COMPETITION – AN INEVITABLE FACTOR IN ENTREPRENEURS’ LIFE
Entrepreneurs, have you ever been in the situation where competition does not prevail? You might be wondering about the answer “NO”. There’s no place in the world where competition does not exist. Competition is ubiquitous. From your birth to death you may face this unavoidable factor existing in its potential state just to make you better.
In this technological advanced culture and market full of innovators and idea seekers it is a foolish thing to think of meeting your desired results without facing competition. You may blame competition as bane or you may find competition as a boon, but this is the truth that you need to accept before putting your barefoot in the market that competition is the key to survive in this market. Without having a competitive edge, you cannot survive long in this race. It is a stage that gives you the confidence to face the adversities and at the same time covers you with the fear of failure but doesn’t let this fear to clutch your fortitude. Having fear is good, but having negativity is a cowardly thing. Let this fear to be the driving tool that makes you strive for more and more perfectness with new ideas. So how can you fix your feet firmly in this competition as being a one of the best entrepreneurs? How can you survive in this cutthroat competitive market? Let’s learn about some factors which give you the clear picture of the competitive world.
You might have heard this phenomenon entwined with many big conglomerates’ philosophy. This is the thing you should keep in your mind as an entrepreneur before head starting your firm. Here,
P – Plan
D – Do
C – Check
A – Act
Before having the idea of starting your own business you must have brainstorming sessions about your product/products. You need to structure the idea of your product. You need to develop a piecemeal strategy to implement before and after launching your product. So, this is nothing but planning. Flawless planning is the crux of the success of any project. Well developed with well planning is required to head start your firm.
The first step of cycle ‘Plan’ is the most important part of this philosophy. It requires your knowledge to understand the prevailing market conditions, available products and preexisting competition in the market. So, you start searching for the same products already available in the market and start comparing your products with those products. Here you require special knack to identify major differences in your product and others. If your product is new to market the product is itself innovation. So just stress on marketing strategy, you will get your piece of success according to your product’s innovativeness. But if you are thinking of the product which is already available in the market then you must require brainstorming session to innovate your product, to change your product which can lure the public easily. This is the first step to remain in the competition.
After developing your impeccable planning, you need to start developing your product. This is the second part of the cycle ‘Do’. Now you have already distinguished your products key features with preexisting products. So, start making your product with the best quality.
“The unprecedented quality of your product gives you the competitive edge to withstand major competitors in the market.”
After making your innovative qualitative product you need to sell it. So here comes the thirst step of cycle ‘Check’. Check whether your product is doing well or not. Learn about customers’ feedback. Stress on your products drawbacks. Intelligent entrepreneurs, don’t waste their bags full of bucks on advertisements. Just keep the handful customers in the initial phase of your product and try to please them. Try to make changes in your product’s feature according to customer’s feedback. Don’t just get into competition before learning about customers taste.
“It is not the strongest that survives, nor the most intelligent, but the one more adaptable to change.” – Charles Darwin
Now come to the last step of cycle ‘Act.’ After having complete knowledge about customers ‘need and working on customers’ feedback this is the time for action. Start marketing of your product with new ideas, advertise your product, highlights your major differences with the preexisting products and chase your competitors.
So this is the basic thing you need to keep in mind before making a jump into the market.
A customer-oriented mindset:
A customer is the god of the market. He always seeks for the best quality. Quality is defined as the features of products that fit the customers’ requirements. If you produce customers’ choice no one can beat you in competition. So, try to learn more about customers need and requirements. Try to fit in their requirements. Louise Gerstner, former CEO of IBM once said that
“We built this company from the customer back, not from the company out.”
So, try to placate the customers and win their trust. Their trust helps you to build your desired empire.
Good marketing strategy gives you an advantage in competition. The uniqueness of marketing strategy may give you an added advantage over your competitors. Learn about already existing strategies. Try to evaluate new ideas to lure customers. Do advertisements on all relevant media which can attract large mass. New schemes, new path-breaking ideas always work when you are aiming to win the competition.
Learning from Past Failures:
Don’t afraid of failures. Failures are just those flowers with prickles that give you the fragrance of success for sure, but you need to become oblivion of prickles. Many competitive people just lose the battle by having one failure just because they have assumed the failure to be their end. No, failures are the lessons that you need to learn. So, that you can learn new things and implement in next product. Learn from the failures so that you won’t repeat the same mistake. According to the king of business Mr. Warren Buffett,
“In the business world, the rear-view mirror is always clearer than the windshield.”
Entrepreneurs, never give up. Study rigorously your past failures, learn from it, then start your PDCA cycle.
By keeping these factors in your mind start your firm with new enthusiasm. Chase your competitors. Learn from them. Implement new, Innovative ideas. Never give up and find yourself at the pinnacle of the market. Conquer your fear and defeat your competitors.
Authors Note for Valuable Users:
This may help you too, -The 7 C’s can change entrepreneurs life.
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