Dealing with Competition
Whether your business is targeting an new market or trying to penetrate an existing market with a new solution, you need to understand the realities of dealing with competition. You must learn how to maintain a positive relationship with a competing company through the stages of business growth, from insignificance in the start-up stage to when it starts gaining market share to when it appears on everyone else’s radar.
Your competition is any business whose sales you could potentially take away.
Use this model to prepare for meeting your competition. You might do so through customers, suppliers, industrial relations, or in person.
Topic Objective: To identify your competition and determine how to differentiate yourself from them.
Your Outcome: Increased confidence in your business and yourself.