Your Business Doesn't Have Any Competition! What it means?

If you ever catch yourself saying something like “we don’t have any competition” or “there is no one that operates in our (business) space” watch out! You have just fallen into one of the most dangerous traps for business people.

What's the Problem?

The problem with falling into this trap is that you become unaware or incapable of being aware of what competitors are doing to erode your income. You become so convinced that your business is untouchable that you cannot see what your competitors are doing to take away your customers.

You are Far from Reality

To say that you have no competition is simply denying reality. There is always competition for the dollars that customers may, or may not, spend in your business. Every business has competition whether you are prepared to accept that, or not.

Of most concern is when a business operator in a particular industry says “we have no competition” when there are clearly other players in the industry. It is extremely rare for any business to have a true monopoly over the market.

What it really means?

What the business person with this point of view is saying is that they believe they are so unique in the way that they conduct their business, or, their products are so special that their business is the only place to which customers can come to purchase the product or service. Such a person might say “No one does what we do!” This is being dangerously naïve and, perhaps, somewhat arrogant. It is convincing yourself that you are very special and so far ahead of the pack that no one can erode your business. Further, you convince yourself that the market agrees with your view of your business. This type of thinking is dangerous to the survival of a business.

Be warned. If you find you or your staff saying you don’t have competition, you had better adjust your thinking before the competition, which you say does not exist, takes your business away.

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