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 having competition is based on what you concentrate on. If you constantly 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.
Maybe I need to explain this. The point is the form of measurement you decide on. If you measure yourself in terms of turn-over 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 own 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 very busy environment. I don’t know exact numbers, but it feels like hundreds of new players entering that market every day and the same amount disappears into thin air. 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 because I want to support and educate young people to create an entrepreneurial mindset. I belief that our current political and social system is lacking behind and is far to much of an elephant to adjust quickly and efficiently to the changes this world will go through in the years to come. I belief 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. 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. They just don’t know where to start and they can’t find the support they need. To help those incredible minds to create this amazing impact that will solve our current and future issues is my mission.
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?