Do start-ups, or maybe entrepreneurs in general, focus on their business or do they get easily overwhelmed and distracted by competition? Is competition always a threat or can it be an extension to business objectives at times?
Businesses have always struggled with the idea of being close to completion and in many cases they have fiercely tried to find ways to fight competitors. Like any other business concept, things do fall back to how a business owner perceives competition.
Here are 3 ways to perceive competition in hope that readers will opt for the realistic choice:
- An Enemy: Continue with the attitudes of the past and stay distant from competitors. If approached, reject and sadistically object their presence and continue to viciously bad mouth and fight them.
- A Stranger: Embrace the passive approach. Take the attitude of “I recognize your presence, but stay away”. As long the competitor does not interfere with my business I am safe and I can make gains.
- A Lead: Reach out to competitors and meet them face to face. Ease down the perception that you may be a threat to them. Share some best practices of the industry and exchange information that may benefit both parties. Approach competitors with an open mind, be willing to give first so you may build trust. Work on establishing a relationship that will ease down existing boundaries and reshape them into boundaries that are built on respect and that will create a win win situation for both businesses.
Yes, competitors can be leads, and may be very good leads at times. Strategize as you build relationships and stay focused on the objectives that you have set for your business.