There’s a lot to be said about the benefits of competition on motivation. Many of us can truly find our fuel when faced with a competitor. After all, it is biological. The reward centres of our brain love a good win. But for long term goals and the trajectory of your business, is this really the best way for you to cultivate drive and motivation?
The stats say that more men respond with improved performance when faced with competition than women. It does not seem to affect the performance of women as much. Gender aside though, I think there is another factor at work here and it all has to do with whether we are extrinsically or intrinsically motivated.
Here are the definitions:Intrinsically motivated= You do an activity because it’s internally rewarding. Extrinsically motivated= You do an activity to get an external reward.
Now, let’s also look at this in the context of goal setting for further clarification:
Intrinsically motivated= Goals come from within and the outcomes satisfy your basic psychological needs for autonomy, competence, and relatedness.
Extrinsically motivated= Goals are focused on an outcome and don’t satisfy your basic psychological needs. Goals involve external gains, such as money, fame, power, or avoiding consequences.
Which type of motivation do you relate to the most?
Obviously we all want to make money, why else are we in business. But in terms of fulfillment and acknowledging your own success, you will be more likely to value the outer rewards or the inner rewards.
I always give the example of how you personally react to a compliment about your work. We all enjoy compliments, but if you are intrinsically motivated it may not matter to you what others think so much as what you think about your work. If a compliment is given, it is welcome, but it is your own opinion that assesses if you’re doing your best. In contrast an extrinsically motivated person will enjoy the compliment but also see it as a measure of their success and as form of acknowledgement. They take this compliment as the“reward”.
If you can see that you are extrinsically motivated– your motivation comes from “outside”, then certainly, looking at your competition in business will likely motivate you. You want the external reward, the power or dominance. You may want to avoid coming second to the competition, to avoid looking bad, or to just avoid“losing”. Checking out your competition from time to time and being competitive with them will benefit your business and it’s strategic outcomes.
If you identify as being intrinsically motivated- your motivation comes from “inside”, then looking at your competition in business is likely to be of no help at all and in some cases detrimental. When you are intrinsically motivated, your motivation and reward is all located within you and your actions. You are likely to be much less concerned with competing outwardly with others as a means to achieve external rewards(as these come from within). You value growth and achievement just as much but the measurement is different from the externally motivated person.
Can you see how your own personal motivation style will affect your choice to look at your competition or not?
There is no right or wrong answer here, it’s a matter of what works for you the best. If you’re extrinsically motivated, try looking at the competition on a regular basis and see what effect that has on your performance. If you’re intrinsically motivated, don’t look at the competition at all. Instead, focus on your own progress.
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