Competition: Does it really exist in business?
What is competition?
Does YOUR Business have any competition?
Is YOUR Business competitive?
Competition in the business realm just became a hot topic the last couple of weeks! Are you hearing anything about competition or competing against competitors this past week or two? I have! It makes sense. We all need to improve our business’s performance – always. I even ran across this quote which supports one of my business tenets:
Do your work with your whole heart, and you will succeed –
there’s so little competition.
I imagine competition is trending now because we just shifted into the 4th Quarter (Q4). Most businesses, or hopefully most businesses, are doing their Q4 Push now. Why does all this matter? Growing your business is often seen as a competitive activity. With few exception, I disagree. It isn’t. I believe I could effectively debate the few industries that could be an exception! Let’s explore more…
What is Competition in Business?
I find the below competition of business quite accurate according to BusinessDictionary.com:
Economics: Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply.
As accurate as competition is for the actions many businesses take, it still isn’t necessary! As you review all the different elements of competition ask yourself, “How could any business have direct competition?” They can’t. At some point businesses differentiate themselves from one another.
Does YOUR Business really have competition?
Don’t fool yourself. You don’t have competition. Why? No one is serving the Marketplace exactly the way you do and with whom you do it. Yet everyone is under the illusion of competition. It’s a perception. I repeat: You have no direct competition. Ponder this for a moment. No two businesses are the same because it is the people that make them different.
Is YOUR Business competitive?
Definition of competitive, according to BusinessDictionary.com:
Good, service, or offer that can hold its own against competing products because it offers an attractive value for money proposition to its buyers.
Being competitive is important for every business and it’s real. The paradox of being competitive yet not being in a competition is as deep as the Zen koans get. I don’t even believe we fight or compete for the same customers because the customer is the decision-maker. We can only influence them to consider our offering.
Hubbard’s quote touches the core of this as he states, ” … work with your whole heart …there’s so little competition.” This one is factual. Too few Business Owners and Leaders work with their whole heart anymore. Those who do are noteworthy. They are competitive to be the best they can be. They excel. We notice them. Unfortunately we typically don’t give them enough credit for the challenges they must have overcome to become noteworthy.
Brilliant Breakthroughs Big Question:
Are you giving your whole heart and mind to YOUR Business?
Remember: YOUR Business is like a baby. It’s very dependent upon you taking care of it. If you do, it will grow well. You will be proud and it will make you smile often.
Please feel free to comment or ask questions on anything your’d like to help you accomplish YOUR Business Goals…
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p.s. I will be presenting at Wisconsin Business Owners Lunch and Learn on October 30th. I will be sharing competitive techniques to immediately create great blog posts to boost your social reach. (Click here to sign up to boost your visibility.)