ENTREPRENEURSHIP

Why You Shouldn’t Fear Competition

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To some business owners, competition means low sales; and in attempt to avoid competition they end up becoming even more irrelevant.

Competition, according to Oxford Dictionary, involves two or more parties competiting to gain customers.

Competition makes business interesting, for without it there would be no varieties or creativity.

Smart entrepreneurs flourish even in the face of high competition.

The fact is that competition is usually high where there is high volume of business activities.

Sometimes, I wondered why banks in Nigeria are usually located in the same area.

Could it be competition?

Note: Area of high competition, isn’t area of low sales.

For instance; if you wish to set up a restaurant, it’s preferable you locate it in an area where there are other restaurants, and high business activities.

Irrespective of how big and competitive the market is, with creativity, there will always be a market for you.

Example:

Can you imagine starting up your restaurant business in the midst of the three biggest restaurant brands in Nigeria: Tantalizer, Chicken Republic and Mr. Biggs?

The concept is this: While those three eateries specialize in “posh dishes” like fried rice, steamed rice, fried pizza, toasted eggs, an all manners of fries, you should specialize in what I call, “locally-posh delicacies”, where you serve foods such as: Jollof rice, Ofe Akwu, Ewedu, Banga Soup, Moi moi, Nkwobi, leafy plantain, etc…

Lol! Package your restaurant business with a taste of local poshness; if you must serve local delicacies, be uniquely local.

Creativity is all that is required in the face of overwhelming competition.

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