May 10, 2012

The Fools Gold of Entrepreneurs: "I Don't Have Any Competition"


As we deal with  young entrepreneurs, we often have the tendency to criticize what they may or may not be doing correctly. Competition is a topic that is often overlooked among these individuals.

It's not that they ignore competition, but they look at the topic in the wrong perspective. Competition is something your business must have, not something you don't want.

If you find yourself bragging about your lack of competition, remember these points below:

  1. There is no need for your product or service, which means you don’t have a market.
  2. You aren’t aware of your product’s value to consumers.
  3.  Blindspot: You are dangerously unaware of your competing commitments.
  4. Rookie mistake: You are signaling to investors that you are a rookie entrepreneur.

What About You?: Do you fall into this "fool's gold" of competition? If so, why?

 This article was contributed by Cheap Revolution's Editor CJ ARLOTTA with SKIP SHUDA.

May 10, 2012 7:41:12 AM | Best Practices for Building Companies, Entrepreneurs , Entrepreneurship, People and Companies - Teams and Dreams

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