How well do you know your competition? The early days of starting a business are always exciting.
You’ve got your big idea and you’re keen to make it a reality. But then you start to read up on your competition – they’re established, experienced, and growing in size… Suddenly, doubt starts creeping in.
Here’s my two cents – don’t compare, be painfully aware. Analysing your competition is necessary, but directly comparing your goods or service with theirs and only focusing on how you come up short, will likely lead to the demise of your venture. The existence of competitors is actually a blessing in disguise – a ‘most necessary evil’, as they hold the key to gaining clarity over your priorities.
Your competitors have already shown you much of what works, and what doesn’t work, so use this to your advantage. Utilise your market research and aim to discover a point of difference. Then, incorporate the findings into your business plan. This will give you a massive head start. So, embrace your competition. Use them as a resource to learn, strategise, and innovate from.
After all, if they weren’t around, you’d be diving headfirst into the dark unknown. What have you learnt from your competitors? And how has it helped you to better grow your business?
