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Tips for Developing
Your Competing Skills |
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Always be receptive to new ideas. Nothing
stays the same, especially in business
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Think beyond the box, but be realistic. Set yourself stretch
incremental goals.
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Business is always a battle. Don't expect
it to be anything else.
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"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.
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Know your competition –
benchmark yourself against their strengths; position yourself
against their weaknesses
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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.
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The Four Skills of an
Effective Competitor
Excerpts from the
Art of
War, Sun Tzu |
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The five elements that define a competitive position also create the
four skills that define the competitor's interaction with the
competitive environment:
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Knowing:
the ability to get hard information.
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Vision:
the ability to foresee the future.
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Action:
the ability to move or stay where we are.
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Positioning:
the ability to use the Ground to find success.
These skills define your external
competence in the competitive world |
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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.
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