As an entrepreneur, if you feel you have no competition, then you will definitely have three, and if you feel you have three competitors, then you will definitely have nine! Such is the world that every day new ideas keep taking shape, and the faster ones beat the slower ones. What are the ways an entrepreneur, especially a young startup, can beat competition? Let us look at some.
If you were the CEO of Coca Cola, what will be your competition — Pepsi? Wrong! If you are a visionary entrepreneur of Coca Cola, your vision will be that if anyone feels thirsty, he/she should drink Coca Cola, and by that definition, your biggest competitor is water! It is better to lose to water in a large segment than win against Pepsi in a small segment.
Keep in touch with customers
When Apple launched iPhone, Nokia and Blackberry were already big but hardly listening to customers. Steve Jobs determined that there was a need for a high-luxury mobile handset, supported by software applications (mobile apps) for day to day use of customers. Apple went on to make history by building relations with customers and making products that were loved by their fans.
As a startup firm, you can build a great product and let that product or service be your marketing tool. Do not be ashamed of killing a product or feature that customers do not accept. Neither Google was the first search engine, nor was Facebook, the world’s first social network — what matters is what you do, not whether you are the first or the only one to do it.
One of my entrepreneur friends has a notice on his desk — ‘Ship it out fast, and keep correcting’. Speed is a must for beating competition.
Article published in : http://newindianexpress.com/education/edex/article1325448.ece