He had a lot of great advice for entrepreneurs about keeping a sense of urgency while navigating the challenges of business. The point that resonated with me was when he was warning against complacency and said, “…Whom should we be comparing ourselves to?…Don’t just look for new customers but also for new competitors. Broaden your definition of competition. You go from ‘Here we are, the dominant player’ to ‘Here we are, this dinky business in a much larger pool.”
I think it’s an interesting thought. You might be the top company in your industry, but who are your competitors outside your industry? Who are you competing against for funding? They won’t necessarily be in your field.
How does your business respond to challenges? With a sense of pointed urgency or with frantic responses?