In fact, a couple of years ago I abandoned a project that was 95% completed(!!) because a huge company entered the space and was touted as the “total solution”. (It turns out that the service was mildly successful and never gained market share or lived up to the hype. Ouch.)
But instead of just finishing the 5% that was left with development, trusting in what I had built, and releasing the product anyway, I threw up the white flag. Hindsight tells me that had I actually released the website, it probably would have been pretty profitable.
Needless to say, it was a valuable lesson for me. No longer would I turn and flee at the first sign of competition. In fact, these days I’m running towards the competition.
***
I’ve created a short video that kind of describes why competition is so hard, and why as entrepreneurs we tend to run away from it. I also explain my thought process now when it comes to choosing ideas to work on with respects to competition. (Hint: I don’t really worry about it.)
Running Towards the Competition (Instead of Running Away).
I reference a company called Saddleback Leather Company as a company who’s not afraid of their competition. Why? Because they list rival companies prominently on their site with this disclaimer:
Do you think that our competitors would actually put a link to our website on theirs? I’m so confident that you’ll find our classic look and over-engineered durability so hard to resist that I want you to shop around. Go ahead… the more you shop, the better we look.
Awesome.
A quick note: This is my first attempt. Be gentle :) I learned quickly that it’s easy to hide behind the pen, but stepping in front of a camera is a whole different skill set.
Photo by Mukumbura
