For the last five months I have been struggling with my own insecurity and asking other entrepreneurs if they ever get caught up with comparing their company with their competition. Then, last Friday, I attended Geekwire Startup Day and heard Liz Pearce, CEO of Liquid Planner, talk about FOMO (the fear of missing out). “Comparison is the root of all unhappiness,” she said. “Instead, look at your business, your market, what a successful outcome looks like for your business and your investors”. While I feel like I’m alone, it turns out I’m not alone by having these kinds of thoughts.
Stop Comparing Your “Behind the Scenes” to Someone Else’s Highlight Reel
Everyday, the media writes up story after story about entrepreneurs who are being touted as the World’s Best Boss, Fastest Growing Company, CEO of the Year, Entrepreneur of the Year, the next startup unicorn, etc. Then there’s social media and Facebook which just pounds us with all the curated and carefully constructed posts of everyone’s perfect life. Our media keeps portraying all of this as success. The true reality is everyone has rough patches. You only hear about it when you’re having one of those bottom 5% types of conversations with true friends, where you are completely vulnerable, and aren’t being judged.
Run Your Own Race
I remember a few years ago I was telling a friend and business coach that there are a lot of sacrifices or things that I’m willing to delay or postpone but the one thing that I will not is being present as my young children grow up. I didn’t grow up that way. I love my parents and I recognize that they made sacrifices so that my brother, sister, and I would have a better opportunities for a better life. I’m thankful for that. Yet I also know that I don’t want my children to have the dad that didn’t show up for their music concert, soccer match, or school play. Because this is my immovable rock, doesn’t mean I’m not trying my hardest to grow and scale my company. This doesn’t mean I’m just creating a life style company either. It means that I have to figure out ways to get things done without compromising what’s most important to me.
Make the Competition Irrelevant
While going through the Entrepreneurial Masters Program at MIT, I recall reading this quote from the Blue Ocean Strategy by W. Chan Kim: “…focus on making the competition irrelevant by creating a leap in value for buyers and your company”. I need to get back to using all my energy to create an incredible product and let others worry about the competition. The best thing to do is create goals based on outcomes you want to achieve and not based on what your competition is doing. When you are clear about what your own definition of success is, you can’t be beaten.
I would love it if you could share other things that you’ve done to help you steer away from comparing your company to the competition.