What got your business here may not get it there. Whatever advantage your business used to gain customers and market share may not continue to work as your competitors adopt and improve what was once unique to your business. You should certainly make money while you can but be aware that very few businesses can benefit from unique advantages over an extended period of time.
It’s a lot work to compete for customers. If you are prepared to work harder then you may be able to outlast your competitors but if you are prepared to work smarter then not only can you outlast them, you can out earn them. If you are prepared to innovate and find opportunities in the market that your competitors are ignoring or overlooking, then your business can earn higher margins and win more customers.
One of the most innovative and creative companies to enter the stock brokerage trading market is Robinhood. They built up a warchest of cash by raising money from venture capitalists and entered the market as a small and nimble innovative company looking to take advantage of large traditional incumbents that have been slow to innovate. They pioneered easy-to-use technology and commission-free trading which their competitors now offer but unlike their competitors, Robinhood is one of the last stock brokerage companies to offer fractional stock purchases. What began as a strong first place entrance into a competitive market has now ended up with a last place finish in the innovation race for customer accounts and investment dollars. The window of opportunity that Robinhood used to establish themselves has now closed and Robinhood will need to compete for business on the same basis as other larger industry companies until they find their next innovation opportunity.
The first place company in any market is able to generate greater returns and margin compared to their competitors. Any company that is not first place in their market has to spend more money proportionately to generate the same result as the market leader. Innovation and creativity can be your greatest assets as an entrepreneur to change your market position. How can your business capitalize on what your competitors are overlooking or ignoring?