What Are The Disadvantages Of Being A First Mover?

What Are The Disadvantages Of Being A First Mover?
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  1. Right Janny, every coin has its two sides, it was nice to see this question. So here are some disadvantages of being a first mover-
    So as we know that first movers creates new products and markets, they bear the economic burden of developing a new market that followers into the market can exploit.
    As they go ahead first, they make mistakes too and followers into the market can learn from the mistakes of the first movers, allowing them to reduce their risk and avoid making costly mistakes. Also Followers may be able to examine the processes of the first movers and modify them for greater efficiency and cost reduction.They can utilize newer technologies that become available, while first movers may be heavily invested in older technologies.
    First movers sometimes rigidly adhere to their original path, even when it isn’t working, which opens the door for followers to move in with a revised version of the product that better serves the market’s needs.
    First movers may be driven by a fear of missed opportunities, leading them to launch a new product or service before the market is ready.

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