The myth of competition

The Myth of Competition

As we begin the first working days of 2018, it’s easy to feel overwhelmed with the goals we have set for ourselves in the next year. We want our business to be bigger, better, perhaps the best it has ever been. We want off the chart growth, less expenses, and more profits than we have ever seen in 2018. And then we head off to work on the first day of January only to see a new competitor opening on our road. Maybe even right across the street.

And instantly our vision of growth turns into utter panic. The downward spiral of worry and fear instantly replaces our 2018 dream of growth. And instead of motivated, we walk into our business depressed about the challenger we will have to battle in 2018.

But why?

In a recent interview on the Tim Ferriss Podcast, the guest Terry Crews described the flawed thinking so many of us have about competition. As consumers, would we want to walk into a mall and only find one brand of clothing? Of course not! As consumers we love options. We are excited about streets filled with different shops and restaurants, curious about what each store has to offer.

So why is it that as owners we wish for a world with only one option for lemonade? Regardless of our business or industry, it is a flawed wish to believe that we could ever eliminate the competition entirely. Even large brands like Apple and Starbucks are constantly faced with new competition.

So how do they handle this constant onslaught of competitors hoping to steal their customers?

The key is creativity.

It was the creativity of the founders of Apple and Starbucks that led to their incredible growth. Each company focused on offering something completely unique to their customers. Ignoring what was currently available and instead focusing on a need not currently met.

No matter what challenges we face as a business, the more we are able to focus on our creativity and the unique things we offer to our customers, the more we will be able to reach our goals for 2018, regardless of our competition.
So as we begin this new year, let’s take a moment to embrace all of the unique things you and your business bring to this world. There really is a lot to celebrate!

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