The Best Person to Compete With Is "Yourself" Says Peter Tri
published : 7 May 2021 at 13:13
Peter Triantos, or Peter Tri as most refer to him, is the founder of the nationwide condiment company,
8 Food. What started as an idea for a small business has turned into one of Australia's top ten condiment manufacturing companies. Today, 8 Food products are carried in more than 6,000 stores nationwide, including global giant – COSTCO.
However, Peter Tri's path to success was far from easy. As a second-generation Greek-Australian, Peter says, his success didn't come from being brought up in a wealthy family, as it does for some entrepreneurs. "I didn't grow up in a rich family. Both my parents worked hard every day, and that's what they instilled in me," Tri says. “If you don't work hard for something, it's not worth having.”
Tri’s entrepreneurial journey started when he was 21-years-old when he bought his first business, a rundown chicken grill bar. He eventually went on to open five more stores. By 2007, he had decided to move into food manufacturing. Tri invested $3 million in a new company in the condiment space with a plan to “shake things up.” However, Tri says the big companies were unwilling to share the market with a new business that seemed to be growing fast, so they showed their power with a price war.
Within a year of starting the business, Tri had lost his family home and was in danger of bankruptcy. "I managed to hold onto my businesses and forged forward, changing tactics and servicing stores directly rather than the traditional format of engaging distributors. We were back on track in a big way."
What was different this time around, he says, was that he had developed strong relationships with store owners. He realised the best way to move forward would be to start his own distribution company that could sell his manufactured condiments. As a result, 8 Food Group Distribution was born.
Tri says his mindset helped him overcome challenging situations he encounters. "I have a never-give-up attitude and a relentless mindset that allows me to do whatever it takes to succeed," he says. "Also, I don't compare myself to others. I run my own race. Had I tried to compete with other companies, I wouldn't have made it this far.”
Tri advises all aspiring entrepreneurs to focus solely on themselves, not on what their competitors are doing. "The hard truth is that someone is always going to be better than you at something. When you learn to be competitive with yourself instead of with other people, you don't have to panic because someone else got something first. You know it's coming to you. You just have to push yourself harder, so you're a better person than you were yesterday."
If you're interested in more entrepreneurial advice, follow Peter Tri on Instagram. He shares motivational content, hoping to inspire young people to succeed by doing what they do best.