Entrepreneurs

Why Entrepreneurs Should Help Each Other

Too often competition creates enemies and instead of cutting off a helpful connection, the idea should be to work together
Why Entrepreneurs Should Help Each Other
Image credit: shutterstock
Chairman-cum-managing Director, Ascon Infrastructure (India) Limited
3 min read
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There’s an African proverb that says, “It takes a village to raise a child.” What does it take for an entrepreneur or small business owner to successfully raise an idea into a profitable business?

Working together with other entrepreneurs is the foundation to building a successful business that will grow and prosper.

Too often competition creates enemies and instead of cutting off a helpful connection; the idea should be to work together, learn from each other, and build your businesses. Support in form of guidance, advice and discussions with likeminded entrepreneurs are very important for creating new products and services, it boosts the confidence level of entrepreneurs. Once you start bootstrapping many entrepreneurs in a group come forward with their similar tales of trials and tribulations and share their experiences and suggest solutions to each other’s problems.

Do Not Badmouth Competition

It is advisable not to bash other competing companies; it is quite often seen in networking functions, public speeches, and leads groups. Often an entrepreneur says their business is the best, and all other companies are bad.  A polite way of putting across the message that your company is the best in the league of great companies makes it far more soothing.  This builds goodwill. By not denigrating competing companies, potential clients will go with your services.

Areas of Excellence Where Competitors are Lagging

Simply acknowledge the negative information about your competing companies and let the client know how you will strive to do your best to create a positive experience for them. Don’t want to spread rumors or bad feedback about other companies. Ensure your business does not have same pitfalls as your competitors have and try to improve on them. Acknowledge good feedback of your competitors and again use it to enhance knowledge. Do not engage with your customers/clients on negative threads of your competition

Fostering Alliances

Building alliances with similar businesses helps your bottom line. Working together with businesses in our industry has proven to be a win-win in all situations.

Referrals and Complementing Competition

Realizing the benefits of each other’s services will help your business, build trust, and provide the best possible care for your patients.

Importance of Online-support System

  • Join and participate in social networking sites like Facebook, LinkedIn and Twitter.
  • Blogs and online conversation can b extremely beneficial.
  • Follow posts, tweets and comments for new information and knowledge.
  • Contribute by offering valuable experience
  • Meeting other entrepreneurs to discuss business topics
  • Mentoring one another.
  • Helping launch a new business idea
  • Sharing contacts and referrals to help overcome problems
  • Providing relevant presentations to improve business knowledge
  • Sharing how to use technology and the internet to market
  • Making entrepreneurs aware of free and low cost support for working through start-up teething issues.
  • Connecting entrepreneurs with key mentors and finance sources
  • Networking with service providers serving the entrepreneur community
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