are more easily and quickly able to respond to opportunities in the marketplace. Don’t be afraid to do either.
Were I caution small businesses is they need to make sure they deliver what they promise. Incremental delivery works if done correctly, but always make sure what you deliver is fully functional and bug-free. If not, you lose any benefit of early delivery as well as the customers you have alienated, not to mention the bad press you receive.
No one is interested in a product or service that barely functions or functions so poorly as to be almost useless. Use the fact that you can respond to opportunities and do so quickly to develop innovative products and service. Think in new ways to develop the next iPod. Just make sure it’s functional and work well when you do. Learn from Apple’s failures. The new maps app was not innovative, it didn’t solve a problem in any new way, and the it was delivered before it was ready.