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 Today's advice comes from Kohort cofounder Mark Peter Davis via Inc.: "While it's important to outdo your rivals, the existence or success of competitors is actually probably good for you and your company." Many people have a "winner take all mentality," says Davis, but the truth is it's possible for more than one person to succeed at the same time. Your competitors' success can benefit you in a number of ways, such as proving that a business model works and therefore, making it easier for you to convince your own investors to buy into something similar. "Face it. Since your competitors are probably not going to wake up one morning, give over their customers, and leave the market, you'll be better off if they succeed to the point that you can then beat them." Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email. Please follow Careers on Twitter and Facebook. | | | | | | | |
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30 comments:
A healthy competition is always a good one. Just like in high school, competition gives you the edge you need to try to fix your flaws and to succeed. I believe this is true even in a business. There will always be competitors in every market, but the feeling of being on top is always a good one. It's like the saying goes, "It's hard to make it to the top, but it's even harder to stay there."
If companies didn't have competitors then the company would only have itself to compete against. I can see how it's important to let some of your competitors win so you have the chance to see how they accomplished the goal. While you may not be able to copy their strategy, you may be able to take a few concepts and implement them into your company to help you succeed even more.
If the world had no competitors then the world would be full of monopolies. And probably dictatorships, who knows. Point is, letting your competitors succeed and allowing to learn from their tactics may be beneficial to you. It also may be good for you to know those competitors and what they are capable of doing, to better yourself.
Competition is what it’s all about. It’s the force that drives us to try harder and push ourselves to become better. The same process happens in business. Our competitors force us to find new ways to improve our product and innovate our processes. Competition is a good thing for the overall success of our business.
We already know that competition benefits the consumers by allowing us to have a wider variety of goods and services at lower prices. This article is essentially speaking of the advantages of shared technology and human capital between firms. We can learn from our competitors and improve our own products by adapting their strategies and further improving on them ourselves. Take the Ford assembly line, for example. Had the company not made automobiles much cheaper to produce, we may not have had the rampant entrance into the industry by other firms. We know that firms when enter an industry when there is a profit to be made, so it is obvious that in this scenario both firms and consumers benefit.
Competition is what drives most successful people. When I was in the restaurant business we wanted other good restaurants in our market because it got people going out to eat and gave us a better chance that they would choose us. Also you need good competitors to drive the market so that everyone pushes each other to be better at what they do.
People and companies are driven by competition. We always want to stay a step ahead of the competition. This gives companies a better chance to have that special niche to stay one step above the competition.
Competition is always a healthy thing to have in the business world. So, it is not surprising that if your competitor is doing well that you are also doing well. For example if I am going out to eat and I pick a resturant to go eat at then if it is too busy I still have other options I could go too. This is why it is good to have competition because if there weren't other resturants then I would have had to wait. This would make customers mad as well as myself.
Competition creates drive and motivation. If we had no competition our desire to succeed wouldn't be the goal that it is with a business in competition. Everything in this world has some kind of competition, so why wouldn't the business would. I think competition can be a positive thing in more then just a few ways.
I believe every company has the mentality of winner takes all. But when the winner takes all, the non winner can win by convincing their clientele to replicate the winner’s model for success. This replication process is how the non winner can learn and use the experiences of the winner as a stepping stone to success. After all, competition is what motivates the market environment.
This is a good article. I believe too many of today's business owners think that they should be the only option and so they get so competitive that they harm their business. You should be able to use your competition to better your company. If you have competition, you have reason to improve. Without competition companies become stagnant.
It is good to know that all is well within a particular business. It takes a lot to have the whole market on something so having a slice of a successful pie is better than have no slice at all. Your customers are your customers and their customers are theirs. When it is known that your type of business is doing well all around for everyone in it, then you know it is worth the effort of continuing to work at it and make improvements to keep it successful.
I like Mr. Davis’s philosophy “let your competitors succeed to the point that you can beat them.” I believe in letting the free market decide on whether or not a business is successful. If your competitors are doing well chances are that you are doing well also. I also agree that when your competitors are doing well that you should take notice of their business strategy and business plan, and see if you can make the same thing work for your business.
I do believe that competition is healthy for a business, in many ways. I never thought about it before, but it does make sense that companies benefit from competitors' success. If other people in the same business as you do well, that at least means you are on to something good and can now improve your business by seeing what works. I like this philosophy.
I am not sure if I am taking this in clearly, but in completition I don't know if you want your competitors to succeed. Now if your company can still beat theirs while they are succeeding then it will make your company look that much better. Although, if I am in a competitive market, I am hoping that I am the only one succeeding so that I can take all the customers without any doubt.
This business advice entry provides some really useful tips on, the competition, one of the areas in which humans have the tendency to give up their values because of desperation and impatience. It is a certain fact that nobody likes to lose, but not everybody has the wisdom to learn from their mistakes. Competition is important for any business because it is one of the best ways to become better by realizing what the other company is doing right. The competition is also a big source of motivation to test someone’s capabilities of making a company better than the competition. There will always be several winners, some will win more profit and others will win the experience necessary to win the most profit in the future. Patience and perseverance is the key.
This article is interesting and makes so much sense. Reading this article it makes me think about Wal-Mart and Target. When Wal-Mart does well usually Target does well also. They didnt explain it in the article but think about it this way. Have you ever been to Wal-Mart and became so disgusted with the long lines you made a decision to take your business to Target? More than likely your answer is yes. While one is doing well the other may get the overflow of business spilling over from the other.
There is nothing wrong with competition. In fact, I believe that competition only makes us stronger and that applies to businesses as well. If a business spends too long in a market without any competitors they will become complacent and stop improving. As soon as a company stop improving their product or service they are done for. So having competitors is essential for a successful company in my opinion.
This is a good article about competition which is good for businesses but for consumers as well. For businesses it forces them to continually innovate and improve their products. For consumers, competition helps them in the sense that the quality of products and services stay high, while the price may be low. Without competition, the consumers would suffer because company would do what they want. But with challenging competitors, companies work hard to satisfy the consumers, and to make them loyal.
I agree with the idea that more than one company can be successful in a given market, and I also agree that if a competitor uses something new that is proven to work, you should try to use it as well. However I don't think its okay to allow a competitor to surpass you without a fight which is how this article sounded to me at first, but after reading it several time I see that is not what the article is advocating.
Competition is healthy for business. It’s good for the market and for the consumer. Competition drives organizations to offer the best product at the price the market will bear. Competition gets the adrenalin flowing and the creative juices pumping. Competitors provide many tools for an organization’s advantage such as, comparable data to convince investors that your product will succeed. Your competitor’s failures will save you lots of money because you have learned from them what won’t work.
When a rival does well it drives you to step up your game to beat them. Competition is what makes everything better in the long run. Without competition things would not improve at a fast pace. No one wants to lose. Our society makes us want to be the best at everything we do. Personally I enjoy competition because it brings out the best in me. Without competition I would probably settle for something sub-standard.
Yes! Competition is very good in business. If another business were not successful then there would be no goal to set to out perform the competition. Business would not be as interesting. Competition in the business world benefits everyone.
I never thought about it this way. I always assumed that it was better for you to succeed, while your competitors suffer. However, this article made me realize that my assumptions are not always true. Several companies can succeed without any of them going under. Of course every company tries to stay ahead of their competitors to have the upper hand, but you should never wish failure on anyone. Kindness gets you much further than greed.
I think that this is the best way to look at competition. Not as a threat to business but a motivating force to always stay on the forefront of whatever industry you are in. Competition is what keeps a company from stagnation. Where would Apple, Microsoft and Google be without it?
Competition is key for businesses to suceed. It keeps your company on your toes and you always have to be innovating new ideas and trying to outdue your competition. Helping your competition out maybe looked at a bad thing but I think that it is a good thing becuase they will help you when you need help and keeping your industry growing is a way to keep you in business.
I do agree with several of the other posts. Competition is good for a company it makes us strive to be better and by doing that our business succeeds and grows.
This is such a great point when talking about competition. It is always great to have competition and be able to push each other. It was a great example when it was said if one company is extremely successful in one area and another company wants to launch with the same ideas other investors are willing to get involved.
Competetion is always a good thing, and without it would pretty much be a monopoly. However, will successful competition, as a company owner you are more entitled to push harder for your company to become more successful. It will always be beneficial for companys to have surrounding successful competition.
Competition is always a good thing in a business world. With out competition there would be a monopoly. competition makes sure that they are selling the best products for the best prices. Competition is always a good thing for consumers.
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