It is a counter intuitive position to think of a healthy company as one with good competitors. In any entrepreneurial dream is the desire to create something where no competition exists and thus offers limitless opportunity to dominate the demand. My challenge to this view is that without competition the business has little or no chance of survival. Any business leader who claims to own the entire demand for a product or service is either lying, misguided or doing something illegal. For we all know what happens when you build a monopoly in a free economy. In the many years that I have been interviewing CEO, entrepreneurs and executives I have heard the phrase “we have no competition” far too often. It is an illusion of grandeur that no leader need boast about or believe. For starters having no competition could very well mean there is a poor demand for the product or service in question.
Author Richard Banfield
As CEO, Richard leads Fresh Tilled Soil’s strategic vision. He’s a mentor at TechStars and BluePrintHealth, an advisor and lecturer at the Boston Startup School, and serves on the executive committees of TEDxBoston, the AdClub’s Edge Conference, and Boston Regional Entrepreneurship Week.