Why Competition is Good for Entrepreneurs

 

Although there is Always Competition – Work to “Standout”

 

 

If you are an entrepreneur, whatever type that may be (consultant, product creator, etc.) – you have or will have competition.

 

Whether you know it or not, competition helps you as an entrepreneur.

 

You may think choices about people buying from your business all have to do with what you are charging.  That your competition is only based on if you price / fee is lower than you competition. 

 

However,  you should know that there is more to this.

 

Let’s look closer at this.

 

Do You Offer a Commodity?

 

Although it may seem advantageous to be offering a product or service that is very different from anything in the marketplace, this is not necessarily so.  From purely an economic standpoint, if there is no one else offering something similar to what you are, then it is likely there is no market to buy it!   Don’t think that just because something doesn’t exist that no one else has thought of it.  It is more likely that it has been tried, but there is not a market that is willing to pay for it.

 

On the other side, if you offer a commodity type of good or service, you don’t want to be thought of bringing to the market something that every one else offers.  Then you will be labelled a commodity and you need to have much greater distinction in order to compete with many similar players. 

 

But herein lies what is the bright spot – is that this is precisely what will help you to define who you are as an entrepreneur and as a business.  If your essential offerings are similar, you need to differentiate yourself to the point of: Standing Out.  That is why competition is good for entrepreneurs.

 

What Does Standing Out Mean?

 

If you are a commodity, you can make yourself different through your focus on not so much of what you offer or how it is priced, but WHO YOU ARE AS AN INDIVIDUAL ENTREPRENEUR.

 

That is:  you can stand out by presenting what is different about you and your company from all of the others in the marketplace.

 

No one else can compete with you on that basis.  If you make YOU at the center of what you are offering. Doesn’t that make sense?  No one can replicate you, they can try to copy you, but never to the point of actually replicating you!

 

Further this extends to what your company stands for, how it conducts business and what is important to it as a business entity.

 

This also means that from a pricing standpoint, if you are merely a commodity, you are subject to the “price war” problem.  You are in effect competing on price alone. However, if you think of yourself as not just a commodity but as a specific specialty, then that is your differentiation.  By bringing the “YOU FACTOR” into it, then the pricing question becomes irrelevant. Who can tell you what the price of “your special behaviour, character and influence” are?

 

Well – no one can!

 

Therefore, competition is good for entrepreneurs as it gives you the opportunity to think differently and focus on what you bring to your clients and customers that is different.

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Of course, this is also where the branding aspect of your business comes into play.  You have no competition when you are building a brand that is based on you and your character, viewpoints and code of ethics.  No one could exactly match you!

 

Your Next Step?

Take a long, thoughtful look at who you are as a person.

 

→ Are you bringing your true personal characteristics and innate abilities to the attention of others (employer or customers/clients)?

 

→ Are you honouring this value and bringing it forward in a way to best serve you?

 

→ Do you consider yourself just another commodity or are you truly presenting yourself in a unique and specific way?  This is where the confidence and self-awareness comes into play!

 

 

Have the Confidence to Focus on How You “Stand Out.”

 

 

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