In the business world one of the most repeating word is COMPETITION among businessmen and their companies.Most of the entrepreneurs, especially startup’s are too concentrate and affected by it.Because of lack of knowledge about the advantages of competition they feel it as hurdle in their way to get success and for leading the industry.
Based on the conversations with successful entrepreneurs, it’s clear that competition also one of the key factor for the business organization to consider for their survival and growth.They used to call it as perfect opportunity to produce better quality products and services over their competitors for taking lead of the market.
But in the practical world, majority of entrepreneurs instead of concentrating on their strengths and core areas, they consider their competitors as superiors and followed them without their self attention.In the result these will produce same products,initiate same marketing strategies and eventually these should loss control on business activities as a whole.Here morale is without your knowledge you are making them as leaders and you are becoming their followers.
Every successful entrepreneur consider their competitors as their regular job but they don’t concentrate or follow them.If someone making different product they already knows the target market,product strategy and ways of producing because they may have conducted research on that, but if you follow the same product your business will see downfall.Every business entrepreneur have his/her own rules,policies,values and strategy so as an entrepreneur it is your responsibility to focus on your qualities for the maximum satisfaction of customers who are loyal to your products and business organization.
So, see competition as the opportunity to grow, and to production of better quality products and services over other competitors.