An Entrepreneurs Guide to Staying Ahead of the Competition
Within every start-up, an entrepreneur begins their journey with an idea that they consider has a significant novelty factor. Usually, the second step of market research will reveal that this idea is already prevalent in the market, in one form or another. This is where an entrepreneur gets introduced to competition. Every business must face the reality that competition is part and parcel of entrepreneurship. Generally, through effective leadership qualities, you can gain an edge above your competitors and achieve business success. Below is our guide that is designed to offer you ways in which you can seamlessly navigate the hurdles of market competitors.
Face the Reality:
The competition is real. The sooner an entrepreneur recognizes this fact, the faster will they be on the road to handling their competitors. Ignoring other key market players in the industry as irrelevant to your business is a serious mistake, one that can affect business profits to a large extent. Strategies and plans must be made while keeping in mind the business tactics and marketing plans of other players in the field. You must know your opponent to be able to beat them. Ignorance comes at a heavy price with regard to competition. An all important part of market research, for every start-up, should include a detailed analysis of the behaviour of every big player in the relevant industry.
Let Your Product/ Service Speak for Itself:
This fact cannot be emphasized enough. The key to successful entrepreneurship is to ensure that your product or service stays up to the mark. To stay above the others, your product or service must be of a higher standard than the rest. This requires constant evaluation and improvements based on market demands. As the customers’ needs evolve, so should your offering to suit the same. A good example of this is Mr. Mehul Panchal, India’s premier filtration solutions provider – Filter Concept Private Limited ‘who was never satisfied with anything but ultimate perfection, he made his name in the provision of all-around filtration solutions and, thereafter, diversified his business into various other affiliated aspects of filtration technology to provide an overall boost, not only to his vast array of demanding customers, but also to the filtration industry as a whole.’
Find Your Niche
Every entrepreneur should identify what makes them different from their competition. That identification is the key to your business success. It is what will make you stand out in your industry and keep your customers loyal. If there is currently nothing different between your particular product and service when compared with the competitors, it is time to gauge the customers’ needs and make your product or service evolve into satisfying that with excellence. In this arena, Mr. Mehul Panchal developed new systems to ensure that customized products could be provided to his customers with the same assurance of quality that standard products had been offering.
Approach Competition with a Learning Curve
An entrepreneur’s leadership skill is representative of their attitude towards competition. Never look at them with a negative perception, but much rather with a receptive attitude open to learning. Reviewing the strengths of your competitors at regular intervals can help you identify areas and means by which your own business can be improvised. This attitude will then penetrate down into your organization and will make employees assess competition towards self-improvement. This fosters a sense of creativity, where other members in your company start thinking outside the box. Look upon them as stepping stones to help your business grow. A healthy amount of competitiveness keeps everyone on their toes and helps them to reach higher goals.
Avoid Focusing Entirely on Competition
Yes, it is important to look at competition as a driving force and as motivation to achieve higher standards, but this does not mean that an entrepreneur’s entire attention should be taken up by focusing on competitors. The bottom line is that a business will succeed if it is undertaken with good business sense and offers a high-quality product or service. Your marketing strategies will help you further your brand awareness among customers, spend time on strategies to further business growth and the rest will take care of itself.
Business is not all about competition. However, competition is an integral component where in you need to understand your competitor and the trend of the market. It is of significant importance that market demand for your product is created by spreading awareness to the end customers to put yourself in a leadership position against your competition. Every businessman should focus on what makes their company stand out. Competition is a natural part of every industry and must be looked upon with a healthy attitude of introspection or self-improvement. Finally, learn from your competitors, but carve out your own space within your industry to keep your customers loyal. The focus should always remain on customer satisfaction.