China has the biggest economy in the world after America, they are not innovative as you may think. Their business secrets is that they simply copy what is existing somewhere else and improve on it. This way of copying from other businesses and making better is called fast follower strategy in the business world and Chinese is an expert in doing so.
Every notable business in China you can point was replicated from a successful business somewhere. Wechat was copied from WhatsApp, baidu search engine was copied from Google, yooku was copied from YouTube and so on. But the truth is that we either need to be the first mover or a fast follower if we must succeed in business and china has chosen to be the fast follower.
Like an eagle, they have their eyes in major businesses of the world, spotting the successful ones and copying them. You just don’t need to have an idea to start a business as long as you know how to make an idea work. Just stand behind the fowl digging the floor and eat of her labour according to Robert Green in his book 48 laws of power which one biggest secret the Chinese leverage on.
What can you learn from this?
1. It saves cost
sometimes being the first business doesn’t mean you will be the first to win. The Chinese doesn’t want to throw in money in a business that haven’t succeeded somewhere else before. If the first succeeds, it saves cost of conducting research and feasibility study. If the first fails, it becomes a case study to learn from and the fast follower does better.
2. It save stress
Lazy people succeed more in business because they have an eye for good things even when they can’t think of it. Since they cannot innovate, they simply copy and copy fast. When you see a successful business what else is left if not to follow suit? Simply copy and make better. Most innovations we see in the banking sector in Nigeria aren’t done by the seemingly big banks but by the seemingly Small and young generation banks but the big banks copy and make the ideas look like theirs because they have the resources to do so.
3. Stay awake in your industry space
Stay awake in your industry to notice the latest development and trends. Neglecting this is the single reason why Nokia failed. Once in a while bowse about the future trend in your industry. One thing is certain in business, someone somewhere is working so hard to throw you out of the market with fierce competitive strategies. Every day in the jungle, the lion wakes up knowing that if it must eat, it must run faster than the fastest Gazelle and same applies to the Gazelle knowing that if it must survive and live, it must run faster than the fastest lion. This too applies in an open competitive market, you are either the one running or the one chasing, you are either on the table or on the menu. Which would you rather be?