Competition

When following any dream, stop and look around.

Others may already be following the same dream.

If the dream is a business or service in which you want to make a livelihood or profit, look at the competition that is already out there.

Then ask the journalistic 5 questions before taking the plunge.

Who? What? Where? When? Why?

Who is the competition? Someone else came up with an idea (or stole it from someone else) and has built a business plan that banks agree with. Now the dream has become a reality, but everyone sees his or her dream in a different way.

What is the competition’s reality? This might also be defined as “how” does your competition present his or her business or service. Some might have a grand global scheme while others are mom and pop operations.

Remember, your competition is already out there, so you are competing for a slice of an established business or service.

Where is the competition located? High traffic areas will increase chances of retail sales, but does not guarantee profit. Cheaper rent locations may be appropriate for businesses that deliver their services. The Internet presents an array of new options of working out of a home office or flexible location.

When does the competition follow their dream? The old 9-to-5 operations are a thing of the past. Today a business or service, that wants to compete for a share of the pie, needs to be available at any time to any one.

Why is the competition out there? Someone else has come up with a dream, following it on a unique path, presenting itself with techniques, materials, operations, and applied results no other competition can match.

Some of the competition will fail and fade away, but there is always a new dreamer.