Why competition is important for business growth

An entrepreneur should always focus on beating competition, not avoiding it. It’s good to start with a business idea that is new and fresh to the market but at the same time it is better to try an already existing idea.

Find someone who doesn’t do their job very well and do it better. Healthy competition is beneficial to your business in the following ways:

Putting good use to all your experiences in business becomes a good raw material to help develop your brand. Competition should not discourage you but challenge you to become better.

Competition makes you appreciate good customer service. With competition, you get to appreciate every customer you get and as your business grows, when competition comes, loyal customers that you’ve always treated well won’t leave.

You become more creative when there is competition. You always think of better ways to earn the customer’s trust and money. You’re forced to continuously come up with fresh innovative ideas or you’ll fail. Having a unique product goes a long way in helping you gain a competitive edge. This is not only beneficial to consumers but also to business owners through the increase in revenue.

When an entrepreneur lacks competition in their market, they become comfortable and relaxed because whether they work hard or not, money is still being made. With competition an entrepreneur is forced to keep up and strive to improve their product and make it better than the competition.

Competition is not only good for your business, but also for consumers too. This is because consumers get the opportunity to pick and choose who gets their money, time and attention.

Competition also helps you understand ways to serve them better. Customers can take advantage of discounts, special sales promotions as well as implementation of other pricing strategies brought about by competition. This might get you out of your comfort zone to help serve your customers better. Competition makes you smarter; you’re able to deal with any challenges that may hinder the growth of your business.