Mark Drager argues that competition validates a business idea rather than kills it. A friend abandoned a promising concept after finding similar companies online, but Drager says entering an existing market means customers already want what you're selling. Study your rivals, find their mistakes, and execute better.
Chapters
Hi there, I'm Mark Drager, and my One Minute Monday is to embrace competition. So I was speaking to a friend who told me that he came up with a great idea, then went online to see who else had done it. And seeing that a ton of other people have already done it, he got discouraged and thought, "No, that can't be a good idea." I say that if you're going to go into a marketplace where there's no one else doing it, you're either the smartest person or you're doing something that may not work. The better thing to do is to embrace competition, understand that you can go into a competitive marketplace and do it better than anyone else. Learn what they're doing wrong, go in there and do it better than anyone else is doing it. And if you become a market leader, embrace competition because you can't just lay back and do nothing. You need to look at what other people are doing and continually get better and better and better. So if you're going to go out there, if you're looking for a business idea, don't just wait to come up with an idea that no one else has come up with. Look at what you're passionate about, look at what the other people are doing, and make sure that you're doing it to the best of your abilities. Believe.
