According to Peter Tri, Competitive People Make the World Go Round
Many major CEOs say they enjoy competition as it forces rival companies to constantly search for original and innovative ways to attract new customers and keep existing ones. It also helps in balancing market prices, which play an essential role in economic growth.
Australian-named “Mayo Mogul,” Peter Tri has made it as a successful entrepreneur in one of the most demanding and lucrative industries in the world - the food industry. He is the founder and CEO of 8 Food, an Australian condiment manufacturing company.
According to Tri, he wouldn't be where he is today if it weren't for the harsh competition, and most importantly, he says, his competitive spirit that pushed him through.
"Competitive people make the world go round. They're the reason you have the technology you use, the clothes you wear, the great food you eat, and the world you live in," says Tri. "Competition brings out the best in us. It takes us out of our comfort zone and forces us to be innovative to create better products and services."
Peter Tri further explains that by staying competitive, “you set yourself new goals you want to achieve, and you'll do things that will cause you to reach them.”
"The bigger the dream, the more competition there is, and there's not just more competition at the top; it also gets fiercer. Something I've experienced firsthand when I started 8 Food," he says.
Tri says, when he first decided to move into food manufacturing, his objective was to shake things up in the condiment sauce space. But he says he experienced massive backlash from the big names in the market. "They were not ready to share their space with a new business that was gaining traction," he says.
The big names tried to push him out by engaging in a price war with his company which almost ruined Tri financially, he says. Tri lost his family home and was about to lose his business. But he decided to do something about it and came up with a new business model; service stores directly instead of utilizing the traditional format of engaging distributors.
With his new distributing company up and running, he says the numbers went from red to green. Today, 8 Food’s annual revenue is over $35M. Tri says his story 'only proves how competition and a little bit of forward-changing tactics can turn things around.'
