So, you’re doing great and business is doing well. You feel confident in your products/services and you seem to have a very happy client base. Then, all of a sudden comparisonitis rears its ugly head. You’ve come across a new competitor in the market and like an annoying itch, the feeling of self-doubt threatens to destabilise all the confidence you’ve gained.
Easier said than done, but the crucial thing is to think logically and not fall into the all-encompassing trap of comparing yourself to others.
Why you should not compare your business to others
It’s not a fair fight to begin with
Firstly, you don’t have all of the facts. Yes, on the outside they look as though they are a similar business which allows you to draw your comparisons but do you have all the facts? How long have they been in business for? Are they based near you? Do they target the same market? Do they have a higher workforce? You already know that what makes a business successful mostly happens behind the scenes. If you only see what the business portrays to the outside can you really make a fair assessment?
Your eye is off the ball
By paying attention to someone else’s business, your clearly not paying enough attention to your own. All your energy should be focused on making your business successful and what other avenues you can explore to grow it. By focusing on another business to compare to, you are missing opportunities which may be beneficial.
It’s an emotional rollercoaster
Whilst you may find some advantages your business has over the competition, being the critical perfectionist that you are you are likely to find 10 more advantages that your business DOES NOT have! Which destroys all the confidence and pride you had built up through all of your hard work.
Comparisonitis or The Fear Factor?
Let’s face it, whilst it is dressed up as comparisonitis, or market research, or whatever is the least degrading explanation for it Comparisonitis at its core is Fear. Fear of the unknown, fear of failure, fear of rejection. If comparisonitis leaves you feeling less than positive about your business and your accomplishments and if it leaves you feeling that you cant do something or you are not succeeding then it is not a bout of Comparisonitis you have its a bad case of The Fear Factor.
The main ingredient that you need for a successful business is focus, followed by determination. Whilst market research is perfectly acceptable, don’t get too hung up on it and allow it to become a comparison to others. Your business is a success based on the foundations you have created, now build on it and grow it. Your competitors may just become your customers.
For more useful tips visit our website www.valueaddvirtual.co.uk
Venturefest Scotland is a national business innovation summit designed to help high-growth SMEs and ambitious early-stage companies to grow through innovation. The day starts well with coffee (all days really need to start with coffee) but I did manage to bypass the pastries this time. Kicking off sharp at 9am with the plenary I was pleasantly surprised to see a 50:50 male/female panel. Today is going to be a good day.SE announced their new start2scale support program targeting fast-growing start-ups and early-stage companies as well as existing companies with ambitious plans to scale.
It’s no secret that Social Media is everywhere. It’s there when you first wake up, when you flicking through your e-mails to get a head start on the day ahead, it’s on your lunch break when you Instagram what you’re about to devour, it’s on your commute home from work when you tweet how stressful your day has been and then it’s even there at night when you Facebook the world about how you survived “hump day” and then search through Pinterest for ideas of how you are going to make your spare room look “Retro-chic” on a budget… although everyone knows you’re still going to buy that tin of Magnolia.