“There is a tendency among some businesses to criticize and belittle their competitors. This is a bad procedure. Praise them. Learn from them. There are times when you can cooperate with them to their advantage and to yours! Speak well of them and they will speak well of you. You can’t destroy good ideas. Take advantage of them.” -George Matthew Adams
We have to remember how beneficial competition is to all parties involved. When a market is competitive, businesses run better and consumers get better products and services as a result. People are generally happier when they have more choices to make, and small businesses and entrepreneurs can keep larger businesses on their toes by simply making minor adjustments to service processes, or branding a product differently with subtle changes. When the big guy is challenged, they adapt and succeed with new/ innovative material, which, in turn, brings more opportunity for their competitors to learn and grow, as well as even newer opponents to enter the field, continuing the cycle of growth.
Competitive business makes innovation happen. Competition brings light to inefficient processes and poor quality products. Competition pulls companies out of bad habits, and forces them to look at new avenues in their field. Competition also forces buyers and consumers to look at their shopping habits and decide if they want to continue to support a company that has a negative effect on their life, or the environment. Competition pushes manufactures into more sustainable materials, and is probably one of the most beneficial factors that contribute to environmental health and just overall personal, social and economic well being.
The key takeaway for this concept of competition is this: Competitive Business keeps us moving forward, together, and for the benefit of everyone. When our freedom to compete in the market space is in any way inhibited, everyone suffers losses in some way. Monopolies destroy competition, and create business practices which inhibit a society from moving forward, because they didn’t want to risk losing a cent in profit. Look forward to our podcast tomorrow! Please hit that contact page as well!
