How To Handle Business Competition - Key Insights Inside

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Transcription:

A very common issue for those who are new to business is to worry about competition. Many business newbies are fearful of competition.

They're afraid that someone much bigger will come along and steal their ideas, their products, and their customers...and wipe them out completely.

And truthfully, I think too much time is spent focusing on competition...about worrying that someone's gonna come and steal your "magical big idea" that you have for your business.

Instead, we should be focused entirely on what matters most: Our customers...our audience...the group of people we want to help and serve.

What do they need? What are their problems? What's being offered to them that doesn't quite fix their biggest issues just right?

Think of it like music, or book authors, or movies. What's your favourite musician or band of all time? Who's your favourite author? What's your favourite movie? It's hard to choose, isn't it?

You definitely have some top choices...but it's very hard to rank them because there's so many great choices available, right?

One band, one author, or one kind of movie can't satisfy you completely...Can you or I only like one band or one kind of music? Heck no, we like all different kinds. Or what about authors or movies?

As consumers, we buy books from many different authors, don't we? We buy this band's record and that one's. We like this kind of movie, but we also really enjoy this other kind, too right?

And the same holds true for your customers. It's not a question of "either / or," it's a question of "both." You may like Nikes, but you also might like Adidas or Puma or whatever.

So as business owners, we need to understand this. We need to understand that our customers may purchase from us...but they may also purchase from our competitors...and that's okay. Competition isn't anything to fear or worry about.

As Producers, we've gotta understand that our audience is very, very likely going to consume other people's stuff...we'd be naive to think otherwise! That's why anyone who could be seen as your competition as largely irrelevant. They're doing their thing, and you're doing your thing.

Your audience can like both...that's okay! BUT, this doesn't mean that we're NOT going to compete. We're gonna compete hard and give our customers the absolute best we can and give the competition a run for their money.

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