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Success Recipe: How to Embrace Business Competition

Competition in the business world is healthy. Although the rivalry can be intimidating sometimes, it will, however, force you to innovate, i...

Competition in the business world is healthy. Although the rivalry can be intimidating sometimes, it will, however, force you to innovate, initiate new ideas to stay ahead of your peers.

Every situation is a learning curve, it is an opportunity for you to improve your services, effectively serve your clients, rebrand if necessary and upgrade your human resources. 

Entrepreneurs must embrace competition despise it; it exists to keep you creative, otherwise, if you run out of competitors, you will cease to exist.

Competition is for warriors

But why is competition good for the economy? In the world of American football, competition is often stiff, sometimes resulting in disappointment to both the players and their supporters.

“If you’re are true warrior, competition doesn’t scare you. It makes you better,” Andrew Whitworth, the offensive tackle for the Los Angeles Rams said. He is convinced that competition should improve your status and not scare or scar you.

‘People love failures’

“You wanna know what scares people? Success” said Nick Minaj. “When you don’t make moves and when you don’t climb up the ladder, everybody loves you because you’re not competition.”

Less successful people are appreciated more because they are not a threat to anyone. Some successful people prefer to be surrounded by cheerleaders, who appreciate their achievements but are scared in the face of real competition.

Failing to learn gives your competitors leverage

“Your competition is not other people but the time you kill, the ill will you create, the knowledge you neglect to learn, the connections you fail to build, the health you sacrifice along the path, your inability to generate ideas, the people around you who don't support and love your efforts, and whatever good you curse for your bad luck,” James Altucher was quoted saying.
“My parents are very competitive, so we are very competitive as kids. But it’s a good kind of competition; it's not jealousy,” singer Janet Jackson implied. 

As a hedge fund manager and entrepreneur, Altucher appreciates the competition he endures to make it in business. To gain more leverage, he gathers knowledge about his industry, creates and maintains relevant links to generate new ideas to remain relevant. Failure to transform offers your peers an added advantage.

Hard workers are rare

“There are two kinds of people, those who do the work and those who take the credit. Try to be in the first group; there is less competition there.” – Indira Gandhi.

Many people despise the creative process, involving hard work, they prefer the attention and the attention they rare deserve. Politicians are some of the culprits, and Gandhi was better positioned to understand this. As the only female Prime Minister in her country, she knew what she was saying.

Salute your opposition

“Be loyal to those who are loyal to you. And respect everyone, even your enemies and competition.” –John Cena. In life loyalty is symbiotic. Resect must be offered to your competitors or enemies, in doing so, you earn their respect as well.

Rivalry is personal

“It’s not really about the competition. Your biggest challenge in a race is yourself. You’re often racing against time. You’re frequently running everything through your mind,” Summer Sanders, the American sports commentator said. 

“You’re always competing against preconceived ideas. It’s not really the person next to you that you worry about.”

The moment you start to criticize yourself, question your self-worth and doubt your mission, you become your nemesis. That act can be self-defeating, and it will compete against your wishes and talents.

Invest in human resources

“In the long run, your human capital is your main base of competition,” Bill Gates revealed. “Your leading indicator of where you’re going to be 20 years from now is how well you’re doing in your education system.”

A country that fails to invest in its human resources will not develop in the next decades. The education system in the country will…

Appreciate your competitions

“Whether it’s Google or Apple or free software, we’ve got some fantastic competitors and it keeps us on our toes.” 

According to Bill Gates, your competitions are not your enemies, they only exist to make you better in your operations. Their competition is healthy and it will keep you innovative, creative, and thinking of new ideas to stay relevant.

Walt Disney craves competition because made him better to become the most celebrated film producer. Considering what he achieved, Disney marveled in competition. “I have been up against tough competition all my life. I wouldn’t know to get along without it.”

Fail and learn

“If you’re not making mistakes, you’re not taking risks, and that means you’re not going anywhere,” John W. Holt, Jr. “The key is to make mistakes faster than the competition, so you have more chances to learn and win.” 

Interestingly, many businesses are trying to avoid making mistakes. Holt says that it is healthy for mistakes to come before a competition so that a business can learn faster from them and adapt quickly.

Learn from your competitors

“There is a tendency among some businesses to criticize and belittle their competitors. This is a bad procedure. Praise them. Learn from them,” columnist, George Mathew Adams said, meaning that your competitors can teach you anything more and help you to attain your greatness. 

“Speak well of them and they will speak well of you. You don’t destroy good ideas. Take advantage of them.”

Competition is kind

“My parents are very competitive, so we are very competitive as kids. But it’s a good kind of competition; it's not jealousy,” singer Janet Jackson implied. 

“You always want to do your best, and if it can’t be you, you want it to be your brother or your sister, you know what I mean?”

The Jackson family produced world stars that influenced and changed the musical world. Michael Jackson, arguably the best among the family members entertained the world with his heart-stopping stage performances.

Winners are competitors

“I think I’m competitive. Competition fuels me. The urge to win. I want to win; I want the ball in my hands when it really counts. I want to be the best I can be. I want to come in every day and do everything I can to be the best that I can.” – Case Keenum.

Competitors are sensitive

Henry Ford faced approached competition gracefully. Surrounded by other brands, he never considered eliminating them to his advantage, even if he could. Business must be sensitive; it must consider and respect its competitors.

“Competition whose motive is merely to compete, to drive some other fellow out, never carries very far,” Ford suggested. “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”

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