Does Business Require Competition?

“Competition is a good thing; it forces us to do our best.”

  • Nancy Pearcey

Since every aspect in life has two angles, competition too can be considered in the positive as well as the negative sense. Mostly, competition is used in the negative sense which is the reason most of the businesses end on a short note. Thus, we will be learning a positive sense of this word in today’s article.

The term becomes negative when you resolve to imitating the procedures followed by your competition. As discussed in earlier articles, a business needs to stand out for which uniqueness is quintessential. Thus, blindly following the footsteps of your competition isn’t going to help. Also, focussing merely on your competition and their profits isn’t the right move because that diverts your attention from the possible surplus you could generate. In short, avoid opening up an encyclopaedia of services offered by your competition just so as to match their ability because that isn’t possible. All have different capabilities and varied ways of thinking. Perhaps you could do better than the competition and in order to believe yourself, lay aside continuous inspection of the competition. Let us understand this better.

For instance, a company selling electrical appliances and will of course have competition because one can’t possibly come up with a business extremely alien to all, owing to the desires of the mob. Thus, competition persists because we need to consider the needs of the population on this planet and arrange for such services that would benefit. Uniqueness must come in the way we exhibit or present those services.

Getting back to the story, you are receiving good deal traffic but are occupied in considering the competition. You’re trying to get into their good books so as to know more about their ways of introducing and presenting the services. However, while you are busy understanding your competition, you failed to comprehend over the fact that you could understand the psychology of the customers and list their desires thereby coming up with a unique form of exhibition of your services. In short, you lose access to creativity when you are busy imitating which certain businessmen term as ‘taking inspiration’. A point to be noted is, that inspiration means simply learning from the competition and coming up with your own unique form of services while imitation is looking up services provided by the competition that seem to best appeal to the mob and trying out the same! Most businessmen resort to the latter but coin their efforts as former!

Yes, there is a possibility of better inclining towards the latter because we feel that more customers would be attracted to us as well, as they do to the competition. But a point that we miss out on is, that if the customers have already tried that way out, why would they be interested in yet another company offering the same format with no particular speciality or uniqueness in its services? Also, customers remain glued to the same company for ages owing to the trust and genuineness they feel towards that brand which is the reason, they wouldn’t actually be interested in trying out a new brand with the same level of services. Why take the risk and opt for a new brand with same manner of exhibition of services when the old one does the trick? That is when uniqueness comes into the picture because your aim shouldn’t be to snatch the customers of your competition which is a tedious task and may gain no possible results. Instead, your aim should be to gain a new set of enthusiastic customers for yourself. Don’t go for Renaissance in business that is rebirth or revival of your competition. Go for something unique that people would be excited enough to try out owing to the way it functions.

Thus, competition should be taken in a positive sense. Take inspiration from them. Capture some of their bonus points that help them and develop your business with creativity on the basis of that structure. In short, use your competition as stepping stones to success! Also, competition can help you grow vividly because it helps understand updates of market trends which keep changing and are visible in your competition. By closely observing the same, you could flourish your business and step by step, move further than your competition not by imitating them but by personal creativity. The competition would neither blame you for stealing their ideas nor would you feel guilty of being a copy cat! So, be yourself and unique in business to ensure additional bonuses in the future!

Thank You For Reading!