The very nature of business and commerce suggests competition.
Competition is the very reason for our existence, one could argue. Throughout our lives, we continuously compete with others and ourselves. In our personal lives, we compete for companionship, we compete in sports activities, we compete with the person in front of us trying to grab whatever it is we want that’s on sale.
In our world, at least to some degree, we experience varying levels of competition on a daily basis. When you truly begin analyzing your thoughts, competition comes up time and time again – because we are competing for the basics of life, as well as those things we believe we want and need.
Basic needs such as shelter, food, water, and sunlight feel as if they are available in unlimited amounts. On a business level, we compete for customers, clients, products and services. These needs to a business are similar to our basic needs as human beings, though they certainly cannot be seen as unlimited.
Competition can be viewed both positively and negatively. Most people consider being competitive as undesirable, but that’s not necessarily true. If we did not have a competitive nature, there would be no sports. And if there were no competition in business, commerce would fall flat. Competitive pricing, the desire for a business to offer better service than another, and a business’s ultimate goal of customer retention are ways that competition help us, as business owners, survive and thrive. Continue reading
What is the most important element in a successful business mindset? There are a lot of viable candidates, but one of the most important elements is competition. A business had a definite need to stay competitive in order to survive and remain profitable. The marketplace, while mostly courteous and collegial, is still an open arena. There are going to be winners and losers at the end of the day.
A good sense of competition, as well as a competitive edge, is what often separates the winners from the losers when the final whistle is blown. However, despite the importance of competition to business success, it is one of the most misunderstood and maligned of all the key business concepts.
In order to be effectively competitive, it is important to understand why this is so.
It’s helpful to start with an idea of what competition isn’t. Competition is not a no holds barred, take no prisoners, blood sport. While many people consider competitiveness as a game of dirty tricks, they are wrong. There must be an element of morality and ethical conduct associated with competition, especially business competition. Without this ethical element, business competition becomes no better than open warfare. Continue reading