Business Growth Plan: Don’t be a copycat

Over a three-week period, we are publishing daily tips from Britain’s fastest-growing companies on how to grow your business.

To truly establish yourself in a market, you need a unique proposition. Today’s tip in our three-week Business Growth Plan? Don’t be a copycat.

“When looking to disrupt a market, look where customers are getting a raw deal,” says Errol Damelin, the founder of Wonga.com. “It’s harder work, but it’s better than having a copycat business.” 

Being an innovative business in a stale market is what made Wonga successful, he adds. 

“There were already companies out there disrupting other markets, but not in short-term borrowing – that’s our space.”

By carving out your own niche, you’ll create your own successful industry, rather than trying to compete against more established players.

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