Rule number 1 of entrepreneurship: Nobody promised you that you’ll be the only one in the market/industry…Okay, maybe I made that rule up, or its position; but it makes so much sense, yes? I thought so too. I hate to break it to you, but in your entrepreneurial journey you’re going to have to bite your fair share of competition. Some Goliaths, others Davids. Whichever or whoever you are shall be determined by just how prepared you are. And that’s where I come in. Call me your Fairy godmother; Lol, I kid. Or not.
Tell you what though; should you find yourself dueling with a Goliath, kindly do the dust-off-shoulder gesture. This means that you’re THE COMPETITION and that the vision for the success of your product/service is valid. You have the chance to pick a leaf or two from a macho and already established player. It means that you stand out; you make an impression and have a chance to beat them. Go you!
Here are a few stones (strategies) that you could swing at them. Hold on tight to that sling (spirit).
- Let Not Fear Weaken You:
Excitement is the first feeling you’ll have the moment you decide to penetrate a certain market, or have a fresh idea to sell. But this rarely lasts long. Soon after, anxiety and fear follows. When reality sinks in and you have to think about how you’ll beat the ones already in the market, or at least catch up and be at par with them.
This is totally normal. However, don’t let it diminish your dream even before you start. Giving up and “trying to think of a less saturated market penetration” is the most appropriate and easiest thing to do at this juncture, right? *Presses Buzzer* WRONG! Don’t let this feeling (fear) paralyze you. If anything it should act as a trampoline. A propeller.
The moment this entrepreneurial thought occurs to you, it means you’re onto something. Get up, start up, and with the right dedication and motivation, you’ll get the attention of the big “fish.” When this happens, it could only mean one thing; that you’re doing something right. So keep going
- Pick Your Stone (Clients) Wisely:
Big establishments have a tendency of what I’d like to call being greedy. They have a wide array of goods and services that they ambush their clients with. When you look at the bigger picture, this comes down to them mostly only caring about filling up their pockets.
Now this is where you come in. You could always easily use this to your advantage. Differentiate yourself by paying attention and caring about your customers’ success. “If the customers are successful, then so are you.” Make this your mantra. Make it your company value. Celebrate your clients’ success and this shall be your upper hand against the Goliaths.
- Aim For The Bull’s Eye:
The moment you penetrate the market, you’ll realize that your giant competitors have a variety of products in the market. This might make you feel inadequate seeing as one would automatically assume, that that gives them an advantage, over the underdog that only has one thing to offer. Negative.
The fact that they have this many things to cater to, it means their attention is divided thus they can hardly pay attention nor devote their extensive resources to one client. But as a small company, you can easily afford to pay laser focus attention to what’s really important. Take advantage of this opportunity.
- Forget Size; Agility And Speed Are Your Greatest Strengths:
Large entities may have much more business stamina than you, but they’re held hostage by already existing practices and norms. For them to make big moves, they have to put eternity of thoughts into it, which rarely ever happens swiftly.
Maximize on your advantage of being small sized. It means you can make decisions and act on them as soon as they occur to you. Enter the market as soon as your product is ready. Pivot as soon as the need to arises, acquire as soon as you need to. And always be open minded to change and evolving.
- “What Doesn’t Kill You Makes You Stronger” Is Really Not A Myth:
Yeah, Kelly Clarkson was really onto something here. If having to face a huge business competitor and surviving it isn’t a life lesson, then I don’t know what is. When David was taking on Goliath, he knew he had two options; to beat him or to beat him. If he had to take the other option that you’re probably thinking I forgot to mention, that would have meant him not surviving.
If you want to learn more about your market and your product, then you’ll have to take on the best. It’s only the best that’ll push you and bring out the best in you by fighting for your clients.