Why there’s no such thing as being too late in business

In business we often hear of the first mover advantage. The first person to act has the advantage. This is certainly true on the frontier of the Internet, where being the first to act is a great advantage. When you go into uncharted territory, you face no competition. You are free to take up as much space as you like.

Those who come later are robbed of this advantage. Because competition is fierce, they are forced to strain themselves and work hard. They are not able to capture as much of the market as the people who came before.

But while there is a first mover advantage, I don’t think there is such a thing as being too late.

Coming late to the game is difficult. It is not easy to catch up and win. You have to exert more effort than those who came before you. But if you plan and execute your strategy well, you can be the catalyst for a revolution.

Rakuten Ichiba was not the first mover. We came into the market at a time when everyone believed that the Internet shopping mall model was a thing of the past. Even now as we expand around the world, we face a situation in which in many countries there are already services similar to our own. We’re constantly at a disadvantage to the first movers in each market. But we are not afraid. We might be late, but we’re ready to execute our strategy.

I firmly believe that in business, there is no such thing as being too late. If you start right now, right this instant, nothing in the world is impossible.

This article is published in collaboration with LinkedIn. Publication does not imply endorsement of views by the World Economic Forum.

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Author: Hiroshi Mikitani is the CEO of Rakuten Inc.

Image: A businessman walks through a station in Tokyo June 27, 2008. REUTERS/Yuriko Nakao.