Entrepreneur:

Business Skills

Your Competing Skills

Creating Innovative Customer Value and Winning Customers

By: Vadim Kotelnikov

Founder, Ten3 Business e-Coach Inspiration and Innovation Unlimited!

"The great secret of success is that there are no secrets of success; there are only timeless principles that have proven effective throughout the centuries."

Tips for Developing Your Competing Skills

  • Always be receptive to new ideas. Nothing stays the same, especially in business

  • Think beyond the box, but be realistic. Set yourself stretch incremental goals.

  • Business is always a battle. Don't expect it to be anything else.

  • "You don't decide what business you are in; the marketplace decides that for you". Study continuously the needs of your customers and seek to treat them as allies with whose aims and objectives you genuinely sympathize.

  • Know your competition benchmark yourself against their strengths; position yourself against their weaknesses

  • Remember, no one can be right all the time. Reassess continuously your past decisions, admit your mistakes, and learn from them. "There is no failure, only feedback", says NLP, the technology of achievement.

 

 

The Four Skills of an Effective Competitor

Excerpts from the Art of War, Sun Tzu

The five elements that define a competitive position also create the four skills that define the competitor's interaction with the competitive environment:

  1. Knowing: the ability to get hard information.

  2. Vision: the ability to foresee the future.

  3. Action: the ability to move or stay where we are.

  4. Positioning: the ability to use the Ground to find success.

These skills define your external competence in the competitive world

Two Basic Competitive Strategies

 

Average ones compete with others. Great ones compete with themselves.

As Ayn Rand put it, "Competition is a by-product of productive work, to its goal. A creative man is motivated by the desire to achieve, not by the desire to beat others."

 Competitive Strategies: 2 Types

 Surprise To Win: 3 Strategies

 3Ss of Winning in Business

 Jack Welch's 5 Strategic Questions

80/20 Law of Competition

80/20 Principle helps you to direct your attention where the real threat of competition exists. According to the 80/20 Principle2, over time, 80% of the market will tend to be supplied by 20% of the suppliers. But the world wouldn't rest long in the 80/20 equilibrium. There are always changes to market structure caused by competitors' innovations... More

Creating Value

Competition is all about value: creating it and capturing it. No business can be successful unless it places top priority on outdoing its competitors. Business has always been a battle. Companies which don't do their utmost to outcompete their rivals are likely go out of business sooner or later.

 Create Customer Value: 9 Questions

 Blue Ocean vs. Red Ocean Strategy

 Differentiation Strategies

You need to establish a position of competitive excellence if your business is to survive.

A fundamental rule in crafting a competitive strategy is to view competition from the other player's viewpoints.