Why is competition beneficial to businesses in general?
To succeed in business, you must first understand the competition in your industry.
Competition is beneficial in several ways. For starters, it allows customers to choose between your product and a product from another company.
If you don’t have a good product, you can learn from your competitors to improve it.
However, if you do not allow for competition, your sales will suffer and your business will eventually fail.
Far too many businesses and CEOs are enjoying the entire pie to themselves.
Competition in the business world should be appreciated and welcomed at all times.
Simply put, competition benefits businesses rather than the other way around.