eWomenNetwork

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Joined
Apr 13, 2018
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92
As an entrepreneur, you are always taught to look for competitive advantages. Whether it’s a marketing campaign or making a new investment, wherever you can gain an edge puts you that much closer to being successful. And depending on what industry you may be in, you may have to fight a bit harder in your space than others. Still, the same message holds true and you’ll find that competition is actually very beneficial for you, the industry, and your consumers.

However, there are many entrepreneurs who run away from it. Some may feel like it’s too pushy and that they can do better without integrating a bunch of systems and tools that set them apart in a saturated market. It’s time to grow out of that mindset and adopt a new one. One that is welcoming to the thought of competition and embraces all that comes with it.

Here are key reasons that prove healthy competition is good for entrepreneurs:

Sparks Innovation - Innovation is one of the best reasons for competition. When you think about it, some of the best products and services have come from competitors pushing one another. The makers of Apple’s iPhone are always looking to one-up other brands in the market, such as Samsung’s Android and Google’s Pixel. There are constant upgrades to each device that enters the market. Similarly, your business should do the same. By having other competitors to scope out you’ll be able to see what will be the next trend, which leads to innovation. If you’re the only player in your field, it can be difficult to improve. And if you’re in a crowded market, you will rarely succeed by doing what everyone else does. Embrace the competition that keeps you on your feet.

Prevents Complacency - When there is no competition in a given market, businesses could become complacent with their offerings. Meaning customers would see much less innovation and excitement. Having competition is like always having a fire under your feet. They will keep you motivated to always push your business forward, but not to where they would completely burn you down. Remember, you don’t want to be left behind in your industry. So this forces you to shake off any laziness in the business and develop new ideas on a constant basis.
 

eWomenNetwork

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Joined
Apr 13, 2018
Messages
92
When you hear the word ‘competition’, what feelings arise within you? For some, it may be fear and for others, it might be a spark of fire as you gear up to compete. Think back to your childhood memories of playing sports or board games with the family. There were probably times when you celebrated a win or cried at a loss, but at the end of the day, you learned to compete and respect your opponents simultaneously.

Contrary to popular belief, competition can be a good thing for business - when it’s healthy competition.
As an entrepreneur, you are always taught to look for competitive advantages. Whether it’s a marketing campaign or making a new investment, wherever you can gain an edge puts you that much closer to being successful. And depending on what industry you may be in, you may have to fight a bit harder in your space than others. Still, the same message holds true and you’ll find that competition is actually very beneficial for you, the industry, and your consumers.

However, there are many entrepreneurs who run away from it. Some may feel like it’s too pushy and that they can do better without integrating a bunch of systems and tools that set them apart in a saturated market. It’s time to grow out of that mindset and adopt a new one. One that is welcoming to the thought of competition and embraces all that comes with it.

Below are few benefits:

  • Prevents Complacency
  • Allows Differentiation to Shine
Get detailed info here….
 

Rich_Marley

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Joined
May 4, 2021
Messages
19
Healthy competition in the workplace is described as intrinsically motivating employees to reach their goals through the means of natural competition. In a healthy competitive work environment, everyone has a chance to win. Everyone is given equal opportunity and celebrates each other wins.
 
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