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I’ve started several businesses during my career, the first one when I was 29 years old. The next one when I was 39 years old. And then I’ve started a few more since then.

It’s safe to say I’ve learned a few things — usually the hard way.

One of my most important lessons involves whether or not a start-up should use the first-mover strategy or the fast-follower strategy.

The first-mover strategy is what popular culture tells is is the way to grow a business in the United States. When you use the first-mover strategy, you invent a new product, a new service, or a new way of doing things. The idea is that because the product is new and different, you have a competitive edge over any other companies that follow after you.

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The other strategy is called the fast-follower strategy. That’s where you let someone else plow the turf in a new industry and follow quickly behind them with your own version of their product or service.

So, the question is, “Which approach works best?”

I’d be curious what your thoughts are. Once you’ve pondered this a bit, I’d like you to listen to the abbreviated, 7-minute edition of The Jamie Turner Show below. I have a clear point-of-view on this topic and would love to get your input on whether you agree with me or not.

Go on. Check it out. It’ll only take a few minutes of your time.

 

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Jamie Turner is the CEO of the 60 Second Marketer and 60 Second Communications, an Atlanta-based marketing agency that works with national and international brands. He is the co-author of “How to Make Money with Social Media” and “Go Mobile” and is a popular marketing speaker at events, trade shows and corporations around the globe. Subscribe to The Jamie Turner Show podcast by visiting iTunes or Stitcher.