Top 5 Things Every Entrepreneur Should Know

5. Your competitor is actually your BFF.

Whatever you felt about competition prior to reading this, let it go. Take a memory loss pill and practice the new idea that your competition is your new BFF (best friend forever). If anyone has competition, let me tell you it’s me, ladies. I am not only a fashion, beauty, and lifestyle publicist in Los Angeles, but I am located in a very petite beach community where there are four other great lifestyle boutique PR firms with pretty much the same focus. We have a lot of similar clients, and some even in direct competition with one another. I could easily find some way to feel negative or insecure about how incredible they are and all the terrific things they bring to the table, but guess what? We’re all friends. Not necessarily the “holy Jimmy Choo I found the best bargain on pillows this weekend” friends, but we are more than acquaintances.

Just recently one had a BBQ for her husband’s birthday and we happened to all show up. Work was not discussed at all; we chatted about two of our dating debacles, my lame jeans, wine, and cute children (theirs) and interviewed a husband attendee about dating do’s and don’ts. Coincidentally one of them is also my mentor and I am so grateful for her. Within this group we pass along potential clients when we are unable to bring them on, or if there is a conflict of interest. It’s nice to be able to pass along business to a friend versus just saying to clients “no I cannot work with you because I have a feeling you are going to be a high-maintenance pain in my butt.” We have different personalities and it all works out.

Stacie Krajchir is a member of the Los Angeles Incubator and the founder of The Bungalow PR.

Ladies Who Launch is asking you … what do you think of Stacie’s advice? Let everyone know in the Comments section below!

From business plans to marketing ideas to legal forms, a small business can never have too many Tools, Documents & Templates. Check them out!