My competitor just got acquired, and I'm still in startup mode. Is the writing on the wall?
I've been struggling to get my business going for the past few years, but I've been handicapped by a lack of funds and resources. Now a competitor has been acquired and, with new resources, has announced projects I've had planned for more than two years. I still have one project in my back pocket but no money or resources to execute. I've heard of similar setbacks happening to other entrepreneurs who have gone on to do amazing things. I'm trying to decide whether I should keep pushing or if I'm just in denial while I'm racking up debt.
First off, I'd say stop "competing" and start being unique. What sets you apart in the marketplace that you can use to leverage existing resources or assets to your target market?
Also, start looking at your "lack" in a more flexible way. Is there a way to leverage current resources at little or no more out-of-pocket cost? Is there an option for you to joint venture or cross-promote your resources with another company or companies to tap into a new or different market?
If you are clear about your end result, it doesn't matter how you get there. And who knows? By getting your own products in front of new audiences, you may find yourself the target of a buyout down the road.
All the best.
Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.