What do entrepreneurs fear? Competition. And its absence is often viewd as a positive fact. But this is incorrect: who doesn’t have competitio should worry and be wary, because it could indicate a serious weakness. What are the reasons because a company does not have competition?
1) You play in a too narrow field
When you’re creating a product it’s easy to concentrate on details and not pay attention to the bigger picture. Even if in the market there’s not another solution that does exactly what you do, there could be another company similar to your, and that’s enought to fool customers.
2) You’re ahead of the market
This is the least problematic reason, but it isn’t to be trifled with: you should still be aware of the risks and the challenges that be an entrepreneur entails. Most people don’t accept readily changes: thus for innovative companies can be tough to strive in a new sector. BodeTree’s owner, for example, at the start of their enterpise discovered they wer eighteen months ahead of the market, but the biggest challenge was to educate their customers on the problem they were solving. the company remained the leader in the sector, acquiring a sort of “awareness advantage”.
3) You do not have a product that customers want to buy
This is the most difficult reason to accept: it requires a healthy dose of humility and self-awareness. To create a product is necessary to be emotionally and intellectually invested. However, this fact could lead to people not seeing this clearly and objectively.
Do not make this mistake: a lacking of competition for your product or service is a weakness, not a strength. It means that you will have a tough start. the key is to reamin open-minded, aware and careful of the difficulties that will be met. The competition is the validation of the value of your product or service, and it should be celebrated, not feared.