Drinking with the competition
Competition can be an external force that crushes our profits.
But it can also be a mentality holding us back.
Even when there’s no real there there.
This week, I'm taking a break from NYC to work remotely in the Smokey Mountains. It’s been lovely: Hikes or swimming every day, stunning views each morning, friends and interesting conversations abound. We’re surrounded by a sense of abundance here. So much natural richness and green.
Every morning, we sit on the porch and watch the hummingbirds. They flit around a feeder nearby and fight over who gets to drink from its nectar. For us, it’s a real treat…
…For us.
This is NOT a real treat for these birds.
They are battling it out! Each creature only gets a quick second to drink before being dive-bombed by another. Each nervously looks around as they drink, worrying that the competition is ready to attack.
The irony is this:
That nectar bottle holds a full liter of liquid.
There is more than enough to feed these little guys. And it’s filled regularly. If the birds would just drink their fill and not worry about who is next, they would all get more to drink and wouldn't have to waste energy fighting. In fact, the more often the birds come to drink, the more often we will refill the bottle.
Here’s how this relates to your startup:
The world of venture-backed startups and pitch decks has trained us to pick a brand-new or underserved market where no one else operates. VCs have convinced us that we need a near monopoly in order to have a viable business idea.
But for the majority of businesses, this is not true. In fact, it can be a sign of a bad business idea:
Competition proves there’s a customer need.
Competition creates experienced suppliers.
Competition can educate your customers.
Competition teaches you what works and what doesn’t.
In many situations, competition can actually grow the market.
So maybe it’s time to stop wasting your energy thinking about beating your competition
And instead, focus on drinking all you can with your business.
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