Good business people make good business decisions most of the time. “I am my only competition” is what no one who runs business should say. Last time I checked, no one is creating anything that doesn’t already exist in some shape, form, or fashion.
Email is the same thing as mailing a letter as in Instagram is the same thing as scrapbooking. We use to drink water out of the faucet, now we drink it out the bottle. Nothing is created from scratch but everything is reinventing the wheel.
If you’re in business you have competition.
Google search engine competition is Bing and Yahoo.
The Waldorf competition is the Four Seasons and Ritz Carlton.
Sprint competition is T-Mobile and Verizon.
iPhone competition is Samsung.
Dells competition is HP so please miss me with “I don’t have competition” speech.
You can rephrase it and say “Motel 6 is not the competition of the Waldorf” which would be a true statement. Both are hotels but they serve a different caliber of clientele.
A good business person knows who’s their competition, what makes their competition better, what makes them worse, and how to stay in the race with their competition.
When I use to work for a tea company, we use to always go into this coffee shop near us and buy coffee and pastries. We use to sit in this coffee café shop analyze what people bought, the total of what they bought, and if they finished everything they bought. We didn’t do this because we liked it but we wanted to see what the competition was up too so we could align ourselves with them so this was us doing research and development.
The best way to know how much better or how far off you are with your competition is to do business with them so you can get inside information.
I own a management consulting firm and spend money with my competition daily. I’ve learned from some that I am way too advanced and from others I’ve learned that I need to catch up.
Investing your money in your competition is really an investment in you in the long run because you can use that insight for your own personal research and development.
I’m not great at everything and I don’t know everything but I want to learn different areas of business so I invest in those that do what I want to do but in a different way and I invest in those that I aspire to become.
Who would you consider to be your competition? Comment below so we can talk about it.
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