From: bizjournals.com

One of my favorite quotes is by the late Ayn Rand, an escapee from the communist Soviet Union, author of books such as Atlas Shrugged and The Fountainhead, and proponent of free-market capitalism: “A creative [person] is motivated by the desire to achieve, not by the desire to beat others.”

This was certainly not an original thought. However, I do believe it is a philosophy that, when heeded, results in huge success.

Perhaps it is the thought that results in every breakthrough, both minor and major an individual (and, as a result, society as a whole) accomplishes.

From the many inventions of Benjamin Franklin and Thomas Edison to Otto Frederick Rohwedder’s sliced-bread machine, and from Amar Bose’s speakers to Art Frey’s Post-it notes and all the many advances in technology, the progenitors were typically focused, not on their competitors but rather on solving a problem or creating additional advantages for themselves and society.

Value of competition

Sometimes, the phrase by Rand is misinterpreted to mean that you simply refuse to compete, and that you should even completely ignore your competition in the marketplace.

But that wouldn’t be productive. In my opinion, she didn’t mean any such thing, nor would such advice be advisable.

It’s good business to be aware of your competition and even to know their products/services and their strengths and weaknesses. It is also good, at times, to be inspired by them. Absolutely, understanding your competition is very helpful and is something the pros do without fail.

However, like so much else, the key is in the focus.

If you are focused on beating your competition, you are likely not going to be as successful as if you are focused on being the best you can be, and achieving. And, in a free-enterprise economy, you achieve via serving your customers.

You achieve by creating an absolutely exceptional experience for your customers with every touch and in every aspect of the process. You deliver value in such a way that they know they received much more than their money’s worth and cannot imagine doing business with anyone but you.

In other words, focus on creation rather than your competition, and you won’t have to be as concerned about your competition.