No Competition Can be a Bad Thing Just because you stumble on a seemingly untapped niche in your market doesn't mean you were the first to do so for that niche. Someone might have been there before you and decided not to proceed, or they may be in the stealth process of proceeding as you follow only steps behind. Of course, you may have genuinely been the first to a space and grow the thing handsomely. This newsletter was the first of its kind and many followed thereafter, some to sell out for millions. Competitors are really a good thing. They give you something to benchmark against. How much do they spend on marketing, recruiting, operations and the like? There's an ancient Chinese saying that, paraphrased, says: "Learn a valuable lesson from your enemy and take it with you after the conflict is over." Anyway, competitors are good for morale! You can rally the troops by pointing out how cruel, dastardly, and amoral they are. You can mock their values and make fun of their foibles and business practices. "Look at them! Those fools, the motley bunch of them. Hey, I wonder what kind of deal we can cut with them. What's that guy's cell #?" |
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