Will and Vision

About the Authors

Gerard J. Tellis is an acclaimed researcher and writer, holding the Jerry and Nancy Neely Chair of American Enterprise at the Marshall School of Business, University of Southern California. His work has been extensively published in numerous leading journals, earning him several prestigious awards.

Peter N. Golder is an associate professor at the Stern School of Business, New York University. He has conducted pioneering studies in market leadership and innovation, with his findings featured prominently in top-tier publications.

Main Idea

The book "Will and Vision: How Latecomers Grow to Dominate Markets" by Gerard J. Tellis and Peter N. Golder challenges the conventional belief that being the first to market is a sure path to long-term success. Instead, the authors argue that enduring market leadership is achieved through a combination of vision and will. They assert that visionaries who can see the potential of the mass market and have the will to persist, innovate, and commit resources will ultimately dominate their industries.

Table of Contents

1. Are Pioneers Really Blessed?
2. Learning from History
3. Pioneers and Real Causes of Enduring Leadership
4. Envisioning the Mass Market
5. Uniqueness of Vision
6. Persisting Against All Odds
7. Why and How Companies Must Innovate
8. Raising and Committing Financial Resources
9. Leveraging Assets Despite Uncertainty
10. To Pioneer or Not to Pioneer

Are Pioneers Really Blessed?

The widely held belief that market pioneers are guaranteed long-term success is questioned. The authors highlight that many well-known brands such as P&G, Federal Express, and Microsoft were not the first to market, yet they have achieved enduring success. They argue that being first to market does not necessarily confer lasting advantages like name recognition or market share.

"Being first to market guarantees nothing -- not name recognition, not market share, and not long-term market leadership." - Tellis & Golder

Empirical studies often fail to account for the numerous pioneers that did not succeed, creating a bias towards the success stories. This phenomenon is known as survival bias. The authors explain that many studies exclude failed pioneers, self-anoint successful pioneers, and define markets in a way that exaggerates the benefits of being first.

• Gillette did not invent the safety razor, but it became the market leader due to its vision and persistence.
• Proctor & Gamble claimed to have created the disposable diaper market, but earlier versions existed and failed.
• Motorola’s market share looks different depending on how the market is defined (e.g., microprocessors for Apple vs. all personal computers).

Learning from History

To understand market leadership, the authors recommend a historical or archival approach. This method involves reconstructing the evolution of markets through multiple contemporaneous reports, allowing researchers to see who truly entered the market first and understand the dynamics at play during that period.

Key aspects of the historical method:

• Using contemporaneous reports to avoid modern biases.
• Striving for a neutral perspective on market evolution.
• Uncovering rich details through comprehensive analysis.
• Comparing similar firms at the same stage of market evolution.

For example, while Apple is often credited with pioneering the personal computer market, the Altair by Micro Instrumentation and Telemetry Systems (MITS) was actually the first personal computer. Apple succeeded as a later entrant with a unique vision and superior execution.