Thinking About Tomorrow to Prepare for Today
Named one of tomorrow's emerging thought leaders most likely to reinvent capitalism, Esposito is an active member of Harvard Business School’s Institute for Strategy and Competitiveness, is the founding director of the Lab-Center for Competitiveness, and instructor of Growth Strategies: Identifying Opportunities in Market Trends.
One need only reflect on a short list of nearly obsolete items—folding maps, camera film, VHS tapes—to consider how powerful market forces such as disruption can be.
What challenges do people face when trying to identify market trends?
The better we deal with our current problems, the higher our chances are of creating a better future.
What are your top three pieces of advice for people trying to identify market trends?
1. Keep an ongoing mindset for your market as well as your nonmarket strategies. The best opportunities do not occur in familiar and predictable markets.
Keep testing hypotheses and experiment by turning ideas into pilots and minimal viable products to determine how the market responds.
An example of this is the rise of the sharing-economy giants, such as Uber or Airbnb. It was their ability to perceive that customers’ sentiments were shifting towards more personalized experiences that led them to initiate their innovative business models.
3. In lieu of fully developing products from the start, keep testing hypotheses and experiment by turning ideas into pilots and minimal viable products to determine how the market responds.
Rather than assuming that the market will embrace your products, you can collect real-time feedback and determine whether it is worth bringing a product to full production or not.