Competition should be embraced, NOT feared.
If you’re an established entrepreneur who has a made a name for him or herself, you should relish in the fact that more people have decided to enter the market to compete and not fear it. Competition is critical; not only to the market place, but to our economy and to society as a whole. Without more people venturing into fields where there is little competition, we would see very little innovation or growth.
Imagine what our world would look like if every industry was only dominated by one or two brands. Our choices would simply be limited to only those two products, and if you didn’t like either of them, you would be stuck. To me, that would be a pretty boring site to see. The fact that we have so much choice available to us, allows us to truly take into account all aspects or features of said product or service, and then have the power to put our money to where we receive the best value.
In addition, competition forces companies to truly think how to make their product or service even better. The end result being, everyone benefits. The company is able to create a better product that will generate the company more revenue, and the consumer has the ability to purchase the best product out there that meets his or her needs. It’s a win-win situation for all.
Moreover, more competition improves the status of the economy. With more people deciding to enter into fields where there is limited competition, more jobs are created. This in very essence spurs economic growth because if more people are working, more money is circulating throughout the economy. This not only unburdens our government resources, by taking people off of unemployment or welfare but also enables the government to use those resources to better improve the nation.
So, if you are an entrepreneur who is scared of losing market share because of more competition, then use the knowledge you have to your advantage, by beginning to only get better. Even if you don’t have the majority of the pie, you can still be as successful if you look at it as an opportunity to challenge yourself and create a better product or service that will maintain people to be loyal to your brand.