Making The Best Of Competition As An Entrepreneur

Competition - cfamedia

“Competition is not only the basis of protection to the consumers but is the incentive to progress”, stated Hebert Hoover, an American engineer, businessman and politician, who became the 31st President of the United States.

Competition is, often viewed, as the enemy of progress and an unnecessary rival, by fellow entrepreneurs in the same industry or business, but in the real sense, it is the harbinger of innovation and creativity that can boost one’s business.

Healthy competition brings about creativity. Rather than, wanting the downfall of a competitor, it should be seen as, a fight to be better at one’s skills.

As an entrepreneur, you will always see someone else, who does what you do, or, who excels more, at what you do; instead of praying for such businesses to crash, so you can be in the limelight, it is the best moment, for you to push yourself beyond your comfort zone, in order to achieve mind-blowing results.

Competition is good for everyone, whether you believe it, or, not. When the Yellow Taxi business thrived in Lagos, they seemed to be doing pretty good, until Uber came and sort of disrupted that market.

Competition, has, however, made different taxi entrepreneurs, to step up and launch several Taxi mobile applications, for customers to order rides; all the companies launched, offered different incentives and side attractions, to grow their customer base.

Uber, on the other hand, did not stop its business, at the launch of other businesses, such as Taxify, InterCab, etc., which are its competitors. Instead, it served as, the main source of motivation for Uber, to be unique in the Taxi business.

It is difficult to compare yourself with your competition, but it is healthy for your business. It is not easy to accept your weaknesses, but it is vital, so you can come up with ways of fixing those shortcomings.

This is what Nigeria’s first, on-demand Bike Taxi app, Gokada discovered. After Gokada launched its business, several similar businesses, such as MAX Go and ORide, etc., came on stream, with very big side attractions, they ended up having most of their customers patronize these other businesses, so, they had to take a step back, to study and come up with ways, in which they could get better and get their customers back.

A rare fact is that your competitor may not be getting some things right. This is an opportunity for you, to notice those things and implement them, in your own business.

I am not saying that you should focus on your disappointments and failures, but rather, move past them and focus, on the lessons learned.

Just because, a new business is gradually killing yours, does not mean that you should focus on hatred, on such business.

If your main fixation is on your pain and the need to hurt another person’s business, you will not improve your own business. See it, as a time to start innovating, in your business too.

As an entrepreneur, what are you good at? What are your skills? What is your unique selling point? Who is your competition? What is your competition doing? What is your game plan? All these must be answered truthfully, for you to make meaningful progress with your business, in spite of your competitions.

Featured Image: bluepearltax

Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.

Thanks for Contributing!