Being an entrepreneur can be a very exciting opportunity. Unfortunately, a lot of entrepreneurs tend to compare themselves to others. Of course, it’s a natural response but you should still be wary of comparing yourself to other entrepreneurs.
It Decreases Creativity
One of the dangers of comparing yourself is that you are more focused on what others are doing rather than your ideas. This can actually decrease your creativity because you might shift your focus to replicating what others have done. Even if someone else has been successful with an idea, you don’t need to do things the same way. In fact, by focusing on your own ideas, you can come up with something that might be even more successful. Comparing your efforts to other people only distracts you from your business.
Another problem with comparison is it opens you up to survivorship bias. This is a term that refers to referencing only businesses that currently exist. By only looking at these businesses, you might come away with overly optimistic conclusions. These businesses might have a lot going for them, but they might also be lucky. Only 35 percent of businesses remain after ten years. Because of this, it’s important to look at past businesses as well. This can allow you to learn lessons on other strategies that might have worked as well as things you should avoid. Making comparisons between yourself and others can lead you astray and prevent you from learning important lessons from the past.
You Lost Authenticity
Focusing on comparison can lead you to see other entrepreneurs as competition. This in turn can encourage you to hyper-focus on “winning.” If you do this, you are creating a clear definition for your business that doesn’t work well in the entrepreneurship world. Being an entrepreneur is all about having an independent business. It’s about having a unique idea. In today’s market, authenticity is highly sought out. People like to see the passion behind business. If you compare and compete, you aren’t being authentic. You’re just trying to do something better than someone else. Stick to your own business and be authentic to your own idea.
It is so easy to compare yourself to others. While it’s always a good idea to be mindful of what others are doing, it shouldn’t be your focus. Comparisons detract from your own business and can drag you down. Instead, focus on you and your business and allow your ideas to carry you.
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