Why We Love the Competition

There's this crazy myth that business owners hate the competition. Mostly they don't. There are lots of customers to serve and those customers consider lots of different products and services to meet the same need (like at-home child care, day care centers, after school programs, etc). Smart business owners, especially those starting new businesses, look at the competition to see what works and what has proven to be possible and profitable. Then they think about how the product or service they want to offer will be cheaper or easier or faster or more personalized. They look for which subset of customers they can serve better. Take this quick quiz on why entrepreneurs love their competition.

The number of attempts remaining is 3

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Our competition can often help us sell our product to their customers...

Because the business we start can say things like, "It's just like the service you are already buying, but we can deliver it faster."

Because the business we start can offer pricing options the competitor doesn't, "You can our purchase online tonight and I'll deliver what you want tomorrow morning."

Because we can provide something our competitor can't, "We are a small company with time to meet the special needs a big company can't."

Because we can look at our competitors and see what certifications, guarantees, warranties, licenses, rules, and notices they provide. This information helps us figure out what problems our competition has run into. We can used this information to side step some big mistakes.

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If a business offers a product or service that has no competition...

That's a great thing because then customers will always want to buy it.

That's a terrible thing because it indicates that no other business has found a way to sell something even remotely similar to paying customers. That's an indication that its something no one wants because they don't see the need for it.

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Studying our successful competition helps us...

Figure out what need or desire our customers have, and at least one kind of solution they are willing to pay for.

Invent ways to make our business so wildly different no one could ever compete with it.

Figure out the ballpark amount our customers what to pay.

Find some ways of reaching our customers that work. We can look at where they advertise, what's on their website, whether or not they have an office or store where people go to find them.

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The average score is 50%

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