In the field of business, competition is inevitable. Individuals and businesses operating similar ventures are referred to as competitors. By extrapolation, competitors are always in the bag of a business. Competitors may not necessarily be in the same field just as Boeing and Airbus but in different fields. Competitors are crucial stakeholders in the business setting, therefore startups cannot afford to neglect them. This article will help any business owner or leader in unfolding what startups should know about competitors in business. You will learn here how to face competitors in business. This writing is about the four things every startup should know About business competitors.
Business competitors are not enemies.
Competitors in business are friends from whom startups can seek knowledge, skills, and expertise. It is very fascinating when some individuals or organizations address their competitors as enemies. This is partly because of the common knowledge on competitors analysis for startups.
Knowing very well that they are a pivotal source of information regarding the industry, business competitors are ‘Assets’. Most often, the fundamental thing that produces a threat to startups is when the competitors possess unmatchable strengths, such as a very advanced technology or management team. This is what breeds the illusion, “competitors are enemies”
Competitors help startups to enhance customer satisfaction.
Competitors create the consciousness that an individual or an organization is not enjoying a monopoly over a product in a particular industry. A sudden switch of customers from their original source of service to the startup competition, only means the startup is serving something peculiar. Therefore satisfying its customers.
Customer satisfying is not when a business serves a product, but when a business serves a product the people need. An example is when a company in competition with a startup sells computers. However, customers actually want a portable computer. When the start-up comes in to serve a portable computer like a laptop, they are at that moment as serving customer needs. Therefore enhancing customer satisfaction.
Business competitors are not necessarily in a race.
Individuals in various parts of the world, especially in Africa, hold a perception that competitors are actually competing in a race against themselves. A delusion exists in the minds of most entrepreneurs. That is thinking of competitors as folks, solely interested in being able to outrun them. Henceforth, all processes and policies executed are paramountly geared toward surpassing fellow competitors.
It must be communicated emphatically that this has no factual basis. The most successful entrepreneurs we have in Africa have a different perspective on this. No organization has its main organizational goal as ” surpassing fellow competitors ” though they want to be at the top. The truth that settles, in this case, is that there exists the urge to be at the top. Similarly, there also exists the urge of bringing the best out of each other. This facilitates creating a vibrant and reliable industry for themselves and their stakeholders.
Business competitors are a source of learning.
Startups must be learning how the industry they are invading works. There will not be any source of learning better than its competitors. Sometimes the only way startups will know there ought to be an improvement in their product or service is through their competitors.
Competitors provide the path which startups can look on to spark an exceptional idea. Startups are provided with the opportunity to learn how their competitors find their customers, how to recruit, be it internal or external, and how products or services advertisement works. Competitors are available as knowledge centres, and startups should take advantage of the opportunity.
Now you know the four things every startup should know about business competitors. There are many misconceptions about competitors and must be addressed with truthful facts. Startups should view their competitors as a learning tool to improve as a business in all areas. Once startups begin to understand that competitors are learning tools for constant improvement and not enemies they will begin to see massive growth.