This might be short or long according to how you define short or long.
Value is one of the greatest things I discovered while searching for the key to creating sustainable wealth.
If you can create value, the major factor of creating sustainable wealth has been attended to.
You must not just stop at creating VALUE.
You must ensure that you REMAIN VALUABLE to those who needs what you have to OFFER.
THIS IS A VERY IMPORTANT FACTOR YOU MUST PAY ATTENTION TO.
It is easier to make 1 million naira, but it is difficult to maintain that status quo. I have seen and heard of people who did a business or sold a service that made them money but could not sustain it because they lack the quality of REMAINING VALUABLE.
LET ME SHARE A SECRET WITH YOU THAT YOU ALREADY KNOW, BUT DON’T PAY ATTENTION TO.
There is no monopoly when it comes to what you have to offer.
At first, you might seem to be the only one offering such service, but as time goes on, others would come into that SPACE and become your COMPETITION.
MOST TIMES, this is where you establish yourself as a voice or fade away as a dream.
HOW DO YOU HANDLE COMPETITION?
Let me reveal a secret to you.
If you don’t want sustainable wealth, if you simply want good enough money that would help you to live averagely and comfortable, then you don’t need to take my advice - or better still, GET A JOB.
But if you want to create sustainable wealth that would become a legacy, then you must pay attention to everything you are reading.
YOUR ABILITY TO HANDLE COMPETITION MATTERS GREATLY TO YOUR SUCCESS.
You must be able to thrive even if you belong to a sector that is saturated.
THERE IS ACTUALLY NO SECTOR OR NICHE THAT IS SATURATED.
THERE IS ALWAYS SPACE FOR EVERY ENTREPRENEUR.
Competition is normal on your journey to success.
If you are not prepared for it, then your value would become nothing eventually.
ANOTHER THING YOU SHOULD NOT FORGET IS THIS.
People are first attracted to your product before your person.
People are first attracted to the solution you are offering than your personality.
So, the moment your value does not look like the REAL DEAL
because of the many competitions around, you would begin to lose the people who were once LOYAL
to you. Don’t forget what I told you in one of my letters to you about keeping your clients LOYAL (Read it here to refresh your mind
You are already asking what to do about COMPETITION!!!
I would tell you.
But! You must also realize that you won’t ever be able to be in business without competition.
THERE IS SOMEONE ELSE DOING WHAT YOU ARE DOING
- They started before you and already have clients before you.
- They started when you started and are also fighting for clients as you.
- They would start after you and begin to look for ways to get your clients away from you.
THIS IS WAR.
BUT IT IS ACTUALLY FUN.
I SEE IT AS A GAME ACTUALLY.
ONLY THE BEST WINS AND SITS AT THE HEAD OF THE TABLE (Wrestling fans and ROMAN REIGNS addicts can relate to this statement).
WHAT DO YOU NEED TO DO IN ORDER TO REMAIN VALUABLE TO YOUR CLIENTS EVEN WHEN THEY HAVE OTHER OPTIONS?
1) You must first understand that your competitors are not a threat to you. If you feel otherwise, then it is because you are ready to FAIL. Competition is not meant to threaten you, competition is meant to challenge you to do more. So, rather than feel threatened, jealous, insecure and unnecessarily angry, feel challenged - challenged to be CREATIVE AND INNOVATIVE to constantly remain at the height of value dispensing.
ONCE YOU CAN SETTLE THIS IN YOUR MIND, YOU ARE READY TO LEVERAGE ON COMPETITION TO RISE.
2) You must also understand that
COMPETITION WOULD ONLY BECOME A THREAT TO YOU IF YOU ARE NOT CREATIVE.
If I start selling beans today, in a market where 20 people are also selling beans, the first thing you would tell me is that I would not make sales.
BUT DO YOU KNOW WHAT?
IT IS A LIE THAT FAILURES USE AS EXCUSE FOR NOT DOING MORE.
The fact that I started a business that people are also involved in does not mean I won’t succeed.
This might be the problem you have.
You have been scared of starting that business because you were told a LIE.
The lie of looking for a NEW BUSINESS that no one is exposed to YET.
This is a dialogue between you and I.
ME: What if people now get exposed to it - what would you do?
YOU: WELL! “I would have made enough money out of it”
ME: AND AFTER THAT, WHAT NEXT?
YOU: I would look for another business that is NEW again.
ME: And then you go through the cycle again right?
IF the YOU above is really YOU, then you are marked to fail already (I am sorry, but i have got to tell you the truth).
You would only be able to sustain wealth by creating consistent value that people wants CONSISTENTLY.
HOW WOULD YOU DO THAT?
- BE INNOVATIVE.
- BE CREATIVE.
- ADD SOME SPICE TO WHAT YOU DO.
McDonalds makes good chicken - This is not the only chicken shop in the world.
There are several others. But what is the game changer - SPICE.
The spice is what makes the difference.
JUST LIKE MCDONALDS, add some spice to WHAT YOU ARE DOING.
GIVE YOUR BUSINESS A DISTINCT, UNIQUE, LOUD AND CLEAR LANGUAGE which people can recognize and hear well.
Maybe in another letter of mine, I would give you practical examples about this.
BUT TAKE TIME TO THINK ON THIS.
How can you implement what I just told you to your business?
I would not tell you that.
GO FIGURE IT OUT.
BUT I CAN ASSURE YOU OF ONE THING.
IF YOU CAN INNOVATE AND CREATE SOMETHING UNIQUE, THERE IS NO AMOUNT OF COMPETITION THAT WOULD SCARE YOU.
JUST SOMETHING THAT WOULD KEEP YOU ON TOP.
One of those big brands out there.
INNOVATION WOULD COST YOU MONEY, BUT IT WOULD GIVE YOU A FORTUNE.
I am sure you got my gist.
GO AND IMPLEMENT IT RUTHLESSLY.
I would see you tomorrow,