Collaboration is better than competition
I remember reading Zero to One back in 2017, written by Peter Thiel. Competition is for losers, he said. You should build a monopoly. Aim to create products that are 10x better than what exists today. It isn’t before now; I think I understand what he meant.
I learned the hard way.
My founder journey started back in 2016. Before that, I was a competitive swimmer. Naturally, that has affected my mindset. I was a firm believer that the harder you can compete, the better results you get. Success equals crushing your competitors.
I couldn’t be more wrong.
As a first-time founder, I thought I could do everything myself. You tell me every feature and task, and I go out to learn it. I didn’t need help.
When you try to do everything at once, you often become bad at everything. That harms you both on a personal and company level.
The best companies collaborate.
It’s not about being the company no one wants to compete with. Your number one goal should be to build a company everyone wants to collaborate with, especially if you have limited capital.
Competing is expensive and increases your chances of failing.
To collaborate, you need to know your strengths and weaknesses.
Entirebody has been able to attract huge customers with our new collaboration strategy. The only reason for that is we now know our strengths and weaknesses. At Entirebody, we are good at building reliable software. Infrastructure for the preventive health industry is something we deliver cheaper, faster, and better than most of the other companies out there.
We aren’t good at sales and marketing, so we like SaaS deals. Customers who want to increase sales on existing portfolios, retention, and increased customer satisfaction are perfect for us.
Collaboration as a strategy
When collaborating is your primary goal, you start asking questions like; how many companies can we help this year? Then it’s way easier to get meetings as well. The meeting changes when you can reach out and ask how you can help them solve their problems. You start the discussion with a positive vibe since you are both there to find a solution. It’s even better if you can find a way to collaborate inside your product.
Collaboration network effects = community
Building your product where collaboration can happen between your customers will increase your chances of success. That can be solved in multiple ways. The best way to start is to figure out how your customers can benefit from each other inside your product. Building bridges like that can make your product go viral.
Try to make your product so different that you don’t have any competitors
Don’t start a marketing agency if you want to enter the marketing industry. Build something that all the agencies can use and build a structure for collaboration inside your product.
Hope you got some value from this article. If you have any questions, you can reach me on social media Instagram @sanderandersen.eth and Twitter @sanderandersenn I’m also active on TikTok @sanderandersen.eth