published on Apr. 06, 2020 Client: Greycroft – Albertsons Ve ...Read More »
Lessons for Entrepreneurs #1: Don’t fixate on the competition
As a veteran PR and Marketing professional, I can attest that the results of a prestigious start-up competition commands a lot of attention from startup stakeholders
If one were considering whether to invest in, work for, or sell the products of a startup company, what could be more helpful in that decision process than a clear and credible assessment of the strengths and weaknesses of current and potential competitors?
Plus, it’s actually pretty fun way to think of business. You and your comrades setting out on a do-or-die mission to crush the life out of the competition. So, lesson #1, don’t fixate on the competition, is incongruent with reality, it would seem.
Such is the life of an entrepreneur. Competitive runners like to use this expression, “run your own race.” What most of them are conveying here is an intention to rely on their own individual perception of their effort and measure it against their personal remaining reserves of energy — instead of comparing their effort to the other runners.
The goal here is to pace themselves through the race and not allow other runners to determine their pace. However, don’t be gulled into thinking you’re not in a race. By all means, unleash those competitive instincts, just consider the fact that in a fast-growing heated startup category, where there is a lot of marketing money being thrown around and PR noise being made, a fixation on what the other guys are doing can easily lead to losing sight of your own company’s goals and objectives.