5 Reasons Why Competition Is Good For Your Business
5 Reasons Why Competition Is Good For Your Business
Innovation
Competition leads to innovation. If you’re the only player in your field, it can be difficult to improve. And if you’re working in a crowded market, you won’t succeed by doing what everyone else does. Healthy competition encourages change which will distinguish your company from others.
Education
Seeing what your competitors do well can teach you about your business. Their practices will provide you with valuable insight into the state of the market, and help show you what works – and what doesn’t. COMPETITION VS. COLLABORATION
In nature, competition is everywhere. Organisms must compete to pass along their genes and succeed at “survival of the fittest.” Many industries and work environments mimic the animal kingdom; employees fight for promotions, awards, recognition, and they may even stomp on fellow employees' feet in order to succeed. However, we also see another phenomenon in nature—cooperation. This practice allowed early humans to work together, overcome predators, and create inventions that has propelled us to the top of the food chain. Likewise, businesses have benefited from this mindset as well. Many startups emphasize a collaborative environment. Whether we like it or not, social networking and other forms of instant communication are making it easier and easier to collaborate. We can share ideas at the click of a button and provide feedback almost instantaneously.
Companies Benefit From Collaboration
Most industries seek to provide the best possible products for their customers. Collaboration between team members promotes an environment where employees can create the higher quality products or services. Rather than one employee taking the bulk of the work, everyone can put his or her ideas on the table and select the best ideas that will achieve the best results. Often, it doesn’t matter who is right; it matters what is right. This means it matters what will excite and help customers
Innovation
Competition leads to innovation. If you’re the only player in your field, it can be difficult to improve. And if you’re working in a crowded market, you won’t succeed by doing what everyone else does. Healthy competition encourages change which will distinguish your company from others.
Education
Seeing what your competitors do well can teach you about your business. Their practices will provide you with valuable insight into the state of the market, and help show you what works – and what doesn’t. COMPETITION VS. COLLABORATION
In nature, competition is everywhere. Organisms must compete to pass along their genes and succeed at “survival of the fittest.” Many industries and work environments mimic the animal kingdom; employees fight for promotions, awards, recognition, and they may even stomp on fellow employees' feet in order to succeed. However, we also see another phenomenon in nature—cooperation. This practice allowed early humans to work together, overcome predators, and create inventions that has propelled us to the top of the food chain. Likewise, businesses have benefited from this mindset as well. Many startups emphasize a collaborative environment. Whether we like it or not, social networking and other forms of instant communication are making it easier and easier to collaborate. We can share ideas at the click of a button and provide feedback almost instantaneously.
Companies Benefit From Collaboration
Most industries seek to provide the best possible products for their customers. Collaboration between team members promotes an environment where employees can create the higher quality products or services. Rather than one employee taking the bulk of the work, everyone can put his or her ideas on the table and select the best ideas that will achieve the best results. Often, it doesn’t matter who is right; it matters what is right. This means it matters what will excite and help customers