Ask the Accounting Community

As an entrepreneur you have likely heard the concept of disruptive business. Though disruptive has negative connotations, nothing could be further from the truth – at least, not where the consumer is concerned. Disruptive companies are those that shake up the industry and completely change how society as a whole function.

Predicting trends that will take over 2018 is difficult – unless you know what you are looking for. Namely, who the successful startups are and what they have done to bring change to the table. You must extrapolate success to predict. You must find ways to disrupt your industry so that you can take center stage. To help you understand, here are some of the most successful business of our time:

There is possibly no list on disruptive industries that can exist without Google. Not only had Google changed the way we search, but its gone from going through your library to surfing the vast wealth of knowledge from around the world. Google is not content to sit on its laurels, either, and has interests throughout the technology sector (as emphasized by its parent company, Alphabet). From phones to self-driving cars to AI, Google is one startup that continues its success through innovation. 

Blockbuster used to mean more than the summer hits from Hollywood. We used to rent out VHS (and then DVDs) from the store and return it at a later date. It was the library of video, and it worked well. It allowed us to watch movies we wanted to see without buying. Families would score the aisles and pick out the movies they wanted to see, buy some popcorn and head out.

Then Netflix came. 

Possibly the most disruptive company in recent history, Netflix changed how we watch movies and television entirely. It allowed us the convenience of watching from home and the freedom from advertisements – allowing the binge-watching culture to begin. Netflix didn’t stop there, though, as it also went on to pioneer “Netflix” originals, or self-produced titles meant to keep viewers watching. Now their content is award-winning, and other huge companies from Amazon to Disney have their own on-demand service to compete. 

Uber threatened the traditional model so much that countries and cities alike have been scrambling to ban it. Users, however, prefer the transparency, the service, and the price. This disruptive company has since inspired many other GPS-related services, revolutionizing everything about our lives. 

Before the rise of Airbnb, you were strapped to hotel bookings or, if you were budget-conscious, a hostel. Now, you can have your own apartment in the heart of the city. Airbnb has made travel more personal and more affordable, allowing everyone to benefit, from budget to luxury travelers. 

Being disruptive to your industry is the best way to capture the world by storm. You cannot, however, rest. Just as you have disrupted and even bankrupted older companies who could not keep up, so too can a new startup do the same to you. This is why you must always strive to provide better service, and place innovation at the forefront of your business strategy.