The people who work within these industries or public services know that there are basic flaws. But they are almost forced to ignore them and to concentrate instead on patching here, improving there, fighting the fire or caulking that crack. They are thus unable to take the innovation seriously, let alone to try to compete with it. They do not, as a rule, even notice it until it has grown so big as to encroach on their industry or service, by which time it has become irreversible. In the meantime, the innovators have the field to themselves.
[I]f Modi toast, it will in one sense be a tremendous pity. In his way, he represents a third generation in cricket's governance. For a hundred years and more, cricket was run by administrators, who essentially maintained the game without going out of their way to develop it. More recently it has been run by managers, with just an ounce or two of strategic thought. Modi was neither; he was instead a genuine entrepreneur. He has as much feeling for cricket as Madonna has for madrigals, but perhaps, because he came from outside cricket's traditional bureaucratic circles, he brought a vision and a common touch unexampled since Kerry Packer.
Entrepreneurship is all about an idea that creates differentiated business value to one's customers. You must be able to convince your customers about the benefits that association with you or your products will give them. People are ready to pay if they are convinced about your services or products.