This weekend I was watching one of the "Damien Talks Money" videos.
I wouldn't say I like watching most of the "Finfluencer videos, but this one caught my attention.
He shows some fascinating studies on how "competition" actually works.
In practice, I see many corporate ventures comparing themselves to the rest of the world. But why is it better not to focus on them?
Competition is fun.
Yes, of course, competition is fun.
The competition will make you stronger, quicker, better etc.
But there is a problem...
Most of the matches you enjoy watching or being part of are mainly focused on a few competitors. The more competitors you can see, the less competition there will be.
?!
Yes.
The more competitors you can see, the less motivated and effective you will become in competing with them. It is called the "N-effect: More Competitors, Less Competition".
It's better to focus on a few competitors.
It's less overwhelming and helps you to focus on the things that matter most.
What does this have to do with innovation?
Pick one, maybe two, competitors you want to beat. Focus on how you can provide more value to the market compared to them.
Pick these competitors carefully. Not everyone or anything would be your competitor. Pick the ones that are up to your standards.
And most important of all, stop focusing on all the other "potential competitors".
The rest will come.
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Don't create unicorns,
Let's breed blue whales.
🐋
