>> Risk seekers are drawn to being first, and they're prone to impulsive decisions. Risk-adverse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering.

SO much wisdom in this. It's actually really smart to see a company jump into a market, make several failures and then you can slide in without having to take the amount of risk the "first to market" companies had to take.

Tons of real world examples. The most obvious is how Apple iphones were designed and then copied by the rest of the industry. Samsung, et al allowed Apple to define what users wanted, then piggy backed their design to take advantage of the popularity of their design without sacrificing the risk to find out for themselves, or develop something cough original cough.