A recent article, How Competition Can Lead Your Startup to Pivot Faster by Uwe Dreissigacker says that competition can be very tough and many business owners often hope their competition never existed. However, a healthy dose of competition is actually beneficial for your startup to pivot faster towards success.
Here are the four ways competition will lead your startup to greater success.
1. It stops complacency
With great competition, you can’t afford to be complacent, you need to know your customer experience about your products or services. You are obligated to work harder, look closer and fix the broken parts of your business organization, products or services, , marketing, customer service, etc.
2. It spurs innovation
With the right amount of competition, you are obligated to deliver better products and services to your customers than what your competitors are offering. For instance, you can book a meeting room and schedule brainstorming session with your key employees to explore and discover unique ways to deliver those products and services.
3. It helps you learn
Basically, your competitors have techniques and strategies to boost success. These may be the same with what you have in mind, and by studying their implementation you will see which things worked well for them and what didn’t work at all. In this manner you learn from them— you will see what to utilize, what to improve/modify or what to dodge.
4. It lets you know you’re on the right direction
Competition determines that your business idea will be a success— it is not only good for your business or for yourself, but also something that people truly want.
Good level of competition is healthy. It helps you become agile, proactive and innovative thus your startup will succeed more quickly. Likewise, a prestigious business location helps you get ahead of your competition. YourOffice features a network of world-class business addresses. Each location offers both beautifully appointed short term offices and permanent individual office space. Our offices are move-in ready and equipped with top furnishings and technology that are guaranteed to leave a lasting impression.
How does your business benefit from competition? Let’s hear your story. Feel free to visit us also on Facebook and Twitter.