The Power of Disruption

business Oct 14, 2020

If I ask you to take a week off and write all the industries that need to be disrupted. What would you write?

The biggest problem I have with the word disruption is that most people think about it as an entrepreneurship problem. I argue that every business disruption started with personal displeasure, and every innovation started with frustration.

The disruption of the Taxi industry started when Travis Kalanick Travis Kalanick and Garrett Camp were visiting Paris. They found themselves stuck and unable to find a taxi. Travis Kalanick asked Garret, “What if you could request a taxi ride by tapping your phone?” and they found Uber. Uber became one of the biggest companies in the world.

What if you slow down and start observing all the things that frustrate you? What if you use your frustration to disrupt your industry? Whitney Johnson wrote a book called Disrupt Yourself. In the book, she points out four principles to self-disruption.

  1. Target a need that can be met more effectively.
  2. Identify your disruptive strengths.
  3. Step back or sideways to grow.
  4. Let your strategy emerge.

Uber founders wanted to find a smarter way to get around Paris. This was a need that they believed they could meet more effectively. They pointed out all the horrible things about the traditional taxi and talked about a better way to get around. Uber was born.

Travis is an engineer who started a file-exchange service while in college, so he used his education and prior experience to start one of the best companies in the world town. Uber’s success did not come without challenges. Many cities asked them to stop operating in their jurisdictions, and others asked them to change their business model. However, their business model was superior to other companies, and they survived.

Disruption is hard to do, but 2020 impacted many industries.

In the coming few years, we will see a major disruption in the financial service industry as investing. Robinhood is pioneering this innovation by providing investors with a commission-free investing and trading app.

Other industries that need to be disrupted:

  • Healthcare: do we need to go to the hospital for a sore throat? Can I face-time my doctor?
  • Insurance: how can we simplify insurance?
  • Legal service: can we make legal services more affordable?
  • Restaurants: Are we going to see more restaurants with drive-throughs and fewer tables?
  • Construction: can we make the industry more transparent?

You do not have to disrupt your entire industry. Can you disrupt a segment? I disliked the aggressive nature of online discussions that are taking place in the world, so I created Lead with Integrity, a community that has 5000 leaders and business owners discussing life and business with respect and integrity.

I did not like the fact that most leaders, business owners, top performers, book lovers are lonely. They have no one to discuss their life or business ventures with, so I created a mastermind group called Action Takers Inner Circle. We meet once per week and talk about actual issues intellectually.

If you dislike something, what are you willing to do to change it?

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