Disruption is all the rage these days. Ever since Uber disrupted public transportation and Airbnb disrupted travel accommodation, just about every startup, tech company and business routinely asks themselves whether or not they’re being disruptive.
But disruption is a double-edged sword: Either you’re en route to disrupting your market, or you’re vulnerable to being disrupted yourself. Given the current speed of technological progression and innovation, disruption is an inevitable consequence in just about any market.
So what does “disruption” mean anyway? There is no clear-cut definition for the term, but essentially it speaks to any radical shift in the way a market interacts with a solution to a common problem.
In the case of Uber, they disrupted public transportation by improving upon the taxi model (which had stood as the “accepted way” for a long time). In the case of Airbnb, they did a similar thing when it came to finding travel accommodation.
It’s easier now than it ever has been to start a business or build an app, which means that innovation and unique ideas are more important than ever. Are you vulnerable to being disrupted, or are you the disrupter?
What makes a business vulnerable to disruption?
Any business that rests on its laurels and becomes complacent is at risk of being disrupted in today’s business climate. That’s exactly what happened to taxi operators: Their model was simply the accepted way for too long, and Uber saw a way to improve on it that they didn’t.
But there are other red flags to be paying attention to as well. If your business fails to keep up with the latest technology, for instance, you could be at risk of being disrupted. If your competitors are more in tune with the latest developments and market needs, you may find yourself falling behind their innovations and forward-thinking ideas.
Always stay on top of your game, and never assume that you know everything. You need to be aware of changes in your market, technological progression and your competitors at all times. If you don’t want to be disrupted, you need to be actively thinking about the future and mapping out how your business is going to stay relevant.
The characteristics of the disrupter
Of course, you’d rather be the disrupter than the disrupted. So what makes a business disruptive?
To be a disruptive business, there are a few fundamental principles that must be respected. Firstly, your business must be unequivocally focused on consumer need. At the end of the day, your customer base decides whether or not your business thrives or fails. Their needs should be at the forefront of your everyday concerns.
Beyond that, experimentation and an agile mindset is vital. You must place high value on your business’s ability to adapt and adjust, because sometimes it won’t be a matter of who does it best, but who does it first.
If you’re going to be a disrupter, it all comes down to efficiency and adaptability. Test your ideas and experiment, but be willing to change course the moment it becomes necessary. Never fall in love with an idea – instead, follow your market. Your customers will always lead you down the right path.
