When you are starting your business, it is likely that you aren’t going to have the same number of resources, connections, or money as the established big names in your industry. The odds are that you are going to start your company as a small business, and over time as you grow, you can build a company that can compete at the highest levels. But when you start off, you aren’t going to have the institutional advantages that the big dogs have.
Sometimes, that knowledge scares off potential small business owners and entrepreneurs. But instead of letting it scare you, you should instead use it as fuel. And there are business coaches for entrepreneurs that you can find to guide you through the areas you may feel weakest.
You should embrace being the underdog that other businesses and observers don’t expect to be able to compete. Being the underdog provides you with an advantage, because there are no expectations and few outside observers will be putting pressure on you. Here’s how you can start embracing being the underdog instead of fearing the challenge.
There’s No Expectations
When you are a big business that is publicly traded with a corporate board and CEO, you have huge expectations. Your shareholders expect you to create additional value and your customers expect massive innovations every single year. When you are a small business just getting started, you don’t have those expectations or pressures. You can create your own expectations instead of having financial analysts and shareholders create expectations for you. This is extremely liberating, as it gives you a chance to define what success is for your business.
You Have Greater Flexibility
There are a variety of constraints for big corporations, including financial regulations that can cost hundreds of thousands or even millions of dollars. These corporations typically have agreements in place with vendors and distributors that are set and difficult to renegotiate.
But as a small business, you have the flexibility to develop work relationships with whatever vendors you choose, and you can more easily make decisions on the fly. You can decide to take advantage of top business coaching programs where in a large corporate setting you would probably not be able to do that. This is an advantage, as your business can change streams more easily than a large corporation.
Celebrating Your Wins Feel Even Better
Your wins feel best when you aren’t even supposed to be on the court. When you are a small business, you aren’t supposed to become successful.
As you already know, most small businesses fail within three years. So when you reach success that you weren’t even supposed to have in the first place, you can celebrate and enjoy the fruits of your labor.
You Don’t Have To Play By The Rules
When you are the underdog, you don’t have to play by the established rules. You can feel free to break conventional norms and make up the rules as you go. When you can abandon institutional norms, you gain an advantage over the competition. It is time to start embracing being the underdog and start taking on the challenge!
Regina Fasold is a seasoned Executive Coach and Leadership Expert. Her extensive professional background and her 10+ years of experience as a Global Executive Coach have allowed her to assist over 300 senior executives in corporations throughout the United States and in over 25 countries around the world.