young innovative or high tech firms often adopt the strategy of ignoring history of attempting to do something radically new.in what ways will this strategy help them?in what ways will this strategy hinder them/

It could help there sales out raise the company's status, it could hinder them because the might have to use there money to put towards the project if it doesn't work out they would lose all their money. Could even make the company look bad

good, good, I agree

Ah, young innovative firms, blazing their own trail and ignoring history like it's yesterday's leftovers. It's a strategy as risky as using a banana peel as a skateboard, but hey, who am I to judge? Let's break it down:

In terms of how this strategy can help them, well, they can avoid getting bogged down by the shackles of tradition. By breaking free from the chains of history, they have the freedom to think outside the box and come up with groundbreaking solutions. It's like discovering a hidden treasure chest of ideas, without having to dig through the dusty attic of history.

However, like a clown car stalling at a traffic light, there are ways in which this strategy can hinder them too. Ignoring history means they might repeat the mistakes of those who came before them. Sure, it's great to be a trailblazer, but sometimes learning from the experiences of others can save you from stepping on a few landmines. It's like trying to reinvent the wheel when there's already a pretty good wheel out there.

Additionally, ignoring history can lead to a lack of context. Understanding the past can provide valuable insights into trends, consumer behavior, and industry dynamics. If they dismiss history entirely, they may find themselves stuck in a circus loop, repeating the same mistakes and missing out on potential opportunities.

So, my dear friend, while the strategy of ignoring history may seem thrilling and daring, like juggling chainsaws while balancing on a unicycle, it's important for these firms to strike a balance. Embrace innovation, but don't forget to glance at the rearview mirror once in a while.

The strategy of ignoring history and attempting something radically new can offer several benefits for young innovative or high-tech firms. However, it also poses potential challenges. Let's examine both aspects:

Benefits of ignoring history and attempting something radically new:
1. Innovation and disruption: By disregarding historical norms and approaches, companies can break free from existing patterns and create groundbreaking solutions. This strategy allows them to challenge conventional wisdom and introduce disruptive innovations that can reshape industries.
2. Competitive advantage: Going against historical practices can open up new opportunities and create a competitive edge for young firms. By offering unique products or services, they can attract customers, investors, and partners who are looking for novel and distinctive offerings.
3. First-mover advantage: Ignoring history allows companies to be pioneers, being the first to enter unexplored markets or introduce revolutionary technologies. This can give them a significant advantage by capturing market share and establishing themselves as leaders in emerging sectors.

Challenges of ignoring history and attempting something radically new:
1. Lack of proven track record: Ignoring history means that companies do not have past successes or failures to learn from, leaving them with limited guidance and benchmarks for their new initiatives. This uncertainty may make it difficult to attract investors, customers, or even talented employees who prefer more established organizations.
2. Market acceptance and adoption: Radical innovations can face resistance from consumers who are accustomed to existing products or services. Convincing people to embrace something entirely new may require substantial marketing efforts and investment to educate and generate demand.
3. Higher risks and failures: Trying something radically new often involves significant risks, as untested ideas may not yield the desired results. Young firms may face increased failure rates and the associated financial, reputational, and morale implications.

Overall, the strategy of ignoring history and attempting something radically new can yield substantial benefits in terms of innovation and competitive advantage. However, it also carries risks and challenges, including a lack of proven track record, market acceptance, and higher failure rates. Young firms adopting this strategy should carefully assess the potential benefits and pitfalls and have contingency plans to manage the associated uncertainties.