Stop Competing.

Summary

• When I look at guys who make tons of money, they don't think like small business owners.
• Many businesses have local rivalries, but big buyers don't care about this animosity.
• Successful businesses get bought and combined to make a bigger entity.
• Big buyers remove ego-driven founders and focus on synergies in cost and profit.
• Instead of competing, collaborating can make you a lot more money.

Video

How To Take Action

Implementation Strategies for Business and Personal Growth

I would suggest implementing a mindset shift from competition to collaboration. Often, small business owners focus too much on rivalries, but successful entrepreneurs recognize that working together can be more profitable. Start by identifying local competitors and explore opportunities where collaboration could be mutually beneficial. For example, you could co-host events, share resources, or even merge certain aspects of your operations to cut costs and increase market reach.

A good way of doing this is by networking with other business owners in your industry. Attend local business meetups, join online forums, or even arrange informal coffee chats. The aim is to learn about each other’s strengths and weaknesses to find synergies.

Instead of being driven by ego, focus on the big picture. Big buyers look for businesses that can be easily integrated into a larger entity, and they value cost and profit synergies over individual competitiveness. Reflect on what processes or systems in your business could be more efficient and work towards optimizing them. This will not only make you more appealing to potential buyers but also improve your current profitability.

For entrepreneurs interested in personal growth, it’s crucial to adopt a mindset of continuous learning and improvement. Read books, listen to podcasts, and watch videos that teach high-level business strategies rather than just day-to-day operations. The goal is to think bigger and more strategically.

Lastly, take quick, low-cost actions like forming partnerships with complementary businesses. For example, if you own a gym, partner with a nutritionist for cross-promotions. This not only adds value to your customers but also creates a support network that can lead to broader opportunities.

By shifting your focus from rivalry to collaboration and efficiency, you’ll position yourself and your business for greater success.

Full Transcript

all the guys that I know who make gobs and gobs and gobs of money those guys don't think like small business owners it's so funny because there's these these these blood feuds that exist between businesses that are local but like the guys who you eventually sell to if you you know succeed and do a good job with it they just think oh this is really fragmented I'm going to roll all these together and make a much bigger thing they don't care that you have some sort of animosity because they just remove both Founders who have egos and say cool these two work well together and I can see some synergies in terms of cost and I can get more profit and own more of the market they just don't think about it like that and so we have this whole Obsession about like competing but like the reality is that if you collaborate you end up making a lot more money