Several companies doing exactly what you do? Are you feeling calm and prepared, or are you now stewing about the competition in the marketplace? Don’t beat yourself up if it’s the latter; it’s perfectly natural, and can actually work to your advantage—unless you let it get you down.
Don’t let it get you down you.
Instead, think about the various types of competitors that’ll likely be in the mix, and figure out how you can take ’em on.
1. The Superstar brand
This is the one budding entrepreneurs hate the most.
They launched their popular brand some donkey years ago, but it’s still on everyone’s lips. They’ve got the best researchers, studying how the brand can remain at the top (till like 2099), and observing all possible behavioural-based changes in patronage. They drum up the best TV ads, engage Harvard-schooled employees, and churn out several informational press releases every week.
They are impossible to beat—or are they?
How you can outshine them
Make no mistake, doing your bit in business can give you an enormous leg up on the competition. However, there is such a thing as over-reaching. When you over-reach—especially in trying to be achieve what took others slow but steady years—you risk coming across as a robot. You risk looking like you don’t have a business identity when, in fact, you’re just so hyper-focused on being the best.
A much better way to go about getting there, especially when it comes to maintaining a presence, is to think about what really matter – increasing your base line.
2. The Shower
This competitor’s the exact opposite of The Superstar. They are going to spend a minimum of 5 hours limbering up their brands and you may never get the hang of a word they say. Why? Could be because they are generally great at big talks, with little or nothing to show for it.
Maybe they’ve got an “in” idea and think granting flowery interviews is all they need or maybe they are just too busy to spend much time fine-tuning their brand strategy. Either way, they stand in the way of your product or service being noticed.
How you can handle them
Obviously, you’ll have plenty of advantage over these guys if you do your homework. Smooth talkers don’t always get by on charm alone. Study them, study what’s going on with the company, and note some non-obvious observations to leverage on for your business success.
3. The Pro
In any given job search, you’ll likely also be competing with someone who has a strong pedigree—best improved product/service, most effective promotions, impressive sales, top-known employers—you get the drift.
So, what happens when you’re not some trained entrepreneurial guru, who has lots of startup successes, and enjoyed a career climb through the most revered organizations in the land? Well, hi. That’s the story of most entrepreneurs.
How you can still get ahead
If you’re going after business ideas for which you’re genuinely qualified and prepared for, you simply cannot get all tangled up with fear of the pedigreed competition. It simply does no good. Instead, spend your time thinking about what (specifically) you want for your organization. Remember: Pedigree’s all fine and well, but it means very little if it can’t dive in and help an organization grow, make money, save money, or thrive.
4. The Cocky Contender
These ones are easy to beat. In fact, The Cocky Contenders often does themselves in without you having to even lift a finger.
Don’t get us wrong: Confidence is very much a desired trait in an entrepreneur. However, when it enters the “noticeably cocky” or “full-on arrogant” zone, it’s probably going to be game over and a win for you.
How to compete with them
Thrive in the business world with an ease and sense of enthusiasm about you. Be accommodating, direct, and succinct with your brand. And never flinch. In other words, hold your head high without coming off as a know-it-all. And work to communicate what you’ve got to offer in a style that resonates with your prospective customers.
Did you find these tips helpful? Tell us in the comments!