Connect with us

Startups

3 Ways You Can Make Your Competition Work For You

Published

on

In business, it is widely believed that your competitors are to be treated as the enemy. This may be the case for veteran players, battling for dominance in their marketplace, but what are the rules for those just getting their start?

As a newbie in any field, it may not be advantageous to your progress or reputation, to try and go after the top dog. A yellow belt in karate wouldn’t have much luck defeating a black belt in a sparring match, or get very far by taking them on every day. However, that same yellow belt could learn to defeat other yellow belts, increasing themselves in rank, if he chose instead to learn from the black belt.

What is true in martial arts is also the same in business. As a newbie, treating your competition as mentors, can accelerate your growth and success exponentially, and even generate income at the same time. Some of the most enlightening experiences of my lifetime, have been from working for those who were positioned where I had aspired to be. I like to call it, paid training, and you can’t beat that.

Here are 3 reasons why beginners should work with, instead of against, their competitors:

1Guidance

The reason why is because who they are. Your competitors. What qualifies another as a competitor? The fact that you consider them a challenge to your success and/or business, demonstrates their ability and skill to drive revenue away from you. Otherwise you wouldn’t consider them as competition.

When starting out, recognizing those who have already done it, and are doing it well, is the first step to mastering success. The big competitors have already put in the time, money and effort to get where they are today. Your ability to recognize that and learn from their past mistakes can save you from the wasted time, money and humiliation they once suffered.

When setting your course for success, wouldn’t it make sense to learn from someone who has already made the trip, and charted the map? Accept their guidance. They have uncovered lessons that can save you from making the mistakes that could halt or hinder your success

“You must learn the mistakes of others. You can’t possibly live long enough to make them all yourself” – Sam Levenson

2. Leverage

The word leverage is derived from the word levier, which means to lift or to advance; to give a minimum input that attains maximum results. It is the ability to gain more with less resources, and it can be used to accelerate your success as well. Imagine trying to remove a flat tire without a tire rod.

The experience would be strenuous, if not grueling. This scenario is not far off from the true difficulty you will face if you are unable to learn how to use competitor leverage to your advantage. Using your competitors prestige and experience alongside your vision and sweat equity, can push your dreams into reality. This is probably one of the most surefire ways to 10X your results in any field.

 

3. Reciprocity

In any line of work, you should always do and give more than what is expected. This is especially true when developing relationships with those in your marketplace. While you would obviously refrain from giving away or up anything that could be leveraged against you, contributing time and effort to others’ needs, opens you to reciprocation.

Doing big favors for big players can open you up to huge opportunities in the future. And while the main focus here has been on big competitors, the same courtesy should be given to those who are just starting out as well. Helping others will open you up to future partnerships and business relations with those who could one day too make it in your marketplace.

“The truly gifted negotiator, then, is one whose initial position is exaggerated enough to allow for a series of concessions that will yield a desirable final offer from the opponent.” – Robert B. Cialdini

When starting out, you need to be smart about what actions you take. Will you take the difficult path and fight the tide? Or will you learn to swim with the current and use it to take you to your goals?

How will you make your competitors work for you? Please leave your thoughts in the comment section below!

Robert Glover is a real estate investor, coach and entrepreneur. He has trained and lead dozens of sales teams across the American East Coast, helping others achieve their goals and dreams.

Advertisement
4 Comments

4 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

Published

on

how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

Continue Reading

Startups

How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

Published

on

How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

Continue Reading

Startups

From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

Published

on

How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

Continue Reading

Startups

12 Things I Learned in 12 Months of Working on My Startup

Published

on

Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

Continue Reading

Trending