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Glad you enjoyed this article of how Facebook copied then dominated Friendster, Mark. :)
This is the competitive world we live in.
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What a pity, so unfortunate for Friendster to be a victim of competition at the cut-throat level
That's definitely a pity, but that's business in the world we live in Q. The copycat copies the best elements of the first to market and improves the process, and steals their success!
Makes you question what the point is in being original, doesn't it?
That's an interesting story, Kaju. It makes sense that it's not the first on the market who takes it all but the second or third. The one who comes up with the idea usually has to spend all their energy sculpting this idea and the outcome is often a bit rough. The copycat can then start off with the rough cut and spend their energy perfectionizing the rough cut into a smooth version of the original idea. And the smooth version is the one that breaks through. So this means we have to keep our eyes open for the rough cuts with potential.
You make a great point Sammy, keep your eyes open for the rough cuts with great potential, then improve upon that rough cut.
That is certainly the "lower hanging fruit" toward success as very few businesses have a concept where elements were not borrowed from something else.
Great observation!
Hey Kaju,
Thank you for writing this interesting article.
It certainly pays to know your niche market and to never be afraid to look outside our box. It’s important to know who your competitors are and be more creative.
This story makes me think of my late husband's patents on his precast equipment. He simply made improvements and we made lots of sales in the states.
Monica
Wow, I'm really sorry this post brought up memories of a sensitive subject Monica. It sounds like you had a great business together.
I'm happy you read article and received were reminded of a good lesson to know your niche market.
Kaju
Quite all right Kaju, I'm always happy to talk about him and memories are all we have of our loved ones. We worked hard together. We were always together.
Thanks for sharing Kaju because now you have planted seeds in my head!!
Tried and True
Elaine
Glad those seeds have been planted Elaine, and I hope they will sprout to some great ideas!
In business, you have to really know who is or are your partners. Maybe Adams was thinking he could gain more than the $40 million offered by Google but he was not able to work for the $27 million because he was ousted.
Quite a difficult decision Abrams was confronted with at the time Jimmy.
He is criticized as making one of the biggest mistakes in internet history not taking Google's $30 million offer, but what if he took the $30 million, and Google grew Friendster to current Facebook levels in total net worth?
First, history would have changed. Facebook might never have taken off, and with Google owning and running it FRIENDSTER might be the juggernaut of social media today, growing to a net worth of $500 Billion.
And if THAT happened. the current internet world would have considered Abram's $30 million Google sell-off to be the Biggest Blunder history - an much more costly blunder than not selling to Google by a multiple of 1000x.
Interesting isn't it? .
Wow, Kaju.
This is encouraging since excelling can depend on just tweaking the leader and meeting the demands of the market. One more reason to know your niche market and ask questions about what customers want.
I'm actually modeling my website after a magazine I read in my teen years. I don't know if it is still around, but I had a friend that was on the front cover in the eighties. He was proud of that status but he never lived past that moment of fame. He didn't improve his ideas and was washed away by copycats.
It's not enough to have a great idea. It's how you relate to your customers that is key.
All the best,
Louisa
First to market or early mover rarely becomes the leader of the market, Louisa. This has been proven many times. Thanks for sharing your friend's 15 minutes of fame!
Kaju
Kaju,
I'm glad you did share this. It proves that you are truly an Ambassador that encourages newcomers to rethink their position concerning their niche.
There is nothing new under the sun. However, we all have different vantage points of the sun. Sharing that is a niche in itself.
All the best,
Louisa
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That was great!
Thanks,
Laurel
I'm happy you enjoyed the read Laurel!