The Wall Street Journal: The Columbus effect in business

Many scholars believe that pioneers are highly successful, have a high market share, and are long-term leaders of the markets they pioneer. Yet historical analysis shows that pioneers mostly fail, have a lower market share and rarely lead their industries. Long-term market leaders seldom are pioneers. Rather, they are ones who appreciate the discoveries of pioneers, envision the mass market and exploit it profitably.

Gerard J. Tellis, Director of Marketing Research at Cambridge Judge Business School, on why pioneering in business is not always the best option.

Read the full article [wsj.com]