Posted by Dave Lorenzo - Business Coach

“Seen as the pillar of capitalism in that it may stimulate innovation, encourage efficiency, or drive down prices, competition is touted as the foundation upon which capitalism is justified. According to microeconomic theory, no system of resource allocation is more efficient than pure competition. Competition, according to the theory, causes commercial firms to develop new products, services, and technologies.”

No matter your skills, size, experience, or field, you can find some advantage over your competition. Additionally, you can innovate and adapt your business to overtake your competitors in key areas. Don’t let a company’s size threaten you. Oftentimes, exactly the edge that a small business has over a large one is its manageable size and ability to react quickly. Think of other players in your field as friendly competition. Become allies with them, if possible. Keep in mind that their presence will keep you on your toes and inspire the evolution of your business and career.

Filed under: Competition
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