Could it be possible to run a business without worrying about competition?
What would that look like?
Simon Sinek did a great talk about this subject (view it here), and it inspired me to think a bit further and translate this into my company. In its essence, he relates to having competition is based on what you concentrate on.
If you regularly check what others are doing in your market and you base your business decisions on that, you’re clearly driven by your competition. If you concentrate on your cause, your customers and the way you present and act in your market, you automatically become a market leader.
Measuring your success
Maybe I need to explain this. The point is the form of measurement you decide on. If you measure yourself in terms of turnover or profits, you and everyone else who does the same in your market has something to compare against. That means if another company makes more money than you and money is your measurement, you’re not Number One.
Alternatively, you could measure yourself against your cause. Are you achieving it? Are you on track? In this case, you measure your progression – and as long as you’re growing and walking towards serving the cause, you’re Number One. Sounds simple enough, but how does this translate into the real world?
Looking at my own company, I am in the education and coaching business. This is a bustling environment. I don’t know exact numbers, but it feels like hundreds of new players entering that market every day and the same amount disappear into thin air.
Different reasons, different values
If you dig deeper, you won’t find many who are in this because they believe in a cause or because they want to change something. Most of them are in it for the money, and they’re the ones who usually disappear. I don’t want to sound religious here, we all have to make money, but there is a big difference in being in it for the money or making money for the cause.
The reason I started the Entrepreneur Academy is that I want to support and educate people of all ages to create an entrepreneurial mindset. I believe that our current political and social system is lacking behind and is far too much of an elephant to adjust quickly and efficiently to the changes this world will go through in the years to come.
I believe what we need is some extraordinary minds who go beyond the purely money-driven approach of the past and understand that we are in this together, all of us. Also, I advocate that the solutions to the current problems -and the ones to come – can only be solved together.
There are some extraordinary people out there, with great ideas and the drive and commitment to have a real positive impact. Most don’t know where to start. Neither can they find the support they need. I’ve made it my mission to help those incredible minds to create this fantastic impact to help solve our current and future issues.
Focus on the cause – not the competition
Simon is right. if I look at my mission, anyone trying to do the same automatically becomes my partner, not my competition.
Of course, everybody has to make money to survive, and yes, a business is based on self-sustainability. And yes, money can move things and a lot of money can move a lot of things.
But this will only work if the money is made for a reason and not just for the money’s sake. But whatever amount of money your company makes, as long as you’re on track to achieve your mission and as long as you focus on your cause you will not have any competition.
What do you think? Is it possible to have a business without competition?