If you are an entrepreneur, it must be in your instinct to treat every problem as a challenge. What makes your business into a business is your ability to solve these problems, one at a time. When I speak to a lot of entrepreneurs like you about their business and about it’s future, most of them talks about how unique their ideas are, how different their way of running business are and most importantly they tell me because of the uniqueness of their business, they have zero or no enemies.
Now what you need to understand is having no enemies to your business is not necessarily a good thing. The main reason for this is because you are working on a vast market, there will be others sniffing for potential business opportunities in your segment, which you are ignoring at present. Having enemies is good, the bigger the enemy, the better it is for you and your business.
There’s a reason every business has an enemy to take down, just like every great movie or story has a villain. The reason a hero exists is because of the existence of a villain. The hero is in constant battle with the villain which makes him aim higher, always be on vigilance and have a great story to tell.
Enemies are good for business, for these specific reasons:
Sounds like a bad thing for you and your business right? Well, it’s not. Stress brings out the things a person wouldn’t generally talk about or do anything about it, it addresses the elephant in the room. When your enemy creates a breakthrough in the market, one that you have not created, you have three options, adept, change or perish.
Stress paves a way to creative thinking and risk-taking apatites. It will create a competitive mindset among you and your team-members.
If you are the only business in your field, or own a unique proposition in your segment, chances are you’ll get into a nice warm comfort zone. Once that happens, innovations slowly seizes to exist and that leads to slow growth which can also lead to abolition of your business.
Competition on the other hand makes you constantly be ready to progress and stay ahead at every turn. This kind of a race makes sure you are in the top of your game and chances are you shall be treated as thought-leaders driving innovation.
If you’re the only business in your segment, you need to ask yourself, are you adding value to your consumers or are you just noise? You need to realise that the more competition is there on the market, the better will be the consumer’s viewpoint towards the product overall.
Competition in the market enables you to do one very important thing, focus on who your actual customer is. With hundreds of millions of customers in the market, entrepreneurs generally lose track of who their actual customer is, they spend millions on marketing budgets to reach a broad consumer base.
You should have the biggest, baddest enemy you can imagine in the market and that is a great thing for you and your business because that is exactly how you have a chance to be the biggest and the baddest in the market.