Well, the discussions that erupted out of the Competition good/bad question are great! Thank you for your thoughtful responses. 100% voted the ‘good’ category – and the reality of an internet marketplace dictates that competition is unlikely to go anywhere.
I noticed something in your responses – which I probably wouldn’t have noticed if I hadn’t read the M-factor and been doing a little homework on the difference in generational thinking. One traditionalist cited WW2 as his example of competition, and other cited the Yahoo v Google search wars. The trick for a great executive is to consider the angles from all generations and see if they apply.
For instance – if you are launching a new social internet platform, how much relevance does ww2 weapons competition have?
The <30 crowd of entrepreneurs I get to play with are 1) FEARLESS – Their focus in life is legitimately to save the world – not to own it or blow it up. BUT, is this naive? Not if their purpose fuels their passion and if good old-fashioned product marketing research, and thoughtful launch plans are allowed to coexist along side this passion. These Millennials assume there is a way to ‘figure things out’ – and as such are labeled 2) ENTITLED by the traditionals, baby boomers, and even by the GenX-ers…
We old-school execs are challenged to balance a 4 generation workforce – soon to be 5. The chasm is enormous, and if you are launching a social internet platform aimed solely at one generation, ok. If you want to expand to include ROW (rest of world) which most Millennials are much more familiar with than we are by their web-based lifestyle, missionary travel, and international years abroad, competition is a holographic, every changing Rubik’s cube that must be looked at from every angle – or – your competitors will find that opening in the fence.
The winner above all – EXECUTION – team a Millennial with other generations who are aware of these differences, and the team’s ability to execute is astounding.