Hello house, in my last thread post, I briefed us on the dark sides both aspiring and existing entrepreneurs must face before succeeding. You missed it? No problem here is a link to the thread https://www.nairaland.com/3814705/5-dark-sides-entrepreneurship-never

Well today, we will focus on the 'Critical Advantages You Have Over Your Business Competitors'

One out of every three small businesses today is scared of one major issue; their competitors. The presence and influence of these competitors can have an effect on small businesses especially, if those competitors have been in business for a long time.

Of course, competition makes businesses to always be on their toes, so as to avoid been overtaken. Competition brings out the best not just in business, but in every sphere of existence, to remain at the top, competition is a necessity.

Monopoly on the other hand, kills an economy because, they will always have the economy of any region or business sphere under total control and domination making it literally impossible for the public to voice out their grievances.
For a new business to thrive, it must be able to withstand the waves and tides its already established competitors will throw at it. Businesses must recognize their strengths and edge they have in order to compete effectively with their competitiors.

In the course of research, applications, studying the patterns of successful entrepreneurs and of course conversations from colleagues and mentors in business, there are four sustainable advantages every business start-up has over its competitors if they are cherished and used effectively.


1. Your Knowledge and Skills

The knowledge and skills you possess are the foundations of what you plan to achieve. No two persons possess the same level of knowledge, even if you were taught or trained by someone. You can increase that level of knowledge by learning more on your own. As you may know, no knowledge sticks deeper than what you taught yourself. Your rich competitors are always scared of new businesses springing up, why? Their methods of operations, knowledge and skills are old, outdated and to keep up with the trend, they have to spend more and find young minds like yours who are already in the system.

With your existence in mind, they will try to best you by working harder, while you work smarter which is the key to success. Knowledge is power to those who possess it and know its values. Your competitors are aware of the fact that the absence of knowledge is the presence of weakness and are willing to learn more at the slightest chance they have. To succeed and make the best use of your acquired knowledge, you need to make sure your knowledge and skill set are powerful then you must understand the worth and value of your knowledge because, the difference between the successful and others is the worth and knowledge of values.


2. Your Marketing Strategies

Marketing is the engine of any business and is your second deadly advantage. How? You might produce quality and wonderful products and fail, your competitors on the other hand can produce second hand and poor quality goods, still make great sales and monopolize the market all because of good marketing. Marketing is the basic function that can make or break your business. When you apply good marketing strategies, people will be willing to part with their money in exchange for your products.

Your marketing is one thing your competitors cannot copy if you do it right and you should not delegate it to a body or department that does not understand your business, this is one thing most start-ups fail to understand. In the long run, if poor or incompetent hands manage the advertising of infant businesses, they end up quitting the marketing of their business which is the beginning of the doom of their business. Powerful marketing is rare yet powerful. The impact of this advantage on your business is this, you could be ten, twenty or sixty times successful than your competitors, if and only if you apply effective marketing.


As much as competitors will try to intimidate infant start-ups, infant start-ups can still compete with them and achieve milestones in their businesses. The major reason competitors act fast when new businesses come up, is not because they want to knock the infant businesses out of business. Well maybe that’s the reason. But what is the reason behind that reason? The rich competitors have kept that reason a secret and what is that secret?


Infant businesses equip themselves with new weapons and strategies that are futuristic and such skill-sets will make these young businesses overtake, knock out and if possible acquire the old competitors’ businesses. Those strategies are the values which separates the achievement of infant businesses from the glory days of the competitors. Those values include passion, commitment, focus, persistence and honesty. This is the major reason competitors fret and act when infant start-ups emerge.

Your thoughts.

Of course there are more critical advantages your business has over its competitors, you can find them here: http://nohitch.com/four-critical-advantages-you-have-over-your-business-competitors/


Source: http://nohitch.com/four-critical-advantages-you-have-over-your-business-competitors/

Chai op, your points bursting my head like kilode 100% on point, ah!!!

Lalasticlala ayaff see a big SNAKE nodding at op's points oooo

I will make sure that I leave my competitors gasping for breathe in my pursuit, with these points noted. More grease op

QuitNotice:
Chai op, your points bursting my head like kilode 100% on point, ah!!!

Lalasticlala ayaff see a big SNAKE nodding at op's points oooo

I will make sure that I leave my competitors gasping for breathe in my pursuit, with these points noted. More grease op

I am glad you liked it.

Love this.. Keep it up

Smartlife:
Love this.. Keep it up

I am glad you love it..
Sure more knowledgeable posts on the way