Competition: It’s a good thing!

Is it just ME, or do you, too, know business persons who shutter at the thought of competition?

I got over the fear of competition a long, long time ago and I want you to do so, as well…

I can recall times of sharing ideas for businesses with others who told me I was crazy because someone had already done ‘something like that’.

Good, I thought; there’s competition!  That means someone else has already done due diligence; great minds, I thought!

Could you imagine if you could only buy one type of car, shop in one particular store, eat food prepared the exact same way – every time?  NO, of course you couldn’t.  Besides, how boring would life be?

I want to share three positive ways to view competition:

Competition creates choices

Competition indicates proof of concept

Competition indicates a market

This is all great news!

So, where do you go with a great idea for an existing market where competition is able to be identified?  How do you begin to compete?  How do you begin to gain market share?  GREAT QUESTIONS!

You get busy – very busy – determining how you may be able to:

Serve a niche market already served by competition

Serve a share of the same market in a better way

Serve a share of the same market in a better way

Determine one very distinguishing factor that differentiates you from the public  

  Perception of what is perceived to be your competition.

Believe it or not, you competition; may even thank you for it:  you are adding strength to their existing market and you might just help them get back on their “A” game!

Imagine coming up with totally unique, never thought of idea before  (I wonder if that is even possible, any more!)  Now, imagine going out into the world and trying to explain this idea that has never been heard of before and get people excited about it.  Then, get them to pay for it!

Think about it!  Virtually everything is an extension or a newer version of something that already exists in one way, or another.  The key is to do it better, more affordably, shinier, with ease of functionality and a new twist.

This is what existing markets respond to.

How many newer, better versions of anything have you bought?  How many next generation devices have you bought?  How many new wonder creams have you tried?  OMG…how many weight loss programs have you signed-on for?

These are all products within huge industries and they just keep coming at the market with “the better mouse trap”.

Don’t put aside your ideas…think them through…learn the competition… segment the market; don’t try to take it over!

Come from abundance in everything you do.  Do what you do for the best of reasons and serve others in the best way you can.  The waters may not always provide for the smoothest journey, but at least you’ll know you are heading in the right direction!

So, IS it just me, or can you, too appreciate that competition is a good thing and something you should not be fearful of?

Don’t be afraid to compete!