Competition is not a problem for a start-up company. Rather, it gives a new company advantages most people don’t think of. Here are some reasons competitors are helpful to people just starting out:
- People often launch ideas in a market that doesn’t actually exist, making it difficult to find buyers. If you have competition, then you know you have a market for your idea.
- Competitors set a bar for you to try to get over. You don’t want to try to be the competitors, but best them.
- When your competition makes mistakes, you will look good. You won’t need to point it, as consumers will do that on their own.
- Watch what your competition is doing and then build on it. Don’t copy, improve.
- If you have a new idea, you can act on it quickly or research it to see if someone else has tried it and failed. Similar to #3, learn from the mistakes of others to better what you have.
Competition isn’t something to be afraid of, because there WILL be competition no matter what. “Don’t be scared, be better.”