The value of being first

by MPA20 Aug 2015
One of the key contributors that often plays a key role in the weekly Lykken on Lending radio show I host is Paul Muolo of Inside Mortgage Finance. I follow and speak with a great deal of fantastic reports in the mortgage industry on a regular basis, and they all provide a different angle that makes them worth paying attention to. But what continually astounds me about Paul and his organization is something I think all of us as leaders in the mortgage industry can take a lesson from: speed. More often than not, Paul is where I hear it from first – he’s the first one to break the story.

There is, of course, something to be said for being second. Waiting for other organizations to test out that new technology, try that new process, or adopt that new culture is playing it safe. You can watch them and learn from their mistakes instead of diving blindly into the unknown. With this strategy, you can copy what works for other organizations and ignore what doesn't. Being second place doesn't involve a great deal of risk.

But on the other hand, where there is little risk there is little reward. People only pay attention to who came first. If you want to be known for something, you've got to be the first one to do it. Flying under the radar isn't going to get people to pay attention to you. If you want to attract the best talent to your team and draw in the most dedicated investors, you've got to be willing to take the risks of innovation. Copy cats can get by, but only those who initiate and innovate will be at the top of the industry. There is value in being first.


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