“Persistence is the single most important word in success.” – Terry Matthews

He’s started 80 companies. He’s been directly involved in all of them. Terry Matthews was one of the keynote speakers at the Eastern Ontario Economic Showcase, along with W. Brett Wilson and Donald Trump.

Matthews started his talk with a quote from Darwin,

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” – Darwin
Matthews allocates his success to change and his ability to adapt. He says, “Act in times of change, or be acted upon.”

“Where there’s change, there’s opportunity.” -Terry Matthews

Competing with Outsourcing

As Asia continues to prosper, global competition continues to intensify. India and China have been able create a strong presence in the technology industry, further increasing competition. Many have realized the strong resources available across the globe at a fraction of the cost -– the amount of organizations outsourcing, have clearly reflected this.

Matthews points out, in Shanghai, the highest paying jobs pay $18,000/year. How do you compete with that?! His key competitive advice: the first-mover advantage.

How does the first-advantage work?

Being the first to kick-off a new strategy to create a presence and build a reputation in an area no business ever has, creates an image the consumers’ mind. Successful strategies will be copied – naturally, everyone will want their piece of the pie. It’s important to remember pioneers will benefit from repeat business as customers loyalty remains to be a major advantage in the first-mover concept.

-Esha

Copyright © Esha Abrol, Canada. 2009