Can one face competitors in business and still succeed. And how? - page 6.

ultrloa

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

Its natural to have competitor especially if they see your business starting to succeed since their are people really want to replicate what you do since they also want to get the best result for their business.

So what you can able to do to fight back on the competition is to became more friendly on your costumers and offer best service which they would became more satisfied since for sure that those people would see that you are approachable and doing them some favor will stick on you since and they won't go anywhere because they are happy on what you have provided to them. Also try to lower down the prices of your goods and services since provably that costumers will go to you since lots of people think about savings and provably that they would go to you since they can save some money compare if they buy at high price to your competitor.

stadus

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That's just business competition, it’s completely normal in the business world. Starting a business isn’t easy if you don’t have the knowledge about how the market works and the courage to face challenges. Before starting, you should already anticipate that eventually, competitors will emerge and become a threat to your business. You can’t avoid it; it’s part of the reality. The best thing you can do is improve your service so that your clients or customers still choose you.

Also, think about it from another perspective - healthy competition actually improves customer service. It may seem tough for you, but for the customers, it’s a benefit. Remember that all successful business people have faced competition, and because they tackled those challenges, they succeeded. To put it simply, think of running a business as problem-solving. Every problem you solve is a step up, and before you know it, you'll realize you’re at the top.

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Quote from: WillyAp on October 23, 2024, 09:38:23 AM

Someone is copying you? Take it as a compliment.

It's not copying but stiff competition. If you copy someone's business the ideal thing to do is to either refine it or situate your own business in another location. If you see this move as mere copying the business might end up becoming bankrupt.

Quote from: Helena Yu on October 24, 2024, 12:03:08 AM

You need to learn how to harm or attack someone without make them know if you're the one who did that. If you didn't attack them first, someone will attack you, that's why in business, there's thing called zero sum game.

In business, it is the survival of the fittest. But I don't think I will ever create a false narrative about a business or harm anybody because of competition. That's going to the extreme. There are other legal means of outsmarting competitors.

Helena Yu

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Quote from: MrEazyLife on October 23, 2024, 09:08:25 AM

But the aspect of creating fake news in other to destroy the competitors business I think is too hash of a word. Knowing that the same measure you used towards others is the same measure that will be used for you too.

You need to learn how to harm or attack someone without make them know if you're the one who did that. If you didn't attack them first, someone will attack you, that's why in business, there's thing called zero sum game.

Quote from: WillyAp on October 23, 2024, 09:38:23 AM

Someone is copying you? Take it as a compliment.

Don't sugarcoat it.

Someone is copying you mean you're successful than them, this mean either they want to become as successful as you or they want to destroy you, however either of them will reduce your profit.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Competition, that's it. In every industry, they'll never be gone and this is for the sake of the consumers to have a lot of choices. If it's not for competition, everyone won't have better choices for products and services. I know that it's kind of devastating when you see someone put up the same business ideas, products, etc. near you because they've seen it with their case study and from you.

Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

Just be the better competitor. Don't lowball your products and services, stick to what you've been doing and more marketing to come. I know that lowballing is what the consumers like but what it will be for you is going to be totally damaging and that's the reason why you'll be the first to be out of business and then your competitor wins.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.

OP, it means your business is really doing well if someone copied your idea and implemented it on their way. Business is full of people copying someone else’s idea. What would make you stand out is how you differ from these other businesses

Quote

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

You will always encounter people who would copy you or maybe even do better than you. There is no other answer but for you to do better than that other business. There should be something unique about your business that even if there’s another business right down the street, customers will still choose to go to your business. Check what are the weaknesses of the other business and strengthen those things in your business.

shinratensei_

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the first time you have business in mind, you should be prepared for competition, that's just how things work, some people will try to invade your "space" and take off some chunk of your profit, the question is, can you still make your business run and sustainable?

if the business is something you invented, like inventing a product, try to patent it, it's a good way to keep your competition out of your way, however, if it's just another ordinary business with no patented-able product, just embrace the competition. big business also have competition, but they cater to their own customers, the world is full of people looking to get the same opportunity, imitating is also one of the easiest way to make profit. no wonder competition is imminent.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

You are very funny Cheesy

The business you are doing there, are you the first person to do the business? Why make it as if it's your parents and intellectual property right? You don't have the power to monopolized a business in an open economy, every other person has that right to do the same business unless you are selling a unique product which you must have trade mark and copy right protected so that another person don't steal your idea to make money but even copy right has expiry date.

Anyone has the right to sell what you sell, you weren't the first person to try the business right, it was done somewhere before you tried it and even if another person comes close to you to do the same service, you have the right to outperformed the person and do everything necessary to sell more than the person. Haven't you see two restaurants sell close to each other and yet one has more patronage than the other, it's how you market your business you are going to sell. Instead of worrying about this, channel that energy for improvement and win the customers.

Roseline492

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?

OP no matter how much time you have putting in getting a right location for your business doesn't make someone who open the same business close to you is a bad person because that's how business works and perhaps it could even be that while you were scouting for the right place that's how other persons were also looking for a good location but it just happened that you started before them, so don't feel bad because I don't no if you have seen a location were so many people sells the same thing but only one is the most favoured by the customers because of how they comport themselves to them and how they also make products always available and there prices because when a customer visit your shop three to four times and you did not have what they want automatically the person that has it becomes there customer, so if you have all this I have mentioned you shouldn't feel sad about that because the person does not envy you and besides the only business person that get scared of competitors are people who cannot manage a business very well because competitors are the ones that brings excitement on the business.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

Absolutely, businesses are always evolving and intense competition between them is usually beneficial for the average consumer. Just look at the cell phone market - sure there are plenty of high priced phones, but there are a whole spectrum that have the price going down to $20 for the cheapest, most basic versions. They will often copy each other because there are very limited ways to differentiate these days. It's worth noting as well that smaller businesses may have a money disadvantage but they can often be more nimble in changing to a new consumer trend, plus they don't have long term baggage from employees who might have accumulated all sorts of expensive benefits over a 40-50+ year career with a single company.

MrEazyLife

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Quote from: avikz on October 23, 2024, 01:11:04 PM

Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

Competition is a part and parcel of the daily life of a business owner. But when comes to business sustainability, quality wins big time. Work on your product to ensure highest quality for your consumers and you will win.

If you are trying for some discounts or rewards for your consumers, that might work as well but for short term.

Work on providing loyalty benefits to your clients to encourage repeat purchase. What's the nature of your business?

I deal on frozen food like chicken, fish, Turkey and others seafood. Then I also sale food stuffs items and provisions.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

Competition is a part and parcel of the daily life of a business owner. But when comes to business sustainability, quality wins big time. Work on your product to ensure highest quality for your consumers and you will win.

If you are trying for some discounts or rewards for your consumers, that might work as well but for short term.

Work on providing loyalty benefits to your clients to encourage repeat purchase. What's the nature of your business?

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Quote from: SatoPrincess on October 23, 2024, 11:10:19 AM

Don’t take it as envy, if nobody is imitating your business/idea, then you’re doing something wrong. Imitation is the easiest way to succeed in business. People find a business model that’s successful and they follow the same blue print. Big companies do it all the time, it will be foolish of small business owners not to take advantage of imitation as a business model.

“If nobody is imitating your business/idea, then you’re doing something wrong.” This is a take home for me. You made a huge point here. Now I’m beginning to feel proud that I can at least introduce what others can imitate. Thank you very much.

pusaka

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

This is a very common thing in the business world, because there is no business without competitors at all, even in some cases people build the same business with almost face-to-face places. If we intend to enter a world like this, then the first thing we must prepare is mentally. And actually the existence of competitors should be a motivation for us to continue to innovate about the business we are running. Without competitors, we might be too comfortable and that can actually bring negative things to our business. Well, here we can learn a lot and hone our abilities in developing a business so that we can compete healthily. Because consumers will definitely choose what they think can make them comfortable. This is based on personal experience when I shop for example, we as consumers definitely want the best and also want to get the best service.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

This is something that has really been a burden to me and I need ideas on how to come out of it.
A lot of people out there are also facing same challenges.
You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

This is a serious problem in business. When people see the customers you are attracting to your business they just generalize that you are making lots of profit. The next move to to situate thesame business close to your own. You cannot stop people from starting businesses close to you, but you can adopt some measures to overcome competitors.

1. Increase advertisement
2. Improve the quality of goods or services.
3. Gradually diversify your business
4. Look for other sources to buy cheaper products so that you can give discounts.
5. Offer some incentives like free home delivery
6. If the market is saturated in that area, consider moving to another location.

Findingnemo

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Even though both are similar still not the same, all you need to concentrate on is is making yours unique and only available in your location not near proximity. For example, a restaurant, sure there can be multiple restaurants in the same corner but what makes the one unique will be filled with people like the exclusive menu, good ambiance, or special deals and combos. That's the reality, you can't expect to take everything to you even if you come up with that idea initially and you need to keep getting better to stay in the business or else what happened to Nokia is good example.

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Quote from: MrEazyLife on October 23, 2024, 08:00:01 AM

You can imagine successful setting up a business in a well suitable location and then just when you think things are getting better and enjoying your peace of mind. You find out that another person gets to set up the same business as yours very much close to you.
If this isn’t envy what else should it be call?
I mean you scouted the place and that is when others wants to buy in to the same idea.
Even if they want to start a business in the se location why the exact business some other person had on going.

Please I need ideas to be shared so one can find a solution to problems like this. And others who has intention of going in to business won’t be a problem or look like they’re being a competitor to the already existing business owners. this is the reason for this trend

When you don’t want competition in your business then you’re basically just trying to manipulate that market which is one bad thing about the market. If you get competition on a particular commodity introduced by you then simply know that you’ve brought something that holds value and that’s why another business strategist is hoping onto it. This competition might actually look as a way to reduce your demand but I tell you it doesn’t once you keep up with the quality. In fact competitors like this helps you to get and insight as were your market has flaws and you build on that. People chase after quality as long as that cost is effective to them.

Let’s take example of the first digital currency bitcoin even it is not a commodity but haven’t you seen the numerous numbers of altcoin projects going and each is trying to better bitcoin but as that reduce the value of bitcoin, isn’t it’s adoption still growing more, it’s even when there is other projects like us that many people even value the quality you have built. Many people are fudding bitcoin today because of transaction scalability but yet it usually has the highest trading volume each day due to it’s security.

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Is there any business that has no competition? I have been thinking about it for a while now, but I can't think of anything... As some others have mentioned, instead of thinking about the competition it would be better to focus on your business and try to do it in the best possible way.

There is no universal answer, first you look at where you are and try to fit into that location... in some places, better service is more appreciated regardless of the price, in some areas, it is better to have lower prices than good service. So you adapt to the local market and offer what people need, that's the way you can succeed.

SatoPrincess

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Don’t take it as envy, if nobody is imitating your business/idea, then you’re doing something wrong. Imitation is the easiest way to succeed in business. People find a business model that’s successful and they follow the same blue print. Big companies do it all the time, it will be foolish of small business owners not to take advantage of imitation as a business model.

mindrust

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Competition is nothing to be afraid of. As long as you do your job well, keep your customers satisfied, offer good prices, quality services and products, nothing can go wrong and believe me, there are lots of business owners that fail at doing these successfully. So there is always a spot for a hardworking and honest business. Take a look around you, you’ll see lots of people are very bored, don’t like their job, treat customers badly… You can be better then them and drive them out of business. It is that easy. Don’t be afraid of competition, embrace it.

Topic: Can one face competitors in business and still succeed. And how? - page 6. (Read 1185 times)