Starting a business is like riding a roller coaster – thrilling, unpredictable, and occasionally vomit-inducing. One common pitfall many entrepreneurs face is the sense of demotivation that can stem from excessive research into competitors. It’s like staring into the abyss and the abyss giving you a smug grin. Here are some tips to navigate this tricky terrain and not get paralyzed.
1. Focus on Your Unique Value Proposition (UVP)
Focus on what makes your business unique, the special sauce that only you can offer. Forget about the other guys for a minute and remember why you started this crazy journey in the first place. Spoiler: it wasn’t to be a copycat.
Simon Sinek’s “Start with Why” is all about understanding your core purpose and passion – your “why.” Steve Blank’s UVP design boils down to “We help (X) do (Y) by doing (Z).”
2. Be Specific with Your Research
One obvious trick to avoiding demotivation is to be specific with your research. Define clear objectives for your competitor analysis. Are you looking to understand market pricing, identify gaps in the market, or learn about customer preferences? Having precise goals will help you stay focused and prevent you from wandering into the never-ending maze of “just one more Google search.”
3. Realize that competition means demand
As much as I hate the phrase, having a “growth mindset” Carol Dweck’s research on the topic suggests that viewing challenges as opportunities to learn and grow can significantly boost motivation. Instead of seeing competitors’ successes as threats, see them as free business lessons. They’ve made it work – so can you! Just think of them as your unintentional mentors.
4. Turn Red Oceans into Blue Oceans
Shift your focus from the bloodbath of saturated markets (red oceans) to the serene, shark-free waters of uncontested market space (blue oceans) with tips from books like “Blue Ocean Strategy” by W. Chan Kim and Renée Mauborgne. Instead of fixating on what competitors are doing, look for unique opportunities to innovate and serve unmet needs. Who needs to fight over scraps when you can feast like a king?
5. Seek Support and Mentorship
Entrepreneurship can be lonely, especially if you don’t have a co-founder. Seek out mentors, join incubators, or find a supportive community where you can share your war stories and gain outside perspectives. Learning from others who have faced similar challenges can provide encouragement and practical advice. I have personally seen the benefits of a structured mentorship from my work at eWorks at ESADE. Make sure to use a formalized structure to work with and try a multi-mentor model. This has a lead mentor for active advisory with multiple vertical mentors for specific needs.
6. Celebrate Small Wins
Positive psychology research highlights the power of celebrating small victories to boost motivation and happiness. Keeping track of your progress and celebrating even minor achievements can provide a sense of accomplishment and forward momentum. Did you finally get your website to load faster than a snail on a treadmill? Pop some champagne (or at least some sparkling water)!
7. Schedule Regular Breaks and Downtime
Burnout is a real risk when you’re constantly immersed in competitor research. Books like “Rest: Why You Get More Done When You Work Less” by Alex Soojung-Kim Pang stress the importance of rest and recovery. Schedule regular breaks and ensure you have downtime to recharge. Go for a walk, binge-watch a guilty pleasure, or just nap like a cat. You’ll come back to work with renewed energy and maybe some weird dreams to inspire you.
8. Keep the Bigger Picture in Mind
Finally, always keep your long-term vision and goals in mind. It’s easy to get bogged down by day-to-day comparisons, but remembering your broader mission can help you stay motivated. Reflect regularly on why you started your business and the impact you hope to achieve. This perspective can help you rise above short-term setbacks and stay committed to your entrepreneurial journey. You didn’t start this journey to beat the competition – you started it to change the world (or at least your corner of it).
By implementing these strategies, you can mitigate the demotivating effects of excessive competitor research and maintain a positive, forward-thinking mindset. Remember, every entrepreneur’s path is unique, and focusing on your journey and growth will ultimately lead to success. So, buckle up, keep your eyes on the prize, and maybe keep some beers in the fridge for the rough days.
About the Author
Angkan Mukherjee works in growth strategy for high growth companies and is a graduate of the ESADE business school in Barcelona. Outside work, he volunteers as a mentor at incubators like eWorks and loves getting involved in every aspect of building ventures. He gets excited to talk to others like him and you can find some time to talk to him here.
References
- Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne
- Start with Why by Simon Sinek
- Mindset: The New Psychology of Success by Carol S. Dweck
- Rest: Why You Get More Done When You Work Less by Alex Soojung-Kim Pang
- The Lean Startup by Eric Ries
- Wherever You Go, There You Are: Mindfulness Meditation in Everyday Life by Jon Kabat-Zinn
- “Mentorship: An Essential Ingredient for Startup Success” – Esade
www.dobetter.esade.edu/en/mentorship-startup-eworks - “The Importance of Taking Breaks” – Harvard Business Review
www.hbr.org/2019/07/the-importance-of-taking-breaks - “The Benefits of Mindfulness” – American Psychological Association
www.apa.org/monitor/2012/07-08/ce-corner - “The Power of Small Wins” – Harvard Business Review
www.hbr.org/2011/05/the-power-of-small-wins