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Contributed by AFFLINK
Many people considering launching their own business stop because they believe — or are told — there is too much competition in that industry.
“If that’s you, you need to learn what ‘too much’ competition really means,” says Michael Wilson, chief executive officer for AFFLINK, a sales and marketing network of independent distributors nationwide. “If there are already many companies in your industry offering similar products and services, it usually means there is need for those products and services. Never let ‘too much’ competition deter you.”
Wilson believes this is so important for entrepreneurs and others starting their own businesses to know, it is now part of AFFLINK’s educational KnowHow series, which the company has created to help independent firms and distributors.
“Instead of too much competition, the real issue may be too little competition.”
Explaining his position, Wilson points to the following:
• When there is insufficient competition, it often means a few big players dominate the marketplace. When this happens, these big players may charge higher prices for their products and services, quality decreases, and [their] primary focus is keeping competitors out of the market. By being more cost competitive and providing higher quality goods and services, the door opens for entrepreneurs and new businesses.
• When there is insufficient competition, innovation is hampered. The prominent players fail to improve their offerings because they do not need to. This can negatively affect an entire industry.
• When there is insufficient competition, industry dynamism declines. It’s dynamism that makes an industry vital, meaningful, and generates enthusiasm. This results in enhanced worker productivity, innovation, and attracts more skilled workers.
• When there is insufficient competition, wages and working conditions may stall or come down. This can have negative repercussions throughout an industry.
“Ultimately, it is your passion for starting your business that is most important, not how much or how little the competition,” adds Wilson. “Passion leads to innovation, dynamism, and ultimately, success.”