It’s easy to stand out when you have no competition. But competing in a saturated market? A whole lot harder.
One of my clients – an HR consultant, shared recently that her business is booming. Why? Because her clients – CEOs who employ anywhere from 15-100 people, are freaking out.
Why are they freaking out? Because of a phenomenon called The Great Resignation of 2021. Example: a recent survey from Monster.com found that a whopping 95% of employees they surveyed want to quit their jobs.
Some will find a new employer that is a better fit for them. But many others will try their hand at entrepreneurship. In fact, the rate of new business startups rose 24% over the last year.
Why? Because, on the surface, entrepreneurship looks fun, free and easy. I predict it will take the majority of these newbies about 18 months to realize that it is SUPER EASY to start a business but MUCH MORE CHALLENGING to make any real money.
But in the process, the fresh entrepreneurs will gamely attempt to “add value!”, “leverage their networks”, undercut your pricing, take your clients and usurp your market share.
Your competition is about to get stiffer and to leverage the Warren Buffet quote above, it’s time to suit up, lean in, and be untouchably excellent, my queen.
Wow, Eleanor…that is such a “non-abundant attitude.”
Incorrect. This is a pragmatic attitude. And to compete in the changing economic landscape we are ALL facing, you will need to have an abundance of smarts and excellence. You will need to be in a category of one.
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- Listen to Podcast Episode 463: The 2 Macroeconomic Forces Shaping Your Business in 2021