The competition is the enemy. It’s war and you want to beat them into a thick paste. Then, the business can absorb the market share of its rivals and expand and be successful. When you think of all the major corporations on the planet, they have built a brand which has zero or very little competition.
It’s true that victory and your rivals are linked, but not in the way you may think. The simple truth is that competition in whatever form is healthy. Yep, this is true even if you have to lose for a little while.
Below is the evidence for the doubting thomases.
Most owners think their peers and rivals don’t want to mix or share info, but it isn’t the case. What you’ll find is that a lot of entrepreneurs love to share data and learn from one another.
Although it’s a dog-eat-dog world, there is no way to succeed without help from others, and the competition is often the best source. After all, they are trying to hit the same targets and have the relevant experience. Yvonne Yancy points out colleagues and acquaintances at other firms mingle for this reason. The saying “keep your enemies close” is very true in the business world.
At the end of the day, your competitors aren’t really your enemy. Even as a Toronto Wedding Photographer, Zinny, our founder has found ways to go about exploring creative ideas with others in the industry.
Okay, they won’t give you anything for free because everything has a price. However, more and more rivals are joining forces to create a super brand. The reason is simple: resources.
When two businesses come together, they share everything from customers to budgets. Considering cash flow is one of the biggest killers of startups, this is an essential part of the relationship. Working in partnerships means you can learn more about their base and monetize them through a phone number or email address. Information is currency nowadays.
Some of the wealthiest men in the world work 100-150 hours a week and they do it to stay ahead of the game. They have been in the pit and now they understand what people will do to succeed. Plus, they never want to be in a losing position again.
While we encourage work-life balance, adequate rest and the fact that to thrive, you need to define what success means to you just as well stated by Arianna Huffington, we also have to acknowledge that this is what failure brings to the table: desire.
Once a competitor starts to get on top, it should encourage you to be a better leader. To do this, you’ll work as hard and as efficient as anyone in the industry simply to be the best. Even when they win, your rivals push you to be better.
Competition teaches the importance of goals. Without targets to hit, it’s hard to keep in touch with the people in the lead. They act as guides through tough times. When you’re struggling, you can look back to your goals and ask “am I following them?”
Whether competition stays or goes, this method will stick around for the entirety of your career. Sometimes, the people who try to hurt us the most are the ones who give us the tools to fight back.
Are you embracing the competition? Do you do enough to use it to your advantage? Let’s know in the comment section. Subscribe to the blog to get inside scoop and information from us!