It Is All About You
Join us in a city near you at Entrepreneur’s Accelerate Your Business event series kicking off Feb 23. View cities and dates »
Q: What's the best way to view the competition?
A: A sure sign of a weak company is one that frets over the competition, says Simon Sinek, consultant and author of Start With Why, a book on how leaders inspire organizations.
But the best way to deal with competition is simple: Ignore it.
"The greatest leaders don't care what the competition thinks," Sinek says. "They wake up with an obsession to make their own companies better than before."
In other words, it's not about providing more features or better pricing than someone else; it's about knowing what you stand for. This attracts loyal customers and dedicated employees, which provides a greater business advantage than pitting yourself against a rival.
If you need help adjusting your attitude, Sinek suggests re-evaluating your motivations. If you're just chasing some market opportunity, it'll be tough to adopt a true leadership perspective. "But I think most entrepreneurs start businesses because they are passionate about their ideas," he says. "As things progress, they can be consumed by the daily grind and forget the original vision."
So if you're insecure or stressed out, remind yourself why you took all those risks in the first place, and renew that feeling.
For reprints and licensing questions, click here.