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How Competition Can Be Beneficial for Your Business

Taylor McPartland is President & Co-founder of FilmBreak (filmbreak.com). In this video he talks about how competition can be beneficial for your business.

  1. Originality is a myth
  2. First is not always best
  3. Constantly evolve your product

Transcription

As you begin to develop the idea for your company, you may be doing some research on the internet, around your town, asking family and friends and you’re going to realize that there are other people out there doing something at least vaguely similar to what you’re doing. This is not a bad thing. If you have a good idea odds are that someone has already thought about it. Is already doing it or is already developing it.

Secondly, don’t use that as an excuse to rush your product to market before it’s really ready for customers. The second mouse get’s the cheese. So take your time. Sit back. If someone else beats you to market it’s totally fine. Just make sure that you learn from their mistakes. See where you can improve. Make those improvements and then go to market when you’re 100% ready.

And third once you’re in market continue to evolve. Don’t sit back and rest on your laurels. Get out there. Continue to build your company and you will absolutely be a success. So just remember competition exists. It’s out there. It happens. Put it in its place and learn from it.