Thinking you’ve come up with a novel business idea only to find out somebody else is already doing it can be a demoralising experience. But does competition always mean the end for your entrepreneurial journey? Usually this isn’t the case. Think of your favourite businesses, large or small, do they have competition? The answer is almost certainly yes!
Your business concept does not have to be unique to succeed but it is essential that you find a competitive edge that provides added value to your customer. Give them a reason to choose you.
Competition can even be a good thing!
Trying to establish a new industry on your own and changing customer behaviour can be really challenging. Competition can help you achieve this, making your product or service more familiar to your target audience. There might even be some opportunities to collaborate together. Authors promoting each other’s books, Chinese restaurants locating in China Town areas, even political parties joining forces on key issues, are great examples of competition working together for a collective benefit.
Entrepreneurial Development Officer