Competition is Good
When we hear the word competition, we tend to take it as a challenge and very negatively. Yes it is a challenge but negative, I am not too sure. I personally believe having competition in a startup space has many positives to offer.
Promotes Innovation & Creativity: Where there is competition, there is innovation. Competitors will constantly try to innovate to make their offering better. This can particularly be seen in the Mobile Phones market. With a host of big companies like Apple, Samsung, HTc competing, we are seeing so much innovation and at such a rapid pace.
Better Customer Experience: Customers reap the real benefits of a competitive market. Players need to enhance customer experience and satisfaction to ensure their place in the market.
Establishes Market Potential: For new entrants, having existing competition implies that the market size is big enough and hence there is competition. If the market was small, so many players would not exist in it. But then again, entering such a market is quite difficult for new entrants.
Extends Market Size: With players innovating, new models of growth get formulated by them, thereby leading to the overall extension of the market size.
Makes Businesses Lean: Players in a competitive market start looking within. They are forced to identify their strengths and cannot get complacent. This enhances overall business productivity and competence.
So the next time you think about competition in your Industry, look at the brighter side and use that fact to better yourself and not shy away from it.
Originally published at etrlearning.blogspot.in on April 13, 2016.