Business product & service Competition: How to handle phobia

Hey; I find that business owners often wish that they had no competition.
.
Businesses usually are thinking that with no competition, the entire market for their product or service will be theirs. I don’t think that is the case – especially for newstartups that have truly innovative products and services.
..
Here’s why:
..
..
Competition validates your idea:
.
Yuh know yuh have a good idea when other people are coming up with similar products or services. Competition validates the market and the fact that there are most likely customers for your new product. This also means that the costs of marketing and educating your market goes down.
..
..
Competition helps educate your target market:
.
Being 'first-to-market' can be a huge advantage, but that also means that yuh will have to spend way more than the '2nd-to-market' player to educate the market about your new widget, your new solution to a problem, your new approach to services. This is especially true for businesses that are extremely innovative. These 'first-to-market' businesses will be facing customers that didn’t know that there was a solution to the their problem. These potential customers might not even know that they have a problem that can be solved in a better way. These 'first-to-market' companies will have an uphill battle to educate consumers – an often expensive and time consuming process. The '2nd-to-market' will enjoy all the benefits of an educated marketplace without the large marketing expense.
..
..
Competition pushes & uplift yuh:
.
Businesses that have little or no competition become stagnant. Customers have few alternatives to choose from, so there is no incentive to innovate. Constant competition ensures that your marketplace continues to evolve and that your product offering continues to evolve with it.
..
..
Competition enforces focus & differentiation:
.
I want to believe that the issue here is self explicit and can make yuh write a journal on the tablet in your mind without misinterpretation? To avoid the unforseen & misterpretation, i am going to tell yuh in the cloud.
Without competition, it’s easy to lose focus on your core business and your core customers and start expanding into areas that don’t serve your best customers. Competition forces yuh and your business to figure out how to be different than your competition, how yuh can focus on your customers. In the long-term, competition will help yuh build a better business.
..
..
Don't be scared 😓 of delving into a competition; it stimulates. Yuh should always be in competition { if with noone, then start with yourself } Ensure yuh become the best version daily.
Feel enlightened? Go follow
📷 @ferdyberry_ 2018
-
• Double Tap if you agree 📲 & click here to read more.. https://goo.gl/NS5dyc
----------------------------------------------------
#businesscasual #business #businesspassion #businessman #businessclass #businessmen #businesslife #businesstips #businesstip #businessquote #businessquotes #entrepreneur #entrepreneurlife #entrepreneurmindset #entrepreneurship #entrepreneurlifestyle #entrepreneurquotes #entrepreneurslife #entrepreneursofinstagram #entrepreneurtips #entrepreneurstyle #entrepreneurgoals #entrepreneurtip #entrepreneurmind #mindsetiseverything #mindset #mindsetshift #entrepreneurminds #mindsetting