If you’re an entrepreneur, you’re probably concerned about your competition. When you look at what everyone else is doing and accomplishing in your field of business, feelings of anxiety and even self-doubt tend to arise.
I love the energy that competition generates, do you?
I have been up against tough competition all my life. I wouldn’t know how to get along without it.
If you’re an entrepreneur, you’re probably concerned about your competition. When you look at what everyone else is doing and accomplishing in your field of business, feelings of anxiety and even self-doubt tend to arise. However, stress does not have to be the default emotion you feel every time you look at your competition. Like you they are obsessed with solving problems. That means they’re always thinking, always experimenting and always learning. You know what is sacrificed to walk this path. Respect it. They might just outsmart you.
You must open up your mind about how you can differentiate yourself from and work with your competition instead of fighting them, which in turn will allow you to dominate a niche, and help you avoid engaging in useless battles that no one wins.
You want to win new clients that will make a difference for your business. You believe you want those clients more than anyone else, and you have spent years cultivating these ideal clients. When the opportunity presents itself, remember that you are not alone. There are others who want these clients as much as you do. Understand that your competition is just as passionate as you are, and that they will act accordingly. Don’t underestimate how badly they want the clients or how far they will go to get it.
They Are Capable of Creating Value.
Recognise that your competition is a good business with some excellent employees. They have clients, some of whom adore them as much as you adore them. This means they understand how to create value for their clients, and you can be confident that they can do the same for your ideal client.
You might have a stronger point of differentiation. You might have the solution to your dream client’s dissatisfaction. However, you can bet your life that your competitor has a defining differentiator as well. You can bet they have a strategy in place to address your ideal client’s dissatisfaction. Even if you have faith in your solution and your ability to create value, don’t assume that your competitors don’t have the same ability, albeit with a different solution.
Treat your competitors with the same courtesy that any great competitor would extend to another. Know that they are just as eager to add value as you are. Understand that they are eager for the opportunity to do so, and that others are counting on them to do so. Know that they have a lot of talented people, some of whom may be better than you.
Respecting them entails focusing on improving your skills and attributes, knowing that you must bring your best self to every contest in order to win the opportunity to serve your dream clients. Anything less is a sign of arrogance and folly.
Running a successful business requires the confidence of believing in your ability to create value for your dream clients. However, this does not imply that you should disrespect your competition by underestimating them. If you’re going to beat them, give them the respect they deserve.
Here’s how you can work with your opponents to get ahead.
They demonstrate what is possible.
When you’re just starting out, it’s easy to feel like you’ll never catch up to your competitors. Your main competitors are usually a few years ahead of you. They were once exactly where you are now – and look how far they’ve come! Comparing yourself to where they are now is like comparing apples to oranges – they are not the same, and they have been at it for a long time. Instead, consider your competition as an example of what’s possible for you, or where you could take your business and how quickly it could grow. This will allow you to feel more confident and expansive rather than imposter syndrome and defeat.
They demonstrate that the market exists.
Most of us are discouraged when we have a great idea or start a business only to discover that others are already doing similar things. It can lead to all-or-nothing thinking, such as “well, this is already being done, so I should just scrap the whole idea.” The truth is that if you can’t find any competitors in your industry, it’s usually a red flag. It means that no one has yet successfully executed this concept or found a market for it. If you see competitors doing similar work to you, consider it a good sign: it means there is a market for the service or product you offer and it’s big enough to support multiple businesses or offerings.
Competitors can motivate y.ou
Many early-stage businesses are run by one or two people. If you’re a new entrepreneur, you’re probably doing a lot of things in your business that aren’t your area of expertise or best skill set. Overwhelm, burnout, and, more importantly, a dried-up well of creative juices can result. Looking at what your competitors are doing and seeing how you can put your own spin on it to align with your own vision, audience, and values is a great way to generate new ideas that can help your business move forward. Nothing, like art, is ever truly new. It’s about being inspired by other people’s ideas, putting your own spin on them, and then coming up with something new from there. Be grateful for the constant flow of ideas!
There is no advantage to be gained from trashing a competitor. Just be aware of their presence and keep moving towards your vision.
Locate Your Look’s unique portal can help you get ahead of your competitors without trashing them. To find out more Register your interest and a member of our team will be in touch to explain everything LYL can offer you.
Kerrie Humphrys PTLLS – Founder of Locate Your Look
