Although competition can be healthy, exciting and attract much needed public attention, it’s also distracting. Your weekly, monthly and yearly goals must be focussed on and achieved in the time you set out to do so. Collaboration, executed correctly, will put you on the fast-track to your goals and best of all, you’ll have fun doing it, make new friends and potentially spawn several new projects along the way.
“Use partnerships to benefit both your own goals and theirs.”
Collaboration can be necessary for many reasons; you may need a new design line for your clothing brand so you partner with an acclaimed artist to author your graphics. You could be hosting an event, which requires sponsors and funding. Your product may be in need of a technology, which another company has already manufactured. What ever it is, use partnerships to benefit both your own goals and theirs.
In our ever-evolving and expanding industry, we should strive to give our intrepid customers exactly what they deserve – the best. If two companies are working on a similar product, what would be more beneficial to the end user:- Competing for first release and potentially rushing their production or collaborating to combine the power of both in an innovative, never-before-seen product which will guarantee to blow consumers minds?
“There is no shame in sacrificing total ownership for a more successful future.”
Some may look at this and say, “Well i don’t want to share my product with anyone else, it’s mine!” A valid point – your ideas and products should remain yours and you deserve recognition for them, however consider the possibility of releasing one great product which bankrupts you and thus freezes any future progression, compared to sharing the load with a partner and innovating for years and years to come, perhaps breaking away to fly on your own when you’re ready. There is no shame in sacrificing total ownership for a more successful future.
A ‘do everything yourself’ attitude to business may work, but you will feel the pain. Business should be fun and social, so don’t be afraid to work with others. Just make sure you keep a crystal clear vision of your goal through these essential first few years.