“If everyone is moving forward together, then success takes care of itself.” – Henry Ford
The discussion surrounding Nationalism versus Patriotism in the news lately has me thinking about how we approach relationships and collaboration amongst competitors in business. Where patriotism is grounded in loyalty to an ideal, nationalism is much more about putting others down to build yourself up. Two seemingly interwoven terms that have very distinct and opposing meanings.
Simply put, a patriotic approach to business based on a foundation of collaboration can be the key to success for all involved. There’s even a term for it… coopetition. When organizations work together to achieve a common goal, the result can be growth for the overall market allowing each independent business to capture a bigger piece of the pie down the road.
Once the goal has been achieved and market demand is created, then it’s up to each individual company to fight for their own share of the market. That’s when the gloves can come off. It is when companies are too busy fighting each other and not focusing on customer need or demand that the entire market suffers. As Henry Ford so eloquently said, “If everyone is moving forward together, then success takes care of itself.
When Collaboration Amongst Competitors Succeeds
Let’s look at industries where collaboration was key to growth amongst competitors, the most notable being Amazon. Amazon was the first to introduce a new way of online shopping that invited competitors right onto their platform with the “Amazon Marketplace.” While there was both internal and external pressure to change course, Amazon stuck to their business model, understanding that in order to evolve, grow and survive, they needed to look at business differently. Not only did their competitors and industry benefit, but Amazon grew at a rate that they couldn’t have achieved independently.
While this is an extreme example of coopetition on a grand scale, the concept is grounded in common sense business. As an independent operator, look for opportunities to collaborate on a specific part of your business to benefit both parties.
Take a look at your business and the businesses around you. Be honest about your skillsets and what others could possibly bring to the table to complement your business growth. If you open up lines of communication between your competitors, you might be surprised at what can be achieved together. It’s worth a look.
About Roy Murad
Roy Murad is a father, husband, business advisor, investor, advocate for new business ventures, and consummate entrepreneur. Over the course of 35 years building businesses, guiding companies and identifying strong investment opportunities, while nurturing a thriving family, Roy Murad has amassed a wealth of experience; experience, that may be of value to others who are looking to shape a balanced and successful life experience.