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Industry News

How to stand out amongst the competition

Entrepreneurs should work to define themselves so that they do not fall into the trap of becoming reincarnations of competitors.

Entrepreneurs should work to define themselves so that they do not fall into the trap of becoming reincarnations of competitors.

Intense competition can foster a healthy business environment. For start-ups, which need to build and build quickly, intense rivalry can promote growth, creativity and efficiency. Of course, in industries with multiple companies vying for the top position, it is important not to let competitive spirit, and the desire to be as good as those around you, shape your company. Entrepreneurs should work to define themselves so that they do not fall into the trap of becoming reincarnations of competitors. Here are a few tips to help your company stand out amongst the rest:

Hire exceptional people: It may seem obvious but hiring the best talent is essential to industry success. Getting off your feet as quickly as possible isn't going to be especially advantageous if you have hired hastily and end up with a team of players who only give 50 percent. Your work environment should emphasize hiring on the basis of merit — not age or experience. If you are focused on building a culture of youth or one of consummate craftsmen, you may end up skipping over unlikely talent. 

Question everything: As appealing as it may be to adhere to industry standards and do what has worked for others in the past, it is a surefire way to disappear in the market. Do not take the road of arrogance and assume that what has been done before is irreparably flawed, but don't fall by the wayside and copy what everyone else is doing either. There are a number of ways to get things right, and long-term success demands originality and innovation. 

Stay focused: A little rivalry is a great way to motivate your team but don't let it become a distraction. Don't get bogged down in outperforming competitors if all you can think about at any one time is what they might be doing today, tomorrow or next week. Your business should always be at the center of your attention. Work on incorporating your business, drawing in investors or connecting with clients, and make sure competitiveness doesn't backfire on you.