The Wisdom of Crowds

The Wisdom of Crowds

As Entrepreneurs and Founders, we often work against the establishment and disrupt the status quo.  This meaning simply that we are not followers but leaders.  But can we be leaders if we have no followers? The answer to this is NO.

Entrepreneurs and Founders tend to be independent thinkers so they often go against the thinking of crowds.  "Wisdom of crowds" is the idea that large groups of people are collectively smarter than individual experts when it comes to problem-solving, decision making, innovating and predicting. Our Team had conversations about this looking at the 2020 presidential elections. We look at this from a non-partisan approach and the lessons in innovative business strategies we gain from them.

We will analyze this from the leadership on the Republican and Democrat side. One of the key requisites in politics to be a leader is that you have to have the grass-roots movement of followers. When you look at Bernie Sanders (Democrats) and Donald Trump (Republicans) you will see that they fit this definition. For Trump, his followers rewarded him with the 2016 presidential election.  2020 is yet to be seen if Bernie Sander's supporters can do the same.

Donald Trump as an incumbent President has an advantage in 2020.  In 2016, he had to build a campaign infrastructure and find followers. The metric of followers in real life and online were there as he was elected our President. But he can still draw crowds. Take for example, Trump's January 2020 rally in a small beach town in Wildwood, New Jersey. There were 100,000 ticket requests online for the event where the convention center only holds 7,500.  Bernie Sanders drew a rally crowd of 13,200 during cold blistering weather in Boston. Is the wisdom of crowds always right?

We will see if it applies during this election cycle. As managers, we have employees who work for us. But for true leaders, you need followers who form crowds to support your vision. What do you think about the Wisdom of Crowds?

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