There is opportunity in every market. Even the competitive ones. Even the competitive ones where the competitors have more money, time and resources. The trick is figure out where the opening is and then focus, focus, focus on getting your business to expose and leverage it. There is a saying that some companies think they are too big to fail. That also means they may be too big to innovate or take care of customers that are not being taken care of well. As an entrepreneur your job is to find opportunities in the market and take advantage of them. This also means going where your competitors are not going and servicing customers your competitors are not servicing.
Famously mortgaging his house for $50,000 and getting into business with his mother (who managed the books), Russell Weiner has sold his company, Rockstar Energy Drinks, to Pepsi Co. in a deal that could see him take home more than $3 billion dollars. At 50 years old, Russell has done it all but it wasn’t until he started Rockstar Energy Drinks that he finally found his opening in the market. Russell was able to capitalizing on cultural trend by offering a physically larger beverage at a lower price and employing some guerrilla marketing tactics which appealed to the base of customers that were consuming energy drinks. While larger companies already existed, such as Red Bull and Monster, Rockstar was able to find an opening and build a successful business.
Competing is what makes business exciting and engaging. It can also be the thing that keeps an entrepreneur from being successful. Does your business service a unique group of customers in the market or is it servicing everyone in the market like all of its competitors. Taking the time to find your spot in the market and focusing on it can lead to a profitable and valuable business.
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