Need tips please :)

[illusion85]

Hi

I have a plan to go into new journey, Entrepreneur.

There is a strong competition going on, in the field I have chosen to venture.
Being a fledgling, I feel all this mix - enthusiasm,fear,nervousness....

I have some fear for competitors.
One question, I always ask myself is - How it will work out, when there is a winner already?

Please, tell me some suggestions, how can I change this hesitation into enthusiasm.

Thanks much in Advance.

[JustinPopovic]

I never think it matters if there is strong competition IF you have passion for your business and you provide high quality/ high value products and services to your customer.

I live in a town of 30,000 people and there are probably 10 pizza restaurants. They all seem to be surviving and most seem to be doing well.

Bill Bartmann built a $3.5 B collection agency despite the fact that there were 6000 other collections agencies in America at the time. He started that business with a #14,000 loan working from his kitchen table.

In my opinion, you just need to bring the unique ingredient to the table...that is YOU. Be yourself. Be the best you can be and over-deliver to your clients. You will earn customer loyalty and referrals.

I hope this helps.

If you are able to share more about your business with us, perhaps you will get a wider variety of advice from the good people on this forum

[illusion85]

Thanks a lot for your words, dear friend !!
I will take it forward.

[Oleg]

Every time you fear, tell yourself " I can do this " " Yes, I can ". Do not try to be anyone else, be yourself. Good luck.

[Rob Ozanne]

You can build "confidence though competance". Do whatever market research and business planning you need in order to know you have a viable business.

If there is a lot of competition, it doesn't mean that you can't do well with your business, it does mean that you will have to work harder and/or spend more money to get it to a sustainable level. Maybe there is a less competative location or target market that would be easier for you to start in before expanding to stand head to head with the existing competition.

Also break out of the winner/looser mentality with the other businesses. They don't necessarily have to loose for you to win. You are more likely to attract clients with a focus on service and contribution!

[illusion85]

Oleg
Yes, I am repeating that, whenever I feel low.
Thanks a ton for reply

Rob
Thanks much
I have to take the cue from the competitor instead of doubting myself.

[KenBWM]

Heads Up!
You can do it, others have. You Can Too!

Believe in yourself and your abilities and KNOW that you will succeed. No room for doubt, only room for success.

[BrettAshlee]

Some level of nervousness is natural as you move into entrepreneurship - it is a game of risk no matter how you look at it. Ideally, your enthusiasm and a solid business plan should help out in this area.

Your winning formula will be the unique value you bring to the industry. Consider what you can do better than others. Consider the gaps others have in their product, service, or customer relations.

Address as much risk as you can by doing thorough market research and creating a solid business plan. Speak with other business owners and attend some business networking meetings.

[ssandra]

A lot of competition also means a lot of potential clients

Find your own niche and you will do fine!

[Manomanman]

There is no winner - you've just created the winner in your mind.

Because you are new to the field, you have NO idea how much value can actually be delivered.

It's not like the "milk" market, where the deals are set and you're competing against giants.

[illusion85]

Thank you all for your encouragement.
It means a lot to me.

[wakeshine]

The journey really is the important part. You have to make mistakes and you not only learn how to do it right, but you learn your own way of doing it...the way that feels right to you.

It's funny--when I was setting up my first website, I worried so much about certain things happening. They all happened anyway, and they weren't as bad as I thought, and I learned how I cope with those kinds of difficulties.

Everybody I know who is doing well has just gone for it and made the mistakes.

When you do make a mistake, pat yourself on the back and tell yourself you're growing.

[illusion85]

Originally Posted by wakeshine

The journey really is the important part. You have to make mistakes and you not only learn how to do it right, but you learn your own way of doing it...the way that feels right to you.

Rightly said !
I am going to enjoy my journey, whatever comes in way....
Thanks WS....

[spirit4711]

Respect your competitors, don't fear them. Maybe even collaborate (strengthen each other's weak points)?

Even with 2 MacD's side by side, people will choose one over the other. Why? Because even in such a standardized environment each of them will attract their own customers because of their own individuality.

Focus on your customers' needs and you'll do fine most of the time.

What type of business will you start?