- The fear of competitors for many startups is the beginning of wisdom. However this shouldn’t be the case. Spending so much energy focusing on your competitors will make you lose focus on your “why” and the goal ahead of you. Worrying so much about your competitors in business is not good for business
I have come to realize that the more energy you spend focused on a competitor, the more the competitor becomes better and keep improving while you keep living in the competitors shadow or become a copycat. The bad thing about worrying so much about competitors is that it keeps you so frustrated and unhappy and under so much pressure of trying to meet up. Instead of worrying about competitors in your business, you should be asking the most important questions.
I am not saying it bad to do market research and know who your competitors are. What I am saying is spending so much energy and worrying about them is bad for your business.
A friend said to me, we can both do the same thing, but we can’t do the same thing the same way. This is so true for businesses. Instead of worrying about what your competitors are doing you ain’t doing, focus your energy on trying to discover what sets your startup apart and different from the competition. Find your unique selling proposition. Find what your customers want the most and offer them that. A simple shift of focus to the right direction can go a long way and change a lot of things for your business or startups.
I always tell people that the Ocean is big enough to contain all kinds of fishes. It now depends on whichever fish you want to become. A single competitor company can’t serve the whole nation. Someone is gonna serve the smaller people on the ladder. Find that audience that the big companies can’t reach and service them.
Instead of worrying about competitors in your business, spend that energy researching on your customers needs,potential prospects and then use your unique selling point to get to them. Don’t forget not all customers are your customers. You have to find the right one meant for your business.
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