10 Reasons Why Competition is Needed in Business

Collaboration over competition and community over competition are popular feel good catch phrases. Read why healthy competition is vital for your business.

For the past couple of years, competition has gotten a bad reputation with popular feel-good phrases “community over competition” and “collaboration over competition”. I believe it got a bad reputation because of how it forces us out of our comfort zones and challenges us to grow.

When there is a competition then it means there are losers and winners. Let’s be honest, no one wants to be a loser.  However, we have to lose in order to learn and grow. Competition and losing allow us to see where are our growth opportunities lie.

I thrive on healthy competition. I enjoy competing because it challenges me to be the best version of myself. I can surround myself with the community and women that compliment me all day, but if I am not actively doing my own work then my business and I will not grow.

  1. Work Ethic – Competition forces me to be the best version of myself.
    Am I doing my best work? Work that is reflective of my strengths, experiences, and values. Or am I looking for solutions and doing what works for someone else?
  2. Challenges – Competition will not allow me to be complacent.
    It will constantly challenge me with new obstacles. I can either rise to the occasion or do the minimum necessary to stay comfortable.
  3. Innovation – Competition encourages me to be innovative.
    What problems are overlooked or not being addressed in the market? Can I do more with less in my business?
  4. Change – Competition keeps me on my toes.
    The market is constantly changing. Will I adapt to new technology and consumer behavior? Or will I be stubborn and hold onto what worked in the past?
  5. Education – Competition forces me to always be learning.
    What new technique or technology is in the market that can be used to improve my offerings or allow me to scale my operations?
  6. Collaboration – Competition encourages me to work with complementary businesses.
    Who can I work with and create a win-win situation for both of our businesses that gives us an edge to better serve our customer base?
  7. Market – Competition means there is a market for your offering.
    If you are the only one then it makes it harder to create demand for your offering.
  8. Self Awareness – It forces me to be critical of my own work and ask for feedback.
    How can I better serve my customers? What processes can I improve? A lack of self-awareness and listening to your customers is a quick way to stunt the growth of your business.
  9. Winning – Competition means there is only one winner at a time.
    Contrary to popular belief we do not get participation trophies for starting a business. The market votes with their wallet. If they are not spending with you they are spending with someone else. The winners are those making money and generating a profit.
  10. Excellence – Competition proves that cream always rises to the top.
    Bubbles burst and markets correct themselves. The ones left standing are those with a solid foundation. These businesses are in it for the long haul and understand it is a chess game.

Having a community is important. A strong community should provide positive and constructive feedback. It has members who are invested not only for their own personal gain, but also to help others. A healthy and confident community encourages competition because it recognizes that competition provides an opportunity for members to raise their level of performance in business.

Collaboration over competition and community over competition are popular feel good catch phrases. Read why healthy competition is vital for your business.

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