Business Quote of the Day: Eric Ries on Competitive Advantage
Today’s business quote of the day comes from one of the best books I’ve ever read on innovation and entrepreneurship. Even though the quote is widely applicable regardless of the context, I’ll provide you some. Author Eric Ries is discussing businesses and entrepreneurs who spend their time keeping their strengths, discoveries, and prototypes behind a curtain, making tweaks based on speculation and delaying going to market. Ries explicitly states that in today’s business world, this will not give you the competitive advantage you’re looking for. The only way be a market leader is to learn faster than your competition. The best way to do this is to go to market, get feedback, and make rapid improvements.
Full Quote: “A head start is rarely large enough to matter, and time spent in stealth mode-away from customers-is unlikely to provide a head start. The only way to win is to learn faster than anyone else.” – Eric Ries
I’m just about done this book and I have to agree that it’s fantastic. It has changed my view on many of the ways I look at businesses. I particularly like the actionable vs vanity metrics part.
Awesome! Pumped that you like the book. I agree with you and also really like the feedback loop. It’s always stuck with me. Thanks for the comment!