Having rivals in business is in fact good for its growth. When you know you have a lot of them in your industry, you try to be ahead of your competitors. To be the best among the lot, you extract the best out of you. Additionally, having a constant eye on your competitors gives to you deep insights of their achievements and disappointments.
More or less, you can tackle them in your stride with some basic tenets:
1. Avoid emulating: When you start your own journey, you know that you may encounter the challenge of having so many business-rivals in your field. Have a view, but never try to recreate what they have done! It is this novelty of your ideas which would bring you on a success-path. When you are on a journey, you have your own experiences. Leverage on those experiences and chart a course for yourself!
2. Disregard rivalry: If you have a strong conviction and confidence in your products or services, disregarding competition is the best way to move ahead. Disregard has to be there just to save you from unnecessary distraction. Disregard doesn’t mean that you should not pick the good facets of business from your competitors.
3. Don’t lower yourself to beat competitors: Identical businesses have survived and thrived simultaneously from ancient times. Business-competition is not something new. Adopting devious and deceitful tactics like stealing customer-data, infiltrating into human resources to break away skilled workforce or plagiarizing logo-designs, names of products or services or different processes is not advisable for sure. All of this gives you a bad name and you end up being nowhere in the effort to handle competition.
Competition in business is a reality and it would exist in every realm. The key lies in acknowledging the challenge and picking the opportunity out of it and move ahead.