Stop worrying about your competitors. Do this instead.
By: The Plenipotent Company
Tags: Competitive Intelligence, Competitive Advantage, Business Strategy, Startup, Competition

Photo by Braden Collum on Unsplash

Competitors? You are bound to have them because everyone does. Competition is one of the constant attributes of life. Most entrepreneurs today face the danger of falling into the comparison trap. As an entrepreneur, at a point, your competitors’ success might intimidate you.

A simple Google search will show you lots of companies doing exactly the things you do, maybe even better than you.

Given the ease of accessing information these days, it takes only a few seconds to get online and make comparisons of your business, life or even dream to that of other people and that could be harmful to your entrepreneurial success.

While coming across information about your seemingly better competitors may be unavoidable, no thanks to Twitter streams, Facebook feeds and internet news lines, there’s a way you could go ahead in your business despite all the comparison, competition and noise that surround you.

Keep reading to get some insights on why you shouldn’t worry about your competitors and you what you should focus on, instead. These tips will help you to escape the trap of comparison and overcome those annoying doubts that you are not sufficient or good enough.

First, don’t compare your start to another’s middle. It makes no sense for you to compare yourself to others who are established already in an analogous business if you are working on a novel entrepreneurial enterprise or just launching your business.

Trees planted at different times would definitely be of different sizes. It’s only logical. So don’t worry about already-established competitors being ahead of you. They started sometimes ago like you. You should focus on growing gradually over time at your own pace to a similarly big stature.

Another reason you should not bother about your competitor is because there is plenty of good, enough to go around. A good percentage of folks believes that there are no sufficient good business or ideas to go around. It’s an approach that is not correct.

This type of scarcity mentality is far from the truth. It’s not true that there can be only few successful similar businesses because if that were to be the case, we’d only have one successful author, musician, soda, car-producing company or telecommunication company in the country.

Concentrate fully on your own attainment of success. Have an abundance mentality. Know that there’s enough to go round.

Also, you need not worry about your competitors wins, celebrate your own wins instead. Focus on achieving your own peak moments. Celebrate your positive steps and your little triumphs. If you are busy winning and celebrating your victories, you have no time to worry about your competitors.

You should not worry about your competitors when you can actually learn from them. Study your competitors to know and apply the methods that have worked and still work for them. Then focus on deploying these functional strategies for the growth of your own business.

Focus on learning from the failures of your competitors so that you don’t make the same mistakes. You can avoid a lot of pitfalls and mistakes by simply learning from your competitors.

In addition, focus on creating an exceptional experience for your customers. This is very important. Why? When you create a unique experience for your customers, you can be certain that they will continue to patronise you and you don’t have to worry about losing them to your competitors.

Creating a unique customer experience will include optimising your business to cater for the needs of your customer satisfactorily. This will require that you put in a place a system whereby your customers/clients feel connected to you, whereby they become staunch members of your community and enthusiastic self-appointed ambassadors of your brand.

It is all about building a very strong and cordial relationship with your clients/customers.

However, since you are bound to think about your competitors once in a while, learn not to worry about them but let the thoughts you have of them fire you to grow your own business.

Let the fact that you have competitors spur you to do more and achieve more.

Kindly submit your comments in the comment section below. Let us know what you think or if you have any questions.