One of the reasons why people are scared to venture into a business is because of the competitive game that’s been played among entrepreneurs or business owners. Most entrepreneurs who are planning to start a business startup are fond of starting a business startup that has no existing market.
They prefer going in a different way, I mean they prefer starting a startup that is unique and in that process they are always looking for the “next big idea” before they can start a business startup. Any entrepreneur who is waiting for the “next big idea” before starting a business startup is just wasting his or her time.
If at all you found the next big idea, do you think that you won’t have competitors? By the time you finish transforming your next big idea into a reality, you will start seeing people who are trying to create something similar to yours, the only thing that will be different is how they play their game. Now tell me, have you not had competitors?
What makes the game sweeter and interesting is the competition. If there’s no competition, things won’t be sweet at all. I’m sure starting a startup will be boring. Because if you are the only person who is offering a product that no one else is offering, I’m sure you won’t take things serious, you will talk to customers anyhow and when they make any complain, instead of you to rush down and help them you will slow down before you can pay attention to them. Why? Because you are the only person who is offering that kind of product. This kind of business is what my friend Tito called good business.
Now that there’s competition in the business world, every entrepreneurs or business owners are really fighting to get a huge market share, no one wants to leave the money that’s meant to go into his or her company’s account to a competitors account. I’m sure competitors won’t want to do the same. That’s why every entrepreneurs or business owners are serious about their business. They know what they will lose if they don’t pay serious attention to their business.
Now let’s get back to the main topic. If I may ask you, why are you scared of competition? You have a great idea on how you will do old things in a new way, but you’re scared to transform the idea into a reality because the big boys are out there, and if you should start it, they might bring you down. Or is it because they have made name before you? If you are the kind of person who is thinking that way, I will advise you to get rid of that thinking before you become self destruct.
A friend of mine Jun Loayza would say “startups don’t kill startups” it only depend on you the owner of the business. If you really understand why you venture into that business and if you’re venturing into the business has a purpose, then why are you afraid of competition?
My favorite rapper called Modenine does say “in Singapore, competition is like bubble gum” I don’t know if this is true *kidding*. So what I’m trying to pass across is this, if you really know what you are doing, and your business is really solving a pain, tell me, why won’t the competition be like bubble gum? Why won’t you take big share from the market and leave your competitors to fight for the rest.
People who are scared of competition failed to start a business startup because they:
Lack Focus:
They waste their time focusing on their competitor’s products instead of focusing on theirs. Why should you waste your time focusing on what your competitors are doing? You are the one who knows why you want to venture into the business world, and instead of you to focus on how your product will make a big hit in the market, you’re busy wasting your time focusing on your competitor’s product.
The time you used in checking what your competitors are doing or why people are patronizing them, you should have used that time wasted to do meaningful things that will add value to your own product. I’m urging you not to lose focus in your business and in anything you’re doing in life.
It’s good to take research on what your competitors are doing, but not wasting a huge amount of time to take note of any little thing they do. Stop wasting your time and get to work! Your competitors won’t pay you, your customers will.
They Don’t Understand Their Product
When I say “they don’t understand their product” I mean people don’t really know why they are offering the products, they are not clear of what the product is doing. With this, it shows that they don’t have the right product.
Why should you be scared when you have the right product? I’ve been thinking about this lately, what make it clearer to me is when I read a comment by Yu-Kai Chou on Jun’s blog. Below is what he said:
Comment by Yu-kai Chou
Usually no one has a big enough marketshare that there are just no available customers for you. If FourSquare has 7 Million users, that means there are 293 Million users out there for you to grab. Dying because there’s FourSquare is there is just an excuse. It’s really because you didn’t have the right product and sales to get the other 293 Million users.
I hope you understand what that really means? If you have the right product to offer, people will get attracted to you like the way bee is attracted to honey. Many people don’t even understand the pain their product is trying to solve. If your product or services is not solving a pain, you will get drowned by the competition.
Now it’s time to take a deep look at yourself and ask what your purpose in the business world is. Know the in and out of your business and know the pain you’re solving. Don’t waste your time thinking about competition because it’s like bubble gum. If you’re a real entrepreneur I see no reason why you should be scared of competition. It’s all about taking huge risk. What you should be fighting for is how your business will be different from the rest.
If you have the right product to offer to the people, you will get the huge part of the market share and your competitors will be fighting for the left over. Get into the game and start working. Now, go dominate the business world and kick your competitors in the butt! See you at the top.
Speak Your Mind
Do you agree with my points? What can you add to the post? Please feel free to share your opinion by commenting below. Thanks so much.
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{ 7 comments… read them below or add one }
Well written, Samuel. I’ve been thinking about this concept, too, lately. For me, viewing competition as a potential source of collaboration rather than straight up competition has been helpful.
For example, with SproutUps, I’ve found others who are working on the same problem: helping entrepreneurs find cofounders. But instead of shying away from their sites, I’ve embraced them and formed relationships with the founders, going so far as to set up Skype calls with them to share ideas and future plans.
The strength comes in leveraging your competition to help serve you better.
Hey Sam!
Long time, man! Great perspective!
Some people may be afraid of competition but in fact competition is what drives innovation, creativity and new technologies.
That’s why free markets led the U.S to be one of the greatest nations in the world and that is why so many people come to the U.S in search of their American Dream.
I know I kind of got off topic there (a little patriotic today
) but competition should not be seen as a bad thing by entrepreneurs. On the contrary, it should be seen as a vehicle of inspiration and motivation to innovate and provide better products and services.
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Hi Samuel,
Hope all is well.
Fear of failure and fear of success really keep people back.
Once they find a reason not to try, “competition is to fierce” or “my product isn’t perfect” “I don’t have the money to start”, they rationalize it with all kinds of logical reasons.
It is better to have tried and failed, then never to have tried.
Because if you have failed, you can always try again and you will be that much smarter.
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Competition does scare a little, but even urges us to keep things going. The motive of competition is to help you do better, not to scare you off from doing anything.
Joshua recently posted..Why Choose Plumbing as a Career
Hi Samuel,
I think you’re right quality product or services always receive appreciation and get huge profit as well. Initially it’s very difficult to servive in the competition world but that’s what makes your business life interesting.
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I have to admit, whenever i have an idea, i take a look at the competition. Some guys are on the market for years, or more, and starting late in the game you have a big disadvantage. Look at some giants like Facebook and Google, who can take them down?
That doesn’t mean one can’t succeed, but it takes talent and a lot of work and dedication. Problem is, few of us have such qualities.
Antonia recently posted..The Hypnotic Connection
Hi Samuel,
Must agree that you have made some very salient points there about not being afraid of competition. I personally believe that there is really no competition! One of my favourite saying is: “Don’t compete, only create!” That is, instead of doing what others are doing and trying to beat them to the game, take a look at their offerings and create your own line of action by adding your own innovation!
Now having said that I must add that most times what makes many startups to lose out in the game is the overwhelming influence of the BIG GUNS in the game. Here is a personal example:
For some time I had this idea about a book. The theme is a popular one – financial success. My intension is taking it from a personal angle based on my experience and the biblical teachings! But for years I struggled with putting it together knowing that there are so many books on that topic out there most of them by internationally acclaimed authors! Wouldn’t you be intimidated in that circle?
But after these years struggling with this, I got a “push” recently to write this book no matter how many other titles are already out there when I read a motivational book by a Pastor I respect so much. In one of the chapters in that book this Pastor, relating the account of St. Luke’s gospel in the bible, said if Luke had considered that others have written about the life of Jesus and therefore he was not going to write his own account, we wouldn’t have those personal details he revealed in the gospel according to St. Luke! This is based on what Luke himself wrote:
“Inasmuch as many have taken in hand to set in order a narrative of those things which have been fulfilled among us… it seemed good to me also, having had perfect understanding of all things from the very first to write to you an orderly account, most excellent Theophilus!” – Luke 1: 1 – 3.
Now, that was talking to me! You can’t believe it but my being “scare” of the big names in the personal success industry evaporated with that! Of course when he was writing that book he never had me in mind. But I believed God moved me to buy that book at the right time so as to never allow my dreams to die!
So what I’m saying? There will always be “fears” but we just need to get hold of our fears, pocket them and move on knowing that there is always a place for everyone.
Oh thanks for this article and the opportunity to share this
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