Some thoughts on…..What not to do when faced with competition

Here’s an interview I did on the Finance Quarter for TVs ABC24. It’s largely based on this article I wrote for Smartcompany.

The essence of the interview is this:

1. When you start out in business most people you fly under the radar – few people will know you and you’ll probably have few competitors.
2. As your business grows and looks successful (even if you are not making much money!) other people will want a slice of the action.
3. Competitors will start emulating (or even directly copying) you .
4. Don’t panic!
5. In the face of competition remember why you started in business and what you are really good at
6. And this is the tip – don’t stop doing the good stuff that you do (that’s the mistake I talk about in the interview and article). Rather build on your core and stay focussed.
7. Easier said than done, I know. But big businesses have made that mistake and suffered. The story’s here

 

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