Don’t study your competition – rather study winners in other sectors.
Entrepreneurs do not focus on the competition. They are aware of the competition, but they aren’t worried about trying to beat them. In fact, a lot of them will help out their smaller competitors because they are so confident in their own growth.
Top-earning entrepreneurs need more creative inspiration. We need to accelerate the growth of our businesses and will study winners and losers in other industries.
Studying the competition leads to failure
Your subconscious mind will guide your body toward any outcome you focus on — even if it’s a negative outcome you want to avoid.
That’s why high-performing entrepreneurs keep their thoughts completely focused on success. That means studying successful businesses in other industries or envisioning the success of their own businesses.
Don’t study the competition – study winners
The key to becoming an industry leader is to innovate faster than anyone else in your space. The key to faster innovation is to study innovative leaders in other industries. You can certainly borrow their strategies and be the first to implement them in your own industry.
Studying losers in other industries keeps you sharp
Failures in other industries is not the same as focusing on your own failure and accidentally making it come true. When you look at a failure in another industry, the situation is different enough that you can pull out the lesson without getting caught up in the dread of What if that happens to my business?
Marketing focus
As an entrepreneur, you have an absolute duty to market your product or service based on the benefits it provides to your market. That is the only thing that will ever compel someone to buy from you instead of your competition. It’s one of the core principles behind all business empires, and you should take any failure in business as a reminder to get back to core principles like this.