Did you just discover that someone stole your brilliant idea? The idea was probably not stolen; you are bound to find similarities in people’s ideas all over the world because everyone is building on and using the same body of knowledge. But how can you distinguish yourself from competition?
When an entrepreneur recognises and exploit opportunity, he/she transfers information to others about what the opportunity is and how to pursue it. The transfer of the information the entrepreneur possesses, which created the opportunities in the ﬁrst place, is then subsequently reduced through diffusion.
To be a successful entrepreneur, you need to be bold, visionary, determined and creative. These psychological and personal qualities are of paramount importance in fulfilling the entrepreneurial function. With courage and vision entrepreneurs create opportunities in an uncertain world. However, the opportunities become exhausted by entrepreneurial competition.
Every entrepreneur needs to know how to swim because entrepreneurial competition is about evolving and adapting to change. You need to learn how to swim because sharks change. As an entrepreneur, you are swimming in an ocean full of sharks, if you don’t keep pace with change, you get eaten alive.
Competition from other entrepreneurs exploiting a similar solution affects resources. It will drive up the prices of resources you planned to acquire. Competition also depress the prices of resources which you are going to sell.
Entrepreneurial competition enables you as an entrepreneur, to learn from both your own and others’ successes and failures. These learning processes enable you to increase your skills and adapt your attitudes thereby spurring the innovation process.
In order to effectively handle completion, you need to know that: it is very important to know your customers, but it is equally important to know your competition. Your competitor can have a weakness that plays to one of your own strengths.
Redefine competition, don’t be intimidated by reputation. Be willing to fight for market share rather than settling for picking up crumbs that fall from the master’s table.
Healthy competition is good for you as an entrepreneur. It is not your last good idea, if you’ve got one good idea, you can come up with another. Make use of the internet to research; it helps your ability to predict the future. However, since everybody has access to information as you do, take time to search within yourself as well.
Categories: Entrepreneurship and Small Business