Joining Forces
Work with your competitors--not against them--and soon you'll be succeeding with the enemy.
As a supplier of printing, packaging and in-store displays, James A. Klein competes against every printer, box-maker and display-builder in and around Chicago. But he also buys products and services from 50 or so of these same firms. And if he learns that a promising prospect is already doing business with one of his printers or suppliers, he backs off in a hurry.
"We will not compete against the vendors we use because that would not be fair," says the president of eight-person Diversified Merchandising Inc. in Skokie, Illinois. It also wouldn't be good business practice, say advocates of a half-and-half approach that blends competition and cooperation in a strategy called "co-opetition."
Cyber Monday Subscription Sale - Unlock this subscriber exclusive article and more for 50% off.
Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.
Get 50% off an annual subscription today. Just use code SAVE50 at checkout.
Entrepreneur Editors' Picks
-
How an Encounter With the 'Armpit of Destiny' Helped the Founder of Grubhub Take His Business From His Apartment to a $2 Billion IPO
-
You Can Train Your Brain to React to Stressful Situations Better. Here's the 3-Step Process.
-
How to Stay Organized and Productive While Working From Different Locations
-
A Disastrous Valentine's Day Inspired This Founder to Launch Her Own Floral Brand. It Became a Celebrity Magnet With Retail Revenue Up 450% Since 2019.
-
What Is Your Dream Job? Ask Yourself These 4 Questions to Find Out.
-
This Is the Crazy Process This Juice Franchise Went Through to Get USDA-Certified Organic. But It Sure Has Paid Off.
-
No One Would Rent Me a Café in Trendy NYC Neighborhoods, So I Tried Something Risky. Now I Have 3 Coffee Shops.
