Seriously… Don’t Focus Too Much on Your Competition

When you’re in the beginning stages of creating and building a business, there’s a lot to think about. And it’s almost impossible not to focus on your competition. After all, the livelihood of your business relies on your ability to compete with and eventually surpass your competitors – to an extent. And we get it.

Being aware of your competition, and staying connected to your consumers, is an essential component of Business 101. But paying too much attention to those you’re up against can eventually do more harm than good. It’s important to not let your subconscious mind take over by spending your valuable time and energy on bringing down your competition. Envisioning the success of your own company, rather the demise of your competitors, can be much more productive. Think about it this way:

The more energy and focus you’re putting into your competition, the less energy and focus you’re putting into your own business.

If you’re finding yourself stressed out or anxious over defeating your rivals, it’s time to switch your mindset and change gears. Instead of focusing on how you can beat your competition, we’ve got a better idea: find stories of successes and failures in other industries and study those instead. Rather than repeating and mimicking what’s already happening around you, look elsewhere for ideas. Analyzing effective entrepreneurs in other industries, and incorporating some of their practices into your own business model, can propel your company into unchartered territory.

For example, if you see an awesome marketing campaign used for a completely unrelated product,  you could use a similar marketing strategy for your own products or services. By borrowing proven strategies used by leaders in other industries and finding ways to implement them, you’ll bring an innovative approach to your market. Innovation is the key to success. And though what you find may not be your original idea, it could be original to your industry. See what works for other companies and find ways to make them work for you.

Strong businesses should also get into the habit of studying business that have failed in other industries. You’re able to pull lessons from these types of situations – and in turn, apply it to yourself. And with an outside perspective, you’ll also be able to do so without having the fear of “what if this happens to me?”

The bottom line? Focus on your own company, your consumers and the benefits your product or services can provide to your market. That single core principle is behind many successful businesses – and can help you become one yourself.