Competition Exists, but so WHAT!
Competition is real. Competition is going to be a factor as you build your business. Competition is what pushes us to perform at maximum capacity. Competition is good.
These things are true, but what I didn’t mention was that competition can either make or break an entrepreneur. When times get rough and you’re feeling despondent because all of a sudden there are a million-and-one competitors coming after your niche, then just close your eyes and remember how these 2 brilliant entrepreneurs pushed forward in some of the toughest periods of competition.
Howard Hughes didn’t back down to Pan Am & the US Government
The legendary Howard Hughes built an empire through his tool, research, and aircraft corporations, among many others. Hughes faced some strong competition from Pan American World Airlines after purchasing a majority share in TWA.
It was literally Hughes against the United States government and Pan Am. In a corrupt ploy to form a monopoly over the airlines, the CEO of Pan Am, Juan Trippe, and a greedy US senator hatched a plan to destroy Hughes. Talk about competition!
In the end, Hughes prevailed. Through his cunning rhetoric, curt honesty, and cleverness, he was able to successfully break through his opponents and destroy all chances for a monopoly. He never gave up, even in the darkest of times. Just kept on pushing and pushing.
Richard Branson didn’t let British Airways bully him
In an attempt to increase the routes of Virgin Atlantic, Richard Branson applied for additional routes that would dramatically increase the scope and power of his airline. In a desperate attempt to close the door on such an ambitious play, Lord King, head of British Airways began a campaign to destroy Branson’s reputation.
He told the press that Branson’s clubs were riddled with drugs; that his airline wasn’t financially stable to support such a move; he intentionally delayed the repairing of his planes that were parked in BA’s maintenance garages, and the list goes on….
Lord King did everything is his power to dissuade the committee in charge of Branson’s route application. He even went as far as setting up a secret team to undermine Branson’s entire airline.
Throughout this onslaught on Virgin Atlantic, Branson kept a steady head and fought through all of the obstacles. On many occasions he sat with the committee officials and cogently convinced them of the untruth of these accusations.
In the end, he transcended his opposition and won the routes he needed to expand his airline.
Stay focused and keep on fighting
With enough determination and will to succeed, you can accomplish anything. Sure, it’ll be tough at times, but this cliché sums it up: “If it was easy, everyone would be doing it.”
This is both a good post and topic, David. As your post implies, many entrepreneurs are often disuaded to tackle an opportunity simply because competition exists in the market.
Good luck finding a great opportunity with no competition, right?
Eliot