065 20: Perhaps The Competition Isn’t Your Competition
Most visible challenges are not as alarming as they seem.
Challenges are normal for any business big or small. It may be difficult to find the right assistance, the business may not know how to keep books, it may run into technical challenges it can’t afford to resolve. These are all just part of the course, they won’t kill the business unless they are allowed to. Neither will most competition.
There is an increase in the number of small businesses and aspiring entrepreneurs in South Africa today.
In conversations, most small businesses seem to worry about “what if this other big business builds something like us?” When in hindsight big businesses are not the immediate threat. In fact, they may not be the ones to worry about.
People who run established businesses may not be as motivated. They are not going to go out of business should this one particular product fail. They have mechanisms in place to work through the process.
Perhaps what a small business should worry about, as a startup, is not the established competitors, but other small businesses they don’t know exist yet. These are more direct than the big players because, like your business, they’re pressed for resources and opportunities.
To focus alone on existing competitors and can give a false sense of security. As for established businesses, there may be a few of them.
If the aim is to study the competition. It could be that one of the best approaches to be ahead is to compete against what someone else could be doing. Not just what we can see other people do.
Inference we could relax just because we have no visible competitors yet.
No matter the idea we have, there’s always someone else out there working on the same thing.
So consider the possibilities of an unknown threat.