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Four things entrepreneurs can do to get and remain competitive

If you're an entrepreneur trying to make it big, you need to give very careful thought to this: why would people come running to you if one of your competitors is already offering a product/service better than yours?
In today’s ultra competitive economy, you need to be working overtime to capitalise on every advantage you have in sight, and this is especially true in terms of business and entrepreneurship. You’re going to have to traverse to chaotic waters to get to the prize and at times, the odds are going to be overwhelming.

It is important to stay competitive and be at your best at all times. Here are four ways you can continue to be competitive as an entrepreneur:

1. Even if you don’t succeed, keep marching forward

Your business idea needs to be unique, it needs to stand out. You need to make people know that you’re offering something worth checking out. For instance, Disney is not only about exotic rides through theme parks but a place where “dreams come true”. Subway today is a popular spot for the health-conscious and gym fanatics alike, a place that started out simply as a fast-food chain.

If you’re an entrepreneur on a mission, you need to think big in order to attract top-quality prospects. Think about how you can change people’s lives and leave an unforgettable and lasting impression. Focus on a cause far bigger than yourself. Influence and inspire.

Start with research and development. See what people really need. There are many new technologies like augmented reality that help understand products and customers better. Use a mix of such technologies to reduce the chances of errors and to come up with a concept that ‘sells’.

2. Taking it all upon yourself

This might be something that many young entrepreneurs end up learning the hard way fairly early in their careers: you just cannot bear it all. It’s important to have a dependable team which shares your vision but it’s even more important to hone, nurture and lead that team to success.

When you watch your favorite sports team playing, you immediately see how all the camaraderie and collective focus leads to winning. The very same applies to business and even life. So work on your dream team and surround them with supportive people who are quick to compliment their strengths and compensate for their weaknesses as well.

3. Too much prospecting and not enough positioning

It’s only natural to be constantly looking for prospects and customers. However, if this loop never ends, it could leave you seriously burned out. Instead, position yourself first as a niche authority and trusted source of information as well as expertise. This will require strategic action on your part, but the outcome is going to be very rewarding.

Once you’re perceived as the “go-to guy” for a specific set of problems, people will start approaching you instead of you constantly chasing prospects down the street. When you reach this elite status, people will be more than honored to avail your services.

4. Not learning from the best entrepreneurship examples

Do you really have to go around figuring everything out yourself? Is there any need to reinvent the wheel? Certainly not!

Look to the top entrepreneurs and businesses in your industry – if something is working for them, you should follow suit.

A smart individual, especially a smart entrepreneur will be quick to reflect on his/her mistakes and find ways to speed up the learning process. You can learn a lot from mistakes other struggling entrepreneurs made before going mainstream.

Final words

What truly separates the boys from the men is having the bold ability to learn from your mistakes and being quick to follow the best-practice standards set by established entrepreneurs. Take these common mistakes into account and, remember, change is a constant, ever-evolving process. Embrace it like you embrace your loved ones.

8 Nov 2016 10:35

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About Boris Dzhingarov

Boris Dzhingarov graduated UNWE with a major in marketing. He is the CEO of ESBO ltd brand mentioning agency. He writes for several online sites such as Tech.co, Semrush.com, Tweakyourbiz.com, Socialnomics.net. Boris is the founder of MonetaryLibrary.com and cryptoext.com.




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