Competition is an inevitable part of owning your own business, but the best entrepreneurs use this to drive this them toward success. For some, a competing business can be an obstacle, something to be feared, but in reality, competition is healthy—as long as you know how to use it to your advantage. Don’t fear it; let it push you to thrive.
Instead of being fearful of how competing could negatively affect your business, challenge yourself to raise the standard even higher. This forces you to be smarter with your resources, wiser with your marketing strategy and better with your customers. In fact, most business don’t close because of competition….they end up succumbing because they don’t have the will or the ability to fight, innovate and adapt.
To keep up with your competition, you will have to think outside of the box. Maintaining the status quo can be a trap, and competition is a great reason to get out of your comfort zone and work to establish your business as the leader in your particular industry or field. This can be challenging for any entrepreneur, but it can also be a great exercise in self-awareness. You will compete better and more effectively when you are fully aware of your strengths as a business….and your weaknesses. In fact, competing with another business may push you to compete with yourself—to be better and smarter than you were.
In addition to driving you to self-improvement in your business and as an entrepreneur, competition can propel you to find new ways to meet customer needs and find your specific niche in your field. Competition is not something to be feared, but instead, view it as an opportunity to stretch yourself and improve your business. Don’t be afraid of it, either with another business or yourself, but use it as a way to propel yourself toward future success.
By Meagan Kerlin for Vertu Marketing LLC