Competition is often seen as an inspiration for better work & better product. However, lately, competition has become a spike on the path of success. People tend to think more about competition than their own work. This not only hampers the progress but also distract from the reaching the goal. As competitors are on the mind, people tends to copy all which has been offered by them without thinking about any unique of their own. Copying is useful in short term but on a longer run; it will be fatal. The problem with competition is that it only holds valid for short term benefits. But, on longer run things gets gloomy as there is no original vision for the company.
Why do so many startups fail?
Startup is anything which has a small work force who are trying to make an impact on already existing industry. So, every year many young enthusiasts try their luck in this uncharted territory. If we look into all the startup in different fields. All have similar offerings. In the case of similar offerings, company who provided first experience shares a large number of users. Flipkart was able to attract initial traffic in India & thus it is still able to survive this blood bath.
Let’s take the example of the Swiggy, Foodpanda & Tinyowl. All started with the same concept of food delivery. Foodpanda & Tinyowl went ahead from the rest by offering discounts on the food orders; to stay afloat in the market food panda did the same. But, once the discount was off the market both suffered a huge loss. Tinyowl shut down its office & food panda is struggling to stay afloat. Swiggy, on the other hand, offered a unique solution by providing tracking of food orders. This offered them an upper hand over its competitors.
With more than 90% of startup fails. It is time to think about why so many things are failing if all have the similar resources & infrastructure. One of the reasons that I can figure out is the absence of VISION. It is easy to start a company as so many people are doing it. It seems to be an achievement to do a startup. But, it doesn’t mean if you can do something you should. An idea is something & its impact on the society is completely different.
Having a strong vision & working towards it through your product shall be the process followed by each startup. Having a unique proposition & grit to follow the same is a must. The competition will be there but the vision is what keeps you ahead of the rest. Focus on the product rather than focussing on others. Elon Musk started Tesla with a vision to reduce human dependence on fossil fuel. He started with a vision & doing exactly the same. He is not competing with others. He is just making his product awesome.
It’s has been a long, that competitions are considered good for business. It may be good for customers, but for businesses, it is creating a bloodbath. It is my advice to all young people out there. Focus on yourself for some time, create something valuable & then use competition to build yourself bigger & better.