VENTURE X: WHO IS THE COMPETITION?
ALWAYS KNOW YOUR COMPETITION
Knowing the competition is vital to the success of any business. Who else is vying for the same customers that you are? How are they going about it? What can you do differently? How do you set yourself apart? Being aware of what competing businesses are doing, and what share of the market they have, will help you immensely as you strategize for your own business. You would not want to spend valuable time, effort, and money to create a marketing plan, for example, that is going to be overshadowed by something “the other guy” is doing. Know your customer and know your competition.