According to an article in Inc. magazine, competition may be the best thing for your business.
Carlos Ghosn, CEO of Nissan-Renault, finds that it can be lonely at the top, and welcomes competition from other automakers because a bigger field would help jump-start the market of electric cars.
Competition is also good for start-ups
Competition is also good for start-ups. Research shows that you’re probably better off with competition. “If nobody is competing in your space, there’s a very good chance the market you’re going into is too small,” says Ben Yoskowitz, founding partner at a Montreal start-up accelerator. “Any reasonably good idea has 10,000 people working on it right now. You may not even know they exist because they’re as small as you.”
The article continues to say that big brands actually help small businesses by lending an air of credibility to it and generating buzz about it. To stand out, take what others are doing and add your own spin to it.
At All the Buzz, we often help businesses find that uniqueness they only can offer and show them how to use it to their advantage in the marketplace. We can help you too.
— Excerpted from “Why Competition May Be the Best Thing for Your Business,” by Jill Krasny.