Innovate don’t duplicate


New business owners like to copy the competition, but there has to be a limit. Here in Israel, it’s become so bad that if you open a bakery focusing on cookies and make money, next month you will have 10 more bakeries doing the same inches from you. And all 11 of you will go out of business.

The smart thing to do is compliment each other. If you have a few shops selling sweets close to each other you can open a dentist’s clinic. Ah, you’re not a doctor? that fine, open a shop that sells disposable cups and plates for parties. Don’t like that idea? no problem, find out what kind of clients come to those stores. And what else they need.

My point is never get so greedy that you hurt yourself just to cause someone else to go out of business. Instead, think of how you two can build on each other’s businesses so that you both earn more money.

 

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