You can be very successful being either.

Many like to think of themselves as innovators, however if you’re honest with yourself you’ll see that the ideas you have are merely replicating or duplicating something that has already been done.  Which is perfectly fine.  In fact many companies have been hugely successful replicating ideas that had already been done.  Apples most successful product of all time, the iPod, was not an innovation, it was actually one of the last mp3 players to the market.  Facebook is another example.  Companies like Friendster and MySpace were ahead of Facebook with the idea of social networks. On the other hand being an innovator certainly has its’ advantages.  Just look at the Nintendo Wii success for an example.

So as your developing your ideas you can choose to innovate and develop something new or duplicate, put your own twist on something existing.  What are the positives to innovating vs duplicating?

Innovating – Positives

• First to market
• Fewer restrictions or constraints
• No competition

Innovating – Negatives

• R&D Costs
• Establishing and educating a new market
• High Risk

Duplicating – Positives

• Quick to market
• Low/No R&D costs
• Market is established

Duplicating – Negatives

• More competition
• Differentiating product more difficult
• Potential legal trouble if done improperly

The two things that I hear when people talk about business ideas that they have are, “that has been done before” or “that has never been done”. Ironically sometimes these thoughts keep them from pursuing their ideas.  The bottom line is you can be successful with either tactic.  You just need to know which one will work best for you and pursue it.

Which would you rather be, an innovator or duplicator?  Leave a comment below.