This is a true facts on how inside company is functioning compensation from a company that's what a company need but in competition it should not be inside the company but in fact that should be on the other companies to compete with.
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Competition and business
- Thread starter Trexxxy
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Abelcairo43
Loyal member
Competition is good but shouldn't be too much for all businesses. competition sometimes makes a business strategize and plan vigorously on how to improve their businesses. It is also helps customers to choose from alternatives.
Bart Simpson
Noobie
Competition is good but shouldn't be too much for all businesses. Competition sometimes makes a business strategize and plan vigorously on how to improve their businesses. It is also helps customers to choose from alternatives.
Let's focus just for a second on Amazon. Amazon was founded in 1994. In 25 years, they have gone from 0 revenues to $230 billion with more than 600,000 employees. They compete in businesses as diverse as online shopping, but they also produce TV shows. They have Amazon web services, which is the largest cloud provider in the US. They run a variety of different businesses.
How have they done that? They have done it by having very careful processes for ideation, incubation and scaling. They have a process which they called a PR FAQ, F-A-Q process. This is the process that encourages people throughout the organization to come up with ideas for new businesses. If the idea is deemed to have potential, then they immediately move into an incubation phase. They form small teams. These teams are responsible for coming up with a minimal viable product to put in front of a customer.
If that idea turns out to look potentially successful, they immediately move into a scaling mode where they provide resources for it. They escalate it. They get senior management attention. One of the things Baso says is that most companies don't really do experiments. They don't take the big risks.
How have they done that? They have done it by having very careful processes for ideation, incubation and scaling. They have a process which they called a PR FAQ, F-A-Q process. This is the process that encourages people throughout the organization to come up with ideas for new businesses. If the idea is deemed to have potential, then they immediately move into an incubation phase. They form small teams. These teams are responsible for coming up with a minimal viable product to put in front of a customer.
If that idea turns out to look potentially successful, they immediately move into a scaling mode where they provide resources for it. They escalate it. They get senior management attention. One of the things Baso says is that most companies don't really do experiments. They don't take the big risks.
Competition is good, I believe. It pushes you out of your comfort zone to serve customers better.
As humans, many of us really need that painful bite of competition in business to think about doing things differently.
Seyesystem
Addicted member
In business competition is normal because many business men are doing the same business in the same environment, a business owner must know the weakness of it competitors and take the advantages so that he will have edge over them. There is no business that doesn't have it own competitors. Find out what your competitors are not doing and you should start doing it in order to get more customers and more profit .
Most growing businesses are looking to learn, but not all businesses are trying to learn from their competitors. You may find, however, your competition actually has a lot to teach you. When it comes to your competition—especially heavy-hitters in the industry—study their websites, how they run their company, and how they treat customers. What aspects of their business work well? What could you improve?
Competition in business is not strange and shouldn't be considered as bad. Competition most times enables businesses to bring out their best so as to have a hedge over their competitors. A business without competition also result in monopoly which can bring about tyranny. Most business owners do not care about the opinions of the customers because there is no other business competing with them within their locality. Competition is good in business for the business to deliver it's optimum services.
Competition is healthy for businesses – it will force you to innovate, and help you staying ahead the curve.
Every business has and deals with her problems, competition is inevitable in business, you will always be faced with competition
Every business has and deals with her problems, competition is inevitable in business, you will always be faced with competition
Competition in business is the contest or rivalry among the companies selling similar products and/or targeting the same target audience to get more sales, increase revenue, and gain more market share as compared to others.
Adetayo100
Mythical member
Competition in businessis the contest or rivalry among the companies selling similar products and targeting the same target audience to get more sales, increase sales revenue, and gain more market share as compared to others.
We have healthy and unhealthy competition. Competition will most likely bring out the best in you when you are positive about it. Setting standard for oneself is a sure to reach ones goal faster
Odebunmi ajewamiri
Reputable member
Competition is good and healthy for your business it makes you not to loss focus of your business and always keeping you up your toes ,makes you think on how you can serve your customers better and be a solution to thee demands
Akinwale701
Verified Poster.... I buy all country Gift cards
You have spoken well about this matter. there is no need to create unnecessary competition and an unhealthy one with people one is doing the same business with. when your products and services are very good, automatically, it will stand out and everyone will notice it, so you do not need an unnecessary competition on your business.
There will almost be a competition on any business. You should look at it in a positive way and treat it as a challenge to make your business grow. But too much completion is not good, rest assure that you will still gain profit even when there's competition.
Shahzad Ahmad
Loyal member
Competition is basic need to become successful in business. Because when you start business, different markets go ahead if you work slowly, then your demand in business became less due to minimum customers that come or interest in your business. This time is competitive for all business.
Olaoluwa Abraham Abiodun
Addicted member
To become a successful business, you need to find ways to stay a step ahead of your competition. Doing so is often easier said than done, and there's no simple answer to how to beat your competition.
Competition exists in every market.
One likely way to beat your competition is to address the needs of your shared target audience better than your competition can. Ask open-ended questions to find exactly what your customers want while using your products or services.
Competition exists in every market.
One likely way to beat your competition is to address the needs of your shared target audience better than your competition can. Ask open-ended questions to find exactly what your customers want while using your products or services.
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