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February 27, 2015

Watching Your Competitors Get Ahead

business competitorsI’m all for supporting other small businesses and routinely advocate for that but entrepreneurship is still a bit of a dog eat dog world and in order to survive, and thrive, you typically have to be somewhat competitive.  Even the most laid-back entrepreneurs I know are really just calm Type-A folks.

So, as a matter of course in every entrepreneurs life, there are times when you’re going to feel like your competitors are getting ahead and, maybe even, getting away from.  Worse, they’re trying to take your customers – those people you’ve worked so hard to earn their trust and loyalty – with them.  Usually these competitors aren’t doing anything blatantly wrong or illegal but they are trying to woo your customers over with the promises of ‘the latest and greatest’ that only they offer.

Which brings me to this question – how do you react when you see that happening?  And, to add another layer to it, how do you react and what do you do when you see that happening but ‘something’ (be it financial constraints, family or personal responsibilities, general exhaustion from lack of staffing, etc.) won’t let you simply follow their lead and create something similar to keep your customers from going astray?

I don’t personally have an answer to this so I’d love your thoughts and ideas.  How do you tamp down that hyper-competitive part of your entrepreneurial brain when you see your competitor getting ahead and there’s nothing, for the time being, that you can do about it?

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4 comments on “Watching Your Competitors Get Ahead

  • MNK on said:

    I tend to look at what they offer, then survey the market of new trends not typically shown here, and work around that to create different and unique items. Sometimes a twist on old classics is the best way to go.

    • Jennifer on said:

      That’s great advice for all of us. And yes, sometimes the new take on a classic are the way to go.

  • nilesh vasekar on said:

    There was a good businessman and my role model. I decided to start similar business. I was scared to start a business by challenging him -the market leader enterprises. But I succeed after a long and exhaustive run.By the time another big business house entered in the market. But now I didn’t feel threatened or scared. Because , over the period, during my entrepreneurial journey, my mindset has become like a challenger. Now I select a market and challenge the biggest player. ‘I am the challenger’ type of mindset …has made me safe from any challenges.