What could one benefit from an imperfect competition?
In this competitive society, anything can be compared in various ways. To benefit in a competition, one needs to find a way and strive. The more general the field is, the more competitive it is. Therefore, one could consider to distinguish oneself in it.
What is a novel field? A field that is not general and less known by people. A novel field has several characteristics: the less information of the general public, the overvalue or undervalue of the field, and imperfect competition.
Competing in a new field is challenging because of the less information given. People may ignore a novel field because of the unpopularity and the lack of observation and speculation, although one could benefit from it. One could develop skills and keep the information as secrets to be better in the new field.
Valuation of The New Field
As in this sophisticated world, to satisfy people ambition and future needs. these fields are growing at a remarkable pace. Some new fields were created in an unimaginable scale. For instances, renewable energy, blockchain, social media, and some hybrid industries.
Some fields are certainly more useful than another in some ways. However, because of the uneven publication and stereotype of the public. Therefore, it will lead to the overvaluation of particular industries. With the hope of striving in a novel field and secure a good position, more people are flocking. On the other hand, there are still numbers of undervalued industries that ignored by people.
Due to the less information and popularity in the field, some people will gather information and start earlier than most people. Also, the pioneer will form the gameplay. Therefore, it will be beneficial for the pioneer in the novel field.
To sum up, a novel field may sound unfamiliar. One needs to take the courage to try up, and it may not bring a reward that one wishes. However, by proper speculation and gaining insight on future growth, a novel field may be easier to compete.
“An imperfect competition will support the growth of a novel field, which will eventually improve the overall society.”
Do you have any novel idea that is potentially to become a field in the future? If yes, what is it?