Capitalism rewards creativity as well as competition:: NY Times


Words of wisdom from one who knows.

I read this in the context of my own industry [insurance] and my experiences of the last 10 years [the last 2/3 in particular] and recognise the lack of creativity.

Too many business owners operate as “managers” who put too much effort into bemoaning market issues but lack the vision to create change and to fulfil the role of Leaders: in their own firms or in an industry that (like banking) has actively discouraged the invaluable input of contrarians. As a result they are doomed to do little more than play hard in a market of “me too” organisations, products and relationships!

…we often shouldn’t seek to be really good competitors. We should seek to be really good monopolists. Instead of being slightly better than everybody else in a crowded and established field, it’s often more valuable to create a new market and totally dominate it. The profit margins are much bigger, and the value to society is often bigger, too.

via The Creative Monopoly – NYTimes.com.

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