I’ve spoken to a lot of aspiring entrepreneurs over the past 20 years, and one of the major themes that comes up is they are deterred by competition.
They try to come up with some unique idea that nobody has ever thought of.
This is incredibly difficult, and if you can do it, great, but competition will soon follow. Sure, there can be a first-mover advantage. In the book 48 Immutable Laws of Marketing it states: “It’s better to be first, than it is to be better.”
I hear them say with great enthusiasm, “What if we do XYZ!?”
Then there will be a groan and deflation when they find out that someone has already beat them to that idea. In 99.99% of the cases, you will not be able to avoid competition.
Therefore, why not just pick a lane that you are uniquely skilled at, or extremely passionate about, or have some unfair advantage, and pursue that?
There are many benefits to being a small, agile, underdog in a space dominated by giants. Companies such as Facebook, Google, Slack, Gymshark, Lululemon, White Claw, … none were not first to market.
👉 They took chances that big companies wouldn’t dare take
👉 They could pivot quickly where big companies could not
👉 They saw opportunities in their hunger than big companies missed due to their complacency.