No innovation in business could be a good thing.
The company like Wal Mart, Microsoft, Burger King etc are successful because they are good at cloning ideas from other companies.
I like this video from Mohnish Pabrai (he is unbashingly straightforward and candid about his approach). Like what he says about himself, he likes to copy ideas from other people like Warren Buffett. (see here) He basically cloned the Berkshire Hathaway (eg. take 25% above hurdle of 6%, with no management fee).
He advised to simply buy what great investors buy, study what they are buying, and maybe follow what they are buying / selling. In setting up a investing company, the 2 important things are Simplicity + Cloning.
Advice on starting a business / do your own thing:
- Stay in your job first – don’t quit your job. Work just enough to be not fired.
- Live close to work.