Old Vs. New

Deborah Cole on Embracing Setbacks as Opportunities for Growth

Believe it or not, a day may come when changes feel like the enemy rather than a bosom buddy. You know the TV ad where the counselor works with people struggling against personal habits similar to their parents? My friends, it happens to all of us. One day, we wake up to find that “same” feels good.

As a person somewhat addicted to miles of tradeshow aisles where scads of new products are shown, I can agree that new is exciting. There is an adrenaline rush when a new piece of equipment is acquired or a piece of new technology is downloaded. There is the promise of greater efficiency, faster reporting and improved quality. And then we hope. But as new and exciting becomes an everyday occurrence revealing itself faster and faster (think AI technology), it is also critical to be discerning.  

We know that there are five phases of adoption of new ideas, products and services.  Business leaders fall into one of these categories based on personal factors and learned habits. There is a place for all of these, but where do we choose to be and why?  And how does it ultimately affect our businesses and personal lives? 

The five phases are:

• Innovators are the first to try new products/services and are the highest risk-takers. They tend to have more available financial resources with which to take risks. They acquire when things are first released and at the highest cost.  But the thrill of the acquisition outweighs any fear of risk.
• Early adopters acquire products and services early in the game because they are “in the know.” As a highly educated group, they have done their homework and evaluated risks before taking the plunge. They are cautiously optimistic about outcomes.
• Early majority group members are in the largest group on the bell curve of adopters. These individuals are relatively risk averse and have waited until they are among the leaders who have taken the safe path to the new. They may not be thought leaders in their own right, but have sought out the opinions of many others who have already made the decision to adopt.
• Late majority individuals are typically skeptical about anything new and are very risk averse. They often do not try something new; however, if they do, it is only after the majority of the market has been saturated. The pricing of the object has dropped and is now affordable for the late majority. As new entrepreneurs, we often start out in business as a late majority member when our resources are limited and risk cannot be tolerated.
• Lastly are the laggards (what a label!). These individuals hate change and by the time a product or service that was once new is old, it may even be on its way out and be replaced with something new. Know anyone who swears by the flip phone?

We all fall into one of these categories. Which is the best? Only we can determine that for ourselves based upon personal traits, business practices and comfort level. We all know people who have the first shiny object off the shelf but nothing to show for it. We also know those who happily plug along using old technology and old ideas and are completely satisfied with the results. Only we can know our own level of comfort and satisfaction. There is no arbiter of right and wrong when it comes to being happy with only the old or only the new. What are our personal vision and goals? What is our definition of success? How much time can we invest in researching? And, at the end of the day, can we not just trust our own gut?

ABOUT DEBORAH COLE

Deborah Cole is the founder of a commercial landscape firm with multiple locations throughout Texas. She now devotes herself full-time to speaking, writing and consulting.  
www.deborahcoleconnections.com