Whether you are a trailblazer or a entrepreneur, competition does eventually shows up. And more competition will showup as days go by.
You do have a choice to either ignore competition or to accept, adapt & thrive. Ignoring competition is usually a path to annihilation. Accepting the existence of competition and adapting by focussing on your strengths, differentiating and giving customers a reason to choose you is a means to thriving in competition.
When competition does show up it attacks you with innovation or price and can cause significant loss in revenues. Traditional business theory suggests to leverage complex analysis and respond back to competition’s moves. However, it’s more important to focus on your team & product strengths, find ways to differentiate, give reasons for your customers to pick you instead of someone else. In a grocery store shelf, stocked with various boxes of cereal some boxes appeal to price, others to taste and the rest to packaging and brand conscious customers. There are a few cereal boxes which don’t really speak out why they are different or interesting.
So, when competition does show up what is the reason a customer will pick you?