Why You Should Embrace Business Competition.

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When you decide to start a business, you’re not just deciding to offer your products and services to the world; you also agree to enter an arena where you’ll need to compete with other companies.

This can make it feel like you’re always playing defence, but this is essentially the point of the business world. You might wish that you were the only player in the game, but if that were the case, then you’d be living under a different economic system. You have to play the business hand that you’ve been dealt with, and that means competition. 

So if you have to be competitive, then it’s best to have a positive attitude towards it. And this involves more than just accepting the situation and putting a positive spin on it; it means recognizing that there are real benefits to competition, both for your business and for your customers.

For example, let’s think about how competition helps to drive innovation and pushes companies to ensure that their standards are better tomorrow than they are today. Competition isn’t something that stops you from achieving your business goals; it’s the thing that pushes you towards them. The competition also helps customers because companies know that if they’re dishonest or do things that the customer does not approve of, then there are other places where they can do.

So reframe your mind to see competition as a good thing. You can learn more by checking out the infographic from the University of Alabama Birmingham below.

Infographic Design by University of Alabama Birmingham University of Alabama Birmingham

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Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com