Competition in business can be extremely frustrating, confusing, tiring and a source of a lot of stress and bad business decision.
Whatever you are creating, whether it's a:
- YouTube Channel
- Start-Up Business
- Online Course
You will find competitors, it doesn't matter if you follow the school of thought of niching down, or the multi-niche approach. With every step you take towards growing your business, you'll find competition.
How To Deal With Competitors?
This question can be separated into two main aspects:
- Business Choices
This is the thought process you develop on how to deal with your competitors.
There are 3 different approaches you can take:
- Study your competitors
- Don't pay any attention to your competitors
- Use your competitors as motivation
My intention is to write from a genuine place, so I'll share some of my current experience with competition.
Recently I've been working on building a project where I was going to be the first person in that market to innovate in that way.
Today I figured out that a competitor already released the same idea that I had and its now profiting from it.
Initially, I judged myself for not being faster at getting it done before them, then I went through a wave of feeling like giving up.
Then I tried to study different approaches to competition.
This means working on my mindset, that's what this posts is all about.
Before we cover the mindset approaches, we must acknowledge the other side of thing. We must keep an eye on how our competitors might change our business choices.
This implies any choices you make to alter the way in which your business operates. Some examples are:
- Marketing Strategies
- Business Plan (Short And Long Term)
Even though these are really important to keep in mind, I believe mindset to be the foundations from which all choices emerge. So this post will focus mostly on the mindset side of things.
The Best Videos On Dealing With Competition
From reading and watching videos on the subject, these are the 3 main approaches I found on how do deal with competitors.
The "Study Your Competition" Approach
The "Don't Give A Damn" Approach
The "Use Your Competition As Motivation" Approach
On Choosing An Approach
Just like in most things in life, there's no solution that works for everyone.
This means you'll have to do some self-reflection to see what type of approach you want to apply.
You can mix different elements from each approach, but you'll find yourself leaning to one over the other.
What To Do If You Are Feeling Indecisive?
If you are feeling indecisive and don't know what's the best way to go, then test them all out. You can spend a couple of months applying one method, you can write down your experience and the pros and cons of that approach. Once you move to the next approach you do the same. At the end of this experimental process you can make a better decision on what works for you
Useful Thought Patterns
Whatever approach you decide to choose, you'll find yourself having mental patterns, thoughts you repeat in your head.
It's important to keep track of what are the things you are telling yourself constantly, and if possible changing those story lines for useful ones.
This is a thought that I find essential to keep in mind:
"Escape competition through authenticity."
- Naval Ravikant
I'll keep adding my thoughts and personal conclusion to this post as I figure things out myself.
In me mid-time I highly recommend you check out this other blog post I wrote on success.