![](https://royalounge.com/wp-content/uploads/2020/04/03-31-Advice-1-1000x600.jpg)
Want Your Business to Succeed? Learn from Your Competitors
![](https://royalounge.com/wp-content/uploads/2020/04/03-31-Advice-1-1000x600.jpg)
Sometimes the best pieces of advice don’t make sense right away. And that’s certainly the case with billionaire Tom Golisano’s wise tip for entrepreneurs about handling competitors.
Delving from his own experiences building a successful business from the ground up, the Paychex founder is a firm believer that one doesn’t need to disparage their rivals in order to succeed. In fact, they should embrace them instead. Here are some convincing reasons why young entrepreneurs should take his advice.
Building a Good Reputation
![](http://afternoonedition.com/wp-content/uploads/2020/04/pexels-canva-studio-3153201.jpg)
Canva Studio / Pexels
Going against people’s expectations, Golisano chooses to compliment the competition. Why? Well, it’s all about building a good reputation and a trustworthy image for one’s potential customers. Neither of these things can be achieved by demeaning competitors.
At the end of the day, people would want to patronize businesses they can trust and have a good view of. Not only that, but maintaining one’s integrity will also give employees or team members reason to respect a company’s leader and make them have pride in their work.
A Learning Opportunity
![](http://afternoonedition.com/wp-content/uploads/2020/04/pexels-yan-krukov-7793667.jpg)
Yan Krukov / Pexels
Instead of trying to bad-mouth a rival, one can choose to turn their focus towards more productive endeavors. For one, they can put their attention on evaluating exactly what they’re coming up against by studying competitors.
Doing so would prepare a business owner to further push their services or products to have more features or benefits for the consumers. It would also allow them to stay ahead of the competition as they won’t be able to change up their offerings as quickly.
Golisano practiced this tactic with Paychex when he decided to set his company’s prices a bit lower than that of similar businesses in the payroll services niche while still being able to rake in profits. He made this move knowing how much his competitors charged their customers, which was actually public knowledge at the time.
The Benefit of Having Good Competition
![](http://afternoonedition.com/wp-content/uploads/2020/04/pexels-august-de-richelieu-4427813.jpg)
August de Richelieu / Pexels
Having competitors can also help an entrepreneur when it comes to differentiating their company. For example, Golisano looked to his then-startup company’s biggest rival when he was just entering the scene.
At the time it was ADP that dominated the market so he used it as a way to highlight what Paychex is. Because the former is the leader in large-company payroll processing, the latter is the leader in small-business payroll processing. That said, Golisano believes that having competition is good and having good competitors is even much better.
More in Business
-
`
The Mesmerizing Transformation of Halsey: A Musical Icon Turned Makeup Maven
In the dynamic world of beauty and self-expression, Grammy nominee and former 30 Under 30 awardee, Halsey, has taken a remarkable...
April 18, 2024 -
`
The 10 Most Promising Investments in 2024
In the unpredictable world of investments, lat year surprised us with the stock market thriving against all odds. Despite looming recession...
April 18, 2024 -
`
Study Shows Employees Value Work-Life Balance Over Pay
Gone are the days of chasing the almighty dollar without a second thought. Randstad, the world’s leading employment agency, conducted a...
April 17, 2024 -
`
How to Get a Startup Business Loan with No Money: Your Step-by-Step Guide
Securing funding for your entrepreneurial dreams can feel like climbing Mount Everest without oxygen. It’s challenging, but there are paths to...
April 16, 2024 -
`
How Much is Ryan Reynolds Net Worth?
Ryan Reynolds, the quick-witted Canadian actor with a million-dollar smile, has carved a unique path to Hollywood stardom. But his journey...
April 11, 2024 -
`
Why Italy Is the Perfect Solo Adventure Spot
Embark on a soul-stirring solo adventure through the captivating landscapes and rich tapestry of Italy, where every cobblestone street whispers tales...
April 10, 2024 -
`
What is Provisional Credit and How Does It Work?
Have you ever checked your bank statement and noticed the term “provisional credit.” This term frequently appears during disputes or chargebacks....
April 9, 2024 -
`
Elon Musk’s OpenAI Lawsuit | Are OpenAI’s Financial Motives Overshadowing Its Mission Statement?
A recent legal battle has rocked the world of artificial intelligence (AI). It pitted Elon Musk against OpenAI, the research company...
April 8, 2024 -
`
Cultivating Prosperity: Lunar New Year Traditions for Financial Abundance
As we usher in the Lunar New Year, the traditions that accompany this vibrant celebration are not just a cultural spectacle...
February 10, 2024
You must be logged in to post a comment Login