November 19, 2020

How to Reevaluate Your Entrepreneurial Mindset around Competition

by Funmi

Are you a new entrepreneur or a small business owner feeling like you're in a rat race? Maybe you started a business and feel that over time, you haven't been able to keep up with the ever-changing market.


There's even a possibility that you feel that you're in a struggle with no one to give you some guidance. Well... I will addressing 3 Reasons to reevaluate your entrepreneurial mindset around competition and What to Do afterwards.

When it comes to business, it is so easy to get into a competitive mindset.

We think we have to outbid or outclass the other guys. But in reality, this is the equivalent to “keeping up with the jones'”.

Our whole way of doing business then becomes more focused on the steps taken by others rather than the vision that drove us to become an entrepreneur in the first place.

But what if there was a better way to view it all? Instead being competitive about the progress made by others, what if it were an opportunity to learn from someone with different experience?

I would argue that you would, in fact, learn something that would end up giving your business a boost and this is where the need to reevaluate your entrepreneurial mindset around competition comes in.

Let's explore a bit.

Competition, in the sense of business, isn't like playing a game of monopoly.

It is a real-life scenario where we pursue our dreams and watch our visions come to fruition.

But we aren't the only ones trying to pursue our dreams in this way.

Take this video as an example. Although i'm pursuing what i love, i'm not exactly the only content creator on youtube, right? Of course this  scenario extends far past this video.

So, how can we avoid getting lost in a sea of competition?

We have to change the way we look at competition. I want to first address three side-effects of being absorbed by competition.

The negative effects of competition

1: You will focus more on others instead of yourself

See, losing objectivity has the potential to discourage any new business owner faster than anything.

The “keeping up with the jones” mentality can take your focus off of your customers, your workers, the current market and yourself.

You’ve got to remember; you are a key player in the success of your business and you are majorly what determines a win or a loss. It isn't someone else’s business.

2: You will loose sight of your original aspirations

Why did you go into business for yourself? Maybe it was to escape the world 9-5pm on someone else’s terms.

Maybe for freedom. Maybe you wanted to make a difference in your community.

For whatever reason, a competitive mindset shifts that focus to one thing.... Winning.

You have a unique purpose and reason for wanting to start your venture. If you lose sight of staying in your lane, being resilient and delivering value to winning competition at all cost, it defeats the purpose altogether.

Cos if you don’t win…hmmm….that leads me to the third negative effect.

3: You will be tempted to quit when you don't feel successful

What happens when a person doesn't feel adequate? They get the idea that they are just in the way or that they aren't good enough...then they quit.

Success always comes to those to persevere through the toughest of times. You see, in competition, there are winners and there are losers.

Many times, though, you can see a loss coming because you have put yourself into this competition. It is in that time where people most often quit. We’ve got to face our own race with grace and resilience.

The fight against these negative effects of competition is hard. So, how are we suppose to do it?

Really, it has to do with changing our own outlook on things. Simply put, we will start looking at competition as something else...opportunity.

Putting a new spin on an old word changes our perception of something that could be intimidating for some.


your entrepreneurial mindset around competition

Mindset Shift that can help us:

1: Teamwork makes the dream work

When we break it down, it seems that we have a business or a business owner that we are competing against.

But what if we weren't against them, nor they against us? Believe it or not, this is absolutely possible.

Remember, every business started with someone just like you and me. Maybe they have a family. Maybe they drive same car as you do. Whatever...

After everything is stripped away, business owners are people too. They know and understand the struggle.

And oh, how easy it is to lose sight of humanity in the world of business.

Truth is, given the opportunity, a majority of business owners would jump at the chance to share their knowledge with someone who has a similar drive.

It happens to be the exact thing i'm doing right now...sharing my knowledge with you.

Teamwork is also important because it helps to overcome difficulties that exist in the grand scheme of things.

Take, for example, business ownership by women. It seems commonplace in the world that there are certain jobs that are more suited to certain genders.

So, when a woman attempts to break into a niche that is vastly dominated by men, the road can become exponentially more difficult.

This is why you should never walk this road by yourself.

Being of a group who has had to battle for years against discrimination, we know how to band together when times are tough.

2. Turning competition into cooperation

Although i talk about women here as an example, the principle exists for everyone.

When we are part of a community, we have the ability to share our experiences with one another.

The thing that holds many of us back is an unwillingness or hesitation to ask our “competition” for advice.

But, imagine the discoveries that could come from taking such a step.

Not only could you find some of the encouragement that you need, but you may even realize, as is often the case, that businesses can complement each other.

Sure, there may be some similarities in what each person does. But the visions and aspirations are completely unique to the person.

So, the question is, “how do you start?” Or “what avenues can you explore to start these processes?”.

The first and most important step is to always be willing to take the first step. This will start the process of creating a sense of community with other businesses.

Don't be hindered by feelings of pride, anxiety or nervousness.  Chances are, you're not the only one with those feeling.

But, someone has to step first. If you don't step first, then there's no telling what possibilities are available.

3. Start seeing competition as partners in business”.

You want to explore your communities and develop “partners in business”. This is where we search out organisations that are comprised of like-minded business owners.

They have a common goal for advocating on and speaking as representatives of their local business communities.

I cannot stress enough the importance of this step' to become established and known to established business owners.

Expanding on this idea of “partners in business”, tap into your creative minds. Do some homework and engage other entrepreneurs directly.

Offer up ways that each party can promote one another.

Maybe you know of another business who offers a service or product that you don't offer.

Don't be afraid to send start a conversation.


To wrap up...

So far we've addressed how to reevaluate your entrepreneurial mindset around competition.

Although competition may be a real thing, the “positive” or “negative” effects depend solely on us. If you take away anything from this video, make it this: change starts with us.

We have spent the past few minutes identifying some of the obstacles and setbacks we could face.

We have also covered how to approach them. But in the end, there is one common thing that exists in all of them. That is, you.

In keeping with this idea, i want to hear from you. Are you an entrepreneur, small business owner? Do you have other ideas as well?

Put a comment below. Let me know who you are and what you do. I’m glad to have you in this community.


About the author

Funmi

Funmi is Functional Health Coach. She is passionate about helping female entrepreneurs transform from Stress and burnout so they can begin to thrive in their body and by extension their businesses.

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