Entrepreneurship is a lofty undertaking that can be exceedingly overwhelming. Original ideas, thorough preparations, responsibility, value addition, financial performance, business acumen, competitive edge etc are some quick thoughts that come to one’s mind. Entrepreneurship is an all-consuming involvement. Though it’s a highly challenging route to take, the sense of fulfilment that one may realize can be manifold. As an entrepreneur, you’re going to face many challenges. Today’s marketplace presents many difficulties for entrepreneurs. There are some things you can do to have a successful business in today’s fast-paced world.
Hailing from Riga, Latvia, Juris Bruvers was brought up in Delhi that gave him ample opportunities to explore and diverse things to explore. However, for him his life has been surrounded by two things – theatres and social media. He tried his luck in acting but was not getting instant results as the film he signed got shelved, but he continued for a while being the part in different plays and doing an ad film as well. He then took a turn from acting towards social media.
Ever hear the saying, Never underestimate your opponent? The same holds true for business. I have a general idea of where my competitors are, where they’re going, and how fast they’re going to get there. Other than that, I don’t lose sleep over them, says Juris.
He says, competition is healthy for businesses – it will force you to innovate, staying ahead of the curve. Yet that rivalry can also be intimidating. You don’t want to back down, but you aren’t sure how to combat competition. To become a successful business, you need to find ways to stay a step ahead of your competition. Doing so is often easier said than done, and there’s no simple answer to how to beat your competition.
Position strengths to weaknesses.
Even if your competitor has a better product and is willing to sell it at a lower price, you can still win. Every competing company has weak points — places where your brand can outperform. Things like domestic customer service or extended guarantees on a product can go a long way if done right.
Follow the Steps of Your Competitors
I know that you have strategies, tactics, and plans. But, do you know that also your competitors have the same things to compete with you and other competitors on the market. What are they doing? How are they doing business? How they approach doing business in the market? What are they doing to make their customers happy? These and million other questions can give you the real picture of your competitors. These answers will help you to build better strategies, tactics, and plans for the competitive battle.
Meena says competition exists in every market. Sometimes, talking with the competition helps you. You need to know your competition, so don’t be afraid to reach out to other business owners in your industry. Be courteous, even if the competition is not. If you’re like me, you might even gain some friends out of a healthy rivalry. The road to profits is paved with unfair advantages.
Think about that statement. It’s the reason why some of the best ideas can flop, and why some of the most average people can be wildly successful. Somewhere along the way there was a competitive advantage. But it’s also one way to pull ahead of your competition — find and create unfair advantages. In my experience, competition keeps you on your toes. That constant alertness helps you provide superior service and unique solutions for customers. You can’t get lazy with your business operations because you don’t want your competitors to surpass you.
For example, runners tend to finish with faster times when there is a competitor on their heels. You can’t lag behind during the race if you want to win. Competition motivates you to produce top-notch results he quoted.