Beat business competition – strategy from entrepreneurs

beat competition lessons from entrepreneurs
(Last Updated On: August 1, 2019)

Many people do business, but how many of them can beat competition? Strategy from entrepreneurs to beat business competition is to gain competitive advantage in business strategy. You can beat your competition by inculcating and nurturing your dynamic leadership.

1. Know your weaknesses

Before knowing your strength, know your weakness very well. Yes it is true. Your weaknesses are your backdrops. They pull you from the back and don’t allow you to flourish up to your potential. They need to address very carefully. Not the strengths, your weaknesses can be determinant for the success.

On the other hand, you are already well enough with your strength. These are your triggers to make your successful. Initially, they are not that much as you already have those. However, you can pay heed on your strengths later on to harness more and more.

Weaknesses need to recover as quickly as possible. These, or any of your weaknesses can be a great factor in the future to be led to your failure. The good thing is that you can recover your weakness. If fact we like you know your weaknesses and take initiatives to overcome them. By this way you can step ahead to beat business competition through your well defined strategy.

Related: Is your business idea as innovative as a blue ocean strategy?

For example, think you don’t have command in email communication. Think, how painful it would be for you as the CEO of your organization. There are many ways to improve your email etiquette. You can convert your weaknesses into your strength. Pay attention to it.

2. Know your competitors’ weaknesses

Know weaknesses of the other entrepreneur. It will be your strength. How? Your competitor’s weakness is his/ her loophole. Others’ weaknesses can be your strength upon intensively taken care of. You can easily gain competitive advantage over your competitors by addressing these properly.

After finding out the others’ weaknesses, you have to develop your skin on those areas. By achieving them, you can penetrate your competitors.

Related: 10 ways to make global e-commerce easier for everyone

3. Be your master

Gain a mastery on 3 things that you do better than anyone else in the industry. What are those 3 areas where you skilled at? Or you have good chances to have mastery? These are your triggers for success. Gain full command on them.

For example, may be, you have overall expertise (or, passion) on 3 things, such as, idea development, use of technology, and, biking. Develop your mastery over others. These can be useful related to your entrepreneurial ventures.

You can relate your passion and mastery to your business, where no other should be better than you. By this, you can achieve competitive advantage of superiority.

Related: How could you convert your failure to success?

4. Don’t try to be giant

Start little. When you are on your right track, success is your logical consequences. Don’t try to be a Giant. Other giants should not realize this.

Think about companies who started their journey little. Interestingly, you will find all business giant names there. All they underwent a humble beginning.

Amazon, Hewlett and Packard, Apple, The Walt Disney Co., and Google– all these business giants started very little. They started their journey in the garage, in a very small place, without any confirmation about their survivals. They turned great not by themselves, their customers and market made them so. There must be many more like them in the history.

Related: 35 facts I wish I knew earlier about being an entrepreneur

5. Focus on specialization

Business market is huge. You alone can’t cover up all of them. The best three ways to penetrate your market much easily are:

  1. Select a niche, what is your target market. For example, you have decided your niche as “drinks”
  2. Narrow down your targets, for example, you have decided to go for “tea”
  3. Be specialized in your area so that you can beat others but your uniqueness. For example, you have gone to produce tea for “cancer/ diabetic patients”

When you lead a narrow area with your specialization, there is much probability to get success in the shortest possible time. However, keep your innovation continue so that no other can surpass you in any way. You cannot stop running.

Related: 11 silent killers of business success- how to destroy

6. Don’t keep a high profile initially

You have come upon to rule the world. It is your prime focus. But, everyday is not equally important. Some days are special over others. Focus on your ground work initially. Keep a low profile.

There are many backhand work before you launch. Even after the primary part of starting formally, don’t push up your profile your profile too high.

It is because, you you should not alert your competitors with your presence. They might be stronger. You may not compete with their high profile, initially, and would crush before you stand strong.

Related: 20 traits that answer how to become a great CEO

7. Move quickly, move fast

Time is running out. Your competitors are running faster. They are on track with speed. You have to be faster. We live in the era where competition is higher. Gradually it is going to make your existence toughest.

You cannot do anything overnight. And your time is limited. Be faster than your competitors move. Also, be faster so that any other entrepreneurs cannot supersede you from back. Use your time productively. You are in your race where you have no way but to be the champion.

Relayed: 11 Habits to help dominate by 2020 as a leader

8. Be different

Doing business on a new idea that is unique in many ways. When you develop blue ocean idea, you have much possibility to be successful sooner. Every product is salable. the sooner, or later. The secret lies in techniques, emotions and marketing.

You can even go for same product in a different way, that adds more value over your competitors. By this way you can lead your way to beat business competition through your successful strategy.

When your competitors come up with a new product, don’t come up with the same product. It is suicidal.

9. Partnership

On way of your entrepreneurial journey, you need to have taken support from your competitors too. Partner up with a competitor who has a common enemy as you have. It is a common axiom that enemy’s enemy is a friend. Make professional friendship with a competitor.

It is helpful in many ways. Union is a strength. You can create synergy when you are tied up with other competitor. You can make up your shortcomings.

Other entrepreneur can teach you many lessons. Partnership in exchange of goods, finance, products, intellectual property, expertise, manpower and business deal should be good enough for your growth.

Related: 13 effective negotiations strategies in workplace

10. Learn from history

Learn about business chronology of other entrepreneurs in similar industry. Learn about stages of business from the part. How the scenario was at about 50, 40, 25, or 10 years ago. It is good for your understanding and decision making on many issues.

There are many things to learn from the history. How did the Amazon started its journey, how about Toyota, or any other associated company you have interest. What about the business trend, product differentiation and or volume of business.

History has a great impact on the business growth. It describes the strengths, trend, tastes of target market, and future projection on a business. You can have a forecast on what business should going to rise in cute, and which is not.

Related: 5 reasons why people do not perform at their best

Take away

By applying these tips, you can step ahead to beat business competition through your well defined strategy.

Related: 10 life lessons people learn too late

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