Few people ever stop to consider what being in business really means. Very often, new entrepreneurs make the mistake of launching their companies without ever considering what they’re really up against. Make no mistake: unless you are the inventor of a completely new and revolutionary product that is uniquely unlike anything the world has ever seen, you will have competition.
Unless your service is so groundbreaking that it provides consumers with solutions to problems they probably didn’t even know they had, you will have competition. The fact is that there are very few exceptions to this one fundamental truth about business: for most entrepreneurs, the task at hand is to figure out how to compete for your share of a market that is already being serviced by the competition’s offerings.
There are relatively few examples of innovative ideas that are truly revolutionary in nature. Yes, there are innovations that periodically alter the landscape of some segment of the consumer marketplace, but those dynamic and revolutionary business changes are not as common as many might think. For the vast majority of new entrepreneurs, business is about entering a market that is already being served by others. And that means most new business owners are men and women who believe that they can compete against those established companies.
Unfortunately, it can be a costly mistake to launch a new business based only on the assumption that “you can do it too.” All too often, that assumption leads entrepreneurs to start companies with the goal of simply being in business. If you believe that you can achieve success simply by going through the motions, chances are that you will struggle to achieve your goals. That rule applies whether you are starting a new business or adding new products and services. If you are in business just to be in business, then you probably won’t be in business long.
To be successful, you have to have a compelling reason for your actions. When you’re launching your own startup company, you need to at least have confidence in your ability to match the best in your industry. Without that underlying core belief, you might as well continue to work for someone else, because you will likely never achieve the type of success you need if you are to remain in business for any length of time.
Of course, to reasonably believe that you can compete with the best, you first have to believe that you’ve positioned your company in a way that provides it with the best chance for fulfilling your vision. You have to earnestly believe that your strategic plans provide you with the position you need to obtain that often-elusive competitive edge. And even then your well-planned strategies could fail if you do not have the right foundation on which to build. So, start with a basic inventory to determine whether you’ve positioned yourself for success. Remember: without a firm foundation, nothing you build will ever last.
At least 60% of startups fail within its first five year. I am on a mission to help change it for the better. Business success does not happen by accident or good fortune. It is often achieved after many expensive trials and errors. If you are truly passionate in a business that you like to start, learn all you can about what it takes to succeed in business and start to test out your ideas in a small scale. It pays to avoid learning by trial and errors. It pays to do things right with great preparation to execute your strategies and vision at the most opportune time. Earn the confidence that have covered all your bases with the mindset that you are in it for the long term to be equal to and better than your competition. You want to be the best in class – second to none as your ultimate goal.