What motivates you? What makes you keep going forward? Do your hard work pay you off? Well, the answer to these questions is different to all. Everyone has different objectives which encourage them to grow. But many of us fear out competition and that what motivates us in moving ahead. In my opinion, I feel this is acceptable because it is important to have a healthy competition but up to some extent.
Every time you spend analyzing your competition is the time you are not focusing on your own and thinking about others. Sometimes it is important to take a note of what others are doing but leaving your work behind should not be your strategy.
Fear can be a great motivator, but it should not be your only motivation as not to forget, it comes from an emotional place, which might lead to things going array. If you want to build a successful startup company, don’t waste a single minute thinking about your competition.
In the words of Jason Lemkin, Managing Director of Storm Ventures –
“You are growing so fast, you don’t even have a minute to think about competition. Competition doesn’t matter”.
How you can make your competition completely irrelevant?
Clear on the values and offerings of your business
Firstly, you have to be clear on your rules and offerings what your company offers. If you are confident about your product then you shouldn’t worry about any other thing.
The quality of your product and the confidence you have is the key to run a successful business. This strategy and thought process will make you feel separate from your competition.
Focus on your Customer
You are not building a product for competition, you are building it for the customers. It doesn’t matter that a competitor is offering a flashy product with great features unless your customers are roaring for the same. It is easy to get caught up in the thrill of competition and get distracted from your original plan.
Remember- ‘Without Customers your business is nothing!’
Customers are crucial to the success of any business since they represent its fundamental source of revenue. It is important that your business creates a sense of loyalty among customers of your brand.
Value your Time
Your most valuable asset is time, so use it wisely. Spend your energy on building a product rather than focusing on competition and looking at competitor’s every move. Those who focus their energy inward and strive for greatness are much likely to succeed. Challenge your team internally to ignore competition and focus on every aspect of your own business.
Valuing your precious time and making the most of you can help you in growing your business more. Be extra picky on how you spend your time on your business.
Innovation should not be suppressed by competition
It’s natural to worry about competition. But, to always think about your competition will not give you winning results.
Have you ever noticed that kids and amateurs come up with some of the greatest ideas? Because they don’t fear competition. They just want to do and create new things, and does well too.
Build something new and different, that’s Innovation. Many companies don’t actually innovate, they just refine an already hit product. Innovating a new product is a bright thing, you are creating a totally new product with some goals and that should not be overlooked by the competition.
‘Focus Inward, Not Outward’.
So yes- Ignore on your competition and try to focus on other relevant things and make your business grew to heights. Look in the mirror, that’s your competition. These strategies could make you a successful entrepreneur.
Read more: 3 Growth Hacking Strategies That Never Fail.