Competition in business

[Iroh]

Competition can be said to be a sequence of events in which companies, organizations or firms(small and big alike) that produce similar goods and or services try to outsmart, outwit each other to ultimately come out on top of the bunch.
A healthy competition in a free market is essential to a growing functioning economy and without a healthy competition, there is bound to be a monopoly in the production of goods and rendering of services.

These are some characteristics of competition;
1. A healthy competition should always be neutral and un-biased.
2. Competition is constant and ceaseless as it goes on all the time. We all indulge in competition whether knowingly or unknowingly
3. Competition is universal, common and all embracing as it goes on all over the world.

In my view, there are more advantages than disadvantages with competition in a free market.
Here are some pros;
1. It definitely fuels innovation, growth and progress
2. It brings about creativity and also increases productivity
3. A healthy competition definitely favors the consumers as it helps lower prices and increases the quality of goods
4. It fuels innovation which in turns brings about varieties and new ideas
5. It brings about decent pricing in the production of goods

As with pros, there are also cons.
1. As a small and growing business, you’re bound to lose business to bigger and stronger firms when there’s a strong competition
2. Competition pose a threat to a small business as they could pack up and close up shop
3. A competition could very well turn into a conflict especially if it’s an unfair competition with undue advantage to one side.

Generally, competition is very essential in a free market and without competition, there would be monopoly in the production of goods and rendering of services. And when there’s a monopoly, small business and start ups are destined to fail.

[jackg]

Most free market laws and regulations also make attempts to block monopolies from succeeding in a lot of countries too (I think some manage to stunt their own growth as well though - there are many companies with monopolistic intentions that don't work out how to export themselves well or don't look at how diverse the market they're trying to monopolise over elsewhere is).

There are companies too thst have learnt franchise approaches with entrepreneurs are a much better way to go than obtaining a complete monopoly over an industry (but that can also birth competition too if some of those entrepreneurs band together and make their own version).

[Detritus]

2. Competition is constant and ceaseless as it goes on all the time. We all indulge in competition whether knowingly or unknowingly

Competition is needed in every business and company so as to avoid monopoly. In the labour market were every trader wants to make good sales, they must device their competitive measures to make a great sale. So competition is a very useful tool for every business.

[AmoreJaz]

2. Competition is constant and ceaseless as it goes on all the time. We all indulge in competition whether knowingly or unknowingly

Competition is needed in every business and company so as to avoid monopoly. In the labour market were every trader wants to make good sales, they must device their competitive measures to make a great sale. So competition is a very useful tool for every business.

and if i may add, competition is favourable to consumers. because in this manner, they can avail services at a better rate if there are more than one offering the same service. also, the business owners will have the challenge to make their services topnotch as they have competitors to deal with. it means, consumers are getting better services if there is competition involved. if a certain service is being controlled by one only, they can easily dictate their price and they may not even offer great service as the consumer has no choice but to get their service.

[AicecreaME]

I think competition in businesses can't be avoided, the only things that will matter in the long run is the quality of the product and the affordability of it. People don't want expensive products, if it's not worth the money, that's why there are other companies that provides affordable version of the original while maintaining most of its materials as much as possible.

Also, you need to make a very unique business, where you're the only one in the market that could satisfy customers needs to be able to make a good sale with a very good product and very good price.

[Hydrogen]

Competition is usually associated with decentralization. Without lack of competition in markets is associated moreso with centralization.

There is a long history of precedents for both movements. Which is usually not covered by youtubers and financial advisors. I can't claim to have read an overwhelming amount on the topic. From what I have seen, there are many things that become evident in terms of content. Its very uncommon for mistakes of the past to be acknowledged or remembered. The generation gap prevents knowledge from being transmitted from older generations to younger ones. People tend to assume its solely the responsibility of schools and educators to fill the gap.

One thing that is certain is our greatest inventions and technological achievements were products of competition. Things like Einstein's Theory of Relativity may have been partially motivated by competition between nations involving wartime eras of World War I and World War II. While lack of competition can also be strongly associated with lack of achievement and progress.

[Oceat]

I think competition in businesses can't be avoided, the only things that will matter in the long run is the quality of the product and the affordability of it. People don't want expensive products, if it's not worth the money, that's why there are other companies that provides affordable version of the original while maintaining most of its materials as much as possible.

Also, you need to make a very unique business, where you're the only one in the market that could satisfy customers needs to be able to make a good sale with a very good product and very good price.

Competition is good but jealousy is not good.
People compete and then get jealous the feeling of jealous is killing. I am always very inviting to the the people who want any help from me but I have noticed people are mostly jealous

It might not be jealousy that's pushing them to do it but greediness can be one of the reasons why they do it. Monopoly still exist in other countries and sometimes we can't do anything about it if they play it well using different marketing strategy. Only the people can stop them if they really want that monopoly to continue or not.

Even if you made a unique business there are people who still want to copy your business but if you have an idea how to not easily bypass/copy your business then use a secret recipe that only you know whether it's food businesses or the other.

[Husires]

The free market philosophy will not eventually lead to competition that leads to more creativity in innovation and therefore cheaper prices, but will turn into a single company trying to monopolize the market.

• Laws and regulations that prevent monopoly and foster innovation are very important
  
• In line with corporate taxes, it is very important.
• The government's avoidance of direct intervention in the markets.
• Market conditions, tax incentives.

This is what ensures productive competition.

[jossiel]

The good thing about competition is for us, consumers. We're the ones who will enjoy competition from these companies who are offering services and products that we need at most times.

Quality and price are the main key factors of where they're going to compete for and for us consumers, that's the good thing with it. We get the good quality and at the same time cheaper prices for those products they sell.

As with pros, there are also cons.
1. As a small and growing business, you’re bound to lose business to bigger and stronger firms when there’s a strong competition
2. Competition pose a threat to a small business as they could pack up and close up shop
3. A competition could very well turn into a conflict especially if it’s an unfair competition with undue advantage to one side.

As for its cons, you've said it right.

Small businesses will be eaten by the bigger competitors and that's why if you're a business and your niche is also a niche of a bigger enterprise. You better prepare yourself of competing with a better branding and for working harder with what you offer.

Because if that is so, there's a chance that the bigger competitor will offer you some good deal.

[Zlantann]

Generally, competition is very essential in a free market and without competition, there would be monopoly in the production of goods and rendering of services. And when there’s a monopoly, small business and start ups are destined to fail.

Without competition consumers would suffer terrible in the hands of greedy monpololists. When mobile phones were introduce in my country, the first and only mobile communication provider sold their simcards for about 60 dollars. Now we have about seven providers competing for a fair share of the market and the price is less than a dollar now.

But sometimes the benefits and beauty of open and competitive market is limited through the formation of trade unions and other pressure groups. With this they can determine the price of their goods and services, hence enjoying the benefits of monopoly. They sometimes lobby the government and influence them to make certain laws that harms the populace because of their selfish interest

[palle11]

There is one fundamental benefit of competition and that is that the consumer enjoys from different angles of the tussle in competition. The consumer is the reason for competition because if there is no competition utility will not be fully achieved. There from lower or better price, to high quality products, to options or choices to make.

Where there is competition, the innovativeness of owners of business increase. To sum all up, it is the consumer that benefit more where there is a free market or competitive market , all manufacturers or business owner strive to satisfy their consumer.

[burugcrypto]

In my POV,

Competition is good when I am the customer
Competition is not good when I am the Businessman

[Gyfts]

As with pros, there are also cons.
1. As a small and growing business, you’re bound to lose business to bigger and stronger firms when there’s a strong competition
2. Competition pose a threat to a small business as they could pack up and close up shop
3. A competition could very well turn into a conflict especially if it’s an unfair competition with undue advantage to one side.

Generally, competition is very essential in a free market and without competition, there would be monopoly in the production of goods and rendering of services. And when there’s a monopoly, small business and start ups are destined to fail.

COVID restrictions really widened the gap between large corporations and small businesses unfortunately. Larger corporations had a lot more capital on hand to spend in order to comply with COVID restrictions, and the small businesses were the ones that had to close up shop. Free market economics doesn't necessarily account for large corporations and the power they have by virtue of their mass amounts of capital - the only silver lining is that corporations must compete with other corporations which makes it a fair fight. It isn't merely a corporation competing against small businesses.

[Reid]

In any industry, competition will definitely happen. Only those who have limited resource will lack competition. i.e. gold and oil.
But there will be alternatives, and this is a big industry now.
Instead of oil they use electricity now and I have seen a lot of electric vehicles in my neighborhood. I guess the oil price hike did affect them by a lot and so they changed their way of transportation.
Speaking of transportation, there's also a big change in this business. People who had been using motorcycles are now using bicycles to save money, so I guess that business is growing in demand too.
I think competition will also depend on the economic needs. Like right now because of inflation we have to be thrifty, so we use things that does not require daily spending. i.e. gas

[CageMabok]

It is hard to find sincere people who would give you good piece of advice
If you find them by chance - don't let them go. But finding a real mantor who would guide you the essence of business are hard to find. It's quite a task

Yes, it is indeed very difficult to find people who are truly sincere in guiding and teaching others in terms of making money through business ties. But that does not mean that such a person does not exist in this world, because the person who is truly sincere in guiding and teaching and giving advice that is relentless and tireless every day is YOUR MOM.

Because there are no parents who don't love their children, even though their children are big and independent in terms of work, but in the eyes of a mother, we are children who always need guidance and enthusiasm to fight. Difficult doesn't mean it doesn't exist.

[Fortify]

Competition can be said to be a sequence of events in which companies, organizations or firms(small and big alike) that produce similar goods and or services try to outsmart, outwit each other to ultimately come out on top of the bunch.
A healthy competition in a free market is essential to a growing functioning economy and without a healthy competition, there is bound to be a monopoly in the production of goods and rendering of services.

These are some characteristics of competition;
1. A healthy competition should always be neutral and un-biased.
2. Competition is constant and ceaseless as it goes on all the time. We all indulge in competition whether knowingly or unknowingly
3. Competition is universal, common and all embracing as it goes on all over the world.

In my view, there are more advantages than disadvantages with competition in a free market.
Here are some pros;
1. It definitely fuels innovation, growth and progress
2. It brings about creativity and also increases productivity
3. A healthy competition definitely favors the consumers as it helps lower prices and increases the quality of goods
4. It fuels innovation which in turns brings about varieties and new ideas
5. It brings about decent pricing in the production of goods

As with pros, there are also cons.
1. As a small and growing business, you’re bound to lose business to bigger and stronger firms when there’s a strong competition
2. Competition pose a threat to a small business as they could pack up and close up shop
3. A competition could very well turn into a conflict especially if it’s an unfair competition with undue advantage to one side.

Generally, competition is very essential in a free market and without competition, there would be monopoly in the production of goods and rendering of services. And when there’s a monopoly, small business and start ups are destined to fail.

What you said is fairly true and also common sense as we've seen from decades of reasonably free market activity. However it does have a few caveats - it only works if there is a strong government in place which is able to defy lobbyist type activity, which in the most ruthless free markets will have corporations trying to create rules that purely benefit themselves. Corporations exist for decades and centuries, politicians are lucky if they can hold power for a few years, so there is a slight disadvantage in that respect - they have longer timescales to plan "attacks". Another is that it's possible, at least in some countries, that things like water or power generation could potentially be better managed by the government because there is such a monopolistic trait inherent to their operation.

[Davidvictorson]

Competiton, especially healthy competition in business is good. We have seen technological innovations spring up as well as novel marketing ideas as a result of competition. Besides this, from the side of the consumers, there is a lot to gain from healthy competition among businesses. Imagine for a second two companies providing the same services and all of a sudden one company decides  to set its price too high, we know what will happen next. The consumers will just change service providers with the business with lower fees so as to save money.

[goldkingcoiner]

Competition is at the very core of natural evolution of life itself. The bigger, stronger and smarter living beings get to stay alive while the others go extinct. Its a self improving system which produces only the best of the best. And the fact that businesses have competition is important too. As you mentioned, without competition there would only be monopoly and lazy quality. If at all.

People, especially businessmen (and women) need their motivation to stem from something which is a bit of a "thorn in their sides". We need that extra push whenever we start slowing down. And in the case of businesses, the comes from not letting your business die because someone is doing a better job.

[BIT-BENDER]

Competition has to do with the way you perceive it. There is hardly a business that is done by an individual or organization alone. But we still see growth in some that others well in my own opinion it has to do with their perception.
I wouldn't want to use the word competition if I have a business and I have people close by doing same. (It's hard to focus on the positive side when you label something a competition). I rather see them as a guide, I study them, especially the once that has been there before me, I learn from their mistakes and success too.

It isn't necessary to always be in a competition no matter what you call it healthy or unhealthy, rather you can be mutual colleagues.

[South Park]

Competition in business is extremely important for the better performance of organisations, companies and entrepreneurs.  It helps them to grow, think different, introduce new things and ideas on market. A healthy competition is extremely important for business and it affects prices alot as everyone wants to increase its sales in market and for that they keep prices in range. Competition helps to extend  market size and to get rid of monoply.

And we know this is true because we have seen what happens when this is not the case, in communist countries there is a lack of competition and innovation as most businesses belong to the state, and as such there is not really any incentive to be creative there and very quickly they are left behind in terms of technology by capitalist economies, one of the most obvious examples of this was the automobile industry in which some of the worst cars ever produced all come from communist countries.