Is it difficult for you to compete?
As a business, you might appear as David to some and Goliath to some of your competitors. But to emerge as a winner every time, you need to have adequate tools and armor. So who are you? Are you Goliath or David? And what are the strengths that you are going to use against your competitor?
Business is in many ways is a war where the causalities are time, money and pride. To ensure success in this war, it is more than necessary to have adequate tools to fight.
You might find thousands of competitors emerging from everywhere. With the world becoming a global market, your competitor might be someone in other parts of the world having power to undercut your margin and take away a huge business. There will be no point in blaming the competitors in the later stage as they will be equally hungry for success. The question is what are you going to do about handing the competitors? The answer will not be simple in most of the cases. No war is won with one additional soldier. No war can be won with one additional weapon. When a lot of soldiers and weapons are built over the time, we will become formidable and powerful.
It is these weapons created during the time of peace that will help as handy slings during tough times. They will act as armor and help to sustain the existing market. These weapons created over the time will not only ensure your survival through tough economic times, it will help you emerge as a successful business in the long run.
Are you David or Goliath?
Let’s get back in time to a great war between Philistine and Israel army. Let’s get back to the great fight between David and Goliath which will be remembered forever. Goliath, the 9 feet tall and heavily armored giant, mocked and challenged the Israelites to fight. Even Saul the king of Israel was terrified at the sight of Goliath. However a persuasive teenage shepherd boy emerged out of nowhere and challenged Goliath. He eventually destroyed the mighty with a single blow of his sling. It is one of the stories that will be remembered for its great motivational value and belief in god.
As a business, we have a lot to learn from the story. Ponder over this; the same teenage David could have never defeated the mighty Goliath with his fighting skills. It was not the heavy armor that saved him from Goliath. But it was a hidden strength that the enemy totally underestimated from the puny David that decided the victory. Before the fight with Goliath, David had used the same hidden strength many a times on his own battlefield and won. It was David’s skill in using the sling so precisely that made all the difference. As a shepherd, David mastered the art of using the sling to protect his herd from the wild animals. It was the same practice and the precision with the sling that helped David to nail Goliath on the head. And for Goliath, in spite of having all the strengths, he was defeated because he underestimated the enemy and failed to use any of his strengths at the right time.
In business, David’s sling is called the core competence of the company. Once developed, it can help to win even the mighty. There has been numerous occasion where a small competitor challenged and killed the big corporate with a small advantage they create. Canon and Nikon developed their competence in the emerging digital field and killed their billion dollar competitors Kodak and Polaroid in the photography field. Apple killed Sony’s Walkman with their mp3 player. There are thousands of examples where competitors have been crushed with the advantages created. However the stories of Apple and Canon are known widely in the world.
As a business owner and Entrepreneur, we should create those advantages that will help us put aside the competitors and win customers. It might not be a great technology. Even small advantages created over a period of time will help in changing small stores like Wal-Mart to billion Dollar empires. If you have the necessary strategy in place to create those advantages and use them effectively, your business can do wonders.