3 Reasons Why Competition Is Beneficial For Business!
Most businessmen love monopoly since they enjoy a massive profit in it. The only victims are consumers who end up paying too much for a service or product and therefore, they consider competition a good thing for themselves. Whenever there's a competition, the price will start moving downwards (in other words, the price will come under the reach of most consumers unlike before).
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I agree that monopoly is beneficial for a business. There are some businessmen who are enjoying monopoly but they are not charging exorbitant charges from the consumers. These are the brands that will never get affected by any sort of competition due to the brand and trust of consumers. But such things are rare nowadays. Everyone is blind to make as much money as possible and rip the consumers.
And I would agree that competition is good for consumers. But ever imagined that competition can be a good thing and can actually be a key to success for your business? Sure, monopoly is good but let's assume that you are now competing with other brands. It makes more sense to prepare yourself for a competition instead of stepping back and to do that, you'll have to know the know the reasons why competition is good for you. In this article, we'll discuss some of those reasons.
# 1 - Increases the quality of your product:
When you are competing with others, you'll surely notice a boost in your spirit that will push you towards improving the quality of your product. While consumers enjoy a lot of benefits such as low price and good quality of the product but you also enjoy the benefit of stepping into a real world where everything has tough competition and the only way to win is assuring the quality.
The day you improve the quality of your product, you'll start seeing a massive growth in sales because people love the quality. It's another thing if your brand is known for its quality since the beginning, in which case competition won't harm you much.
# 2 - Makes you work hard and increases creativity:
Competition always pushes you to think for new ideas and that's exactly what makes you creative. When the business meets creativity, it's that moment which determines your long-term success. On the other hand, if you do not wake up and don't actually start thinking creatively, you should be ready for a huge drop in sales since the only way to survive in a competition is to think creatively and find a way to stand tall.
The best thing to do is making your ideas copyright if possible. This is to make sure that your competitors don't start copying your formula. While this is possible but only with certain products and fields. Nonetheless, you'll become more creative with increased competition (or will go nuts).
# 3 - Improves your decision making capability:
Monopoly is good for sure but it is unlikely that you could enjoy such thing nowadays. If you're diving into a business world, get ready to see your ideas copied by others and get ready for a huge competition. Even if you were the first to start a specific business, you'll have a competitor very soon who will analyze the areas you lack in and start targeting your customers by improving the quality.
In a monopoly, you can take days to weeks or months to decide something because there's nothing to worry about. But when you are competing with others, you'll be required to quickly make quality decisions. The quicker you are in making good decisions, the greater will be the success of your business.
The bottom line is that you can only enjoy these benefits if you're determined and ready to compete with others. You know what? It's easy to give up and those who give up are losers. Seeing a drop in sales is not a failure until you give up and close your business or stop working to solve the problems. Successful people have certain qualities. One of those qualities is that such people are always ready to face all kind of troubles because they know that the only way to succeed is facing those problems and not by running away. Good luck!