From a competitive viewpoint, imagine for a moment that our worst business nightmare came true.
Maybe Google decides to enter our market space. Or the Coca Cola Company launched a beverage with the same consumer benefit we’ve been bootstrapping. Or large company X decided to compete against “us” head on.
Well – you’d be surprised how that feels. How it makes us react, and how it very quickly changes our perspective on what is the most important element in ‘winning’. In competing effectively for our share of wallet.
All of a sudden many of the projects we are investing our time on seem far less important than they were yesterday. Maybe that front page redesign can wait, maybe the shiny new web 2.0 buttons are a little less important. Maybe our packaging will do for now and quite possibly every project we have on the agenda, excluding customer ‘centric projects’ can be put on hold.
Here’s an exercise worth doing with your team. Act as if. Act as if it has just happened. Have an ‘emergency session’ with your team on how you’d react if a more well resourced, financed and well known competitor came to play. Build your battle plan. Once your battle plan is drawn up – throw out your current business plan and work on that instead. Because they are coming, especially if your startup is in a fertile consumer territory.
After the intital fear, most entrepreneurs just get inspired, get angry and get on with it. A good scare never hurt anyone.
Steve – founder rentoid.com