So, someone says,
See, my friend, 40% of 1 million Naira is better than 100% of 100 thousand Naira.
If you are keeping your idea to your chest and refusing to bring on a strategic partner- because you want 100% of the profit – you are doing yourself no favors.
I once wrote about Collaboration Being The Soul Of Business. Let us elaborate a little bit further on this ‘collaborate’ talk.
It is natural for us to see companies that operate in the same space as us – as competitors. Surely, they are there to take away part of the pie available.
You keep tabs on them, their activities. Know your competitor!, the way you should know your customers. You Perpetually scrutinize them with a magnifying glass. observing which of their ideas might come in useful to your business. You wake up daily, telling yourself you you need to be better than the competition.
Sure, analyzing your competition is not a bad thing, but things can get to the level of paranoia., When you perpetually feel competitive (rather than collaborative) , this can be bad for your brand, in the long run.
Collaboration Allows Us To Know More Than We Are Capable Of Knowing By Ourselves. – Paul Solarz
Humans are unique. Businesses are / should be too. It is this uniqueness that stands a company and its business out, differentiating it from the others in that same space. Organizations are crafted by unique humans, with attendant unique visions and results, even if you all operate in the same industry, with different approach to meeting customer needs. / solving problems, offering a product / service,.
Many Ideas Grow Better When Transplanted Into Another Mind Than The One Where They Sprang Up – Oliver Wendell Holmes.
Focus your attention more on collaboration to achieve more, instead of constantly looking over your shoulder at what your competitor is doing / about to do, or not following your vision / roadmap because a bigger / more capable competitor is permanently ahead of you in the marketplace.
it is true that competition is the soul of business, but forging a synergy with others, whenever and whatever possible, would / could more easily catapult your business to the next level faster, than by merely being ultra competitive. This is because many problems are more easily solved by popping resources (funds, technical know-how / talent, etc), than my attacking the problem individually..
Individually We Are One Drop; But Together We Are An Ocean. –Ryunosoke Santoro
You fortify your knowledge and elevate your business by connecting with other entrepreneurs, and forming alliances. Reach out, rather than compete constantly with each other.
A good example of where forming alliances pays is seen in major auto motor manufacturing companies share expertise and resources.
The Renault–Nissan–Mitsubishi Alliance is a Franco-Japanese strategic partnership between the automobile manufacturers Renault, Nissan and Mitsubishi Motors, which together sell more than 1 in 9 vehicles worldwide.
You would observe that animals that hunt in packs can more easily overcome bigger preys than those that hunt solo.
Let us learn from these animals.