Competition Is Good

SIS5

Thesis statement: competition is good for business, because it help you to find new opportunities for innovation, gives you stimulus for progress and develops your business.

A lot of people think that the competitions bad for business. The truth is that most of us have thought that way. Whilst you shouldn’t be fixated on your competitors, you can’t afford to ignore them (business gross, 2013,  para.2).  “Competition ” means “a business relation in which two parties compete to gain customers”(Definitions, 2015). This literature review will describe the benefits of a competition.

The first benefit is competition can help you to find new opportunities for innovation which is important for business and consumers. There are many reasons why it happens. For example, I agree with Belonwu(2013), he said that innovation is important to you and your company  because competition makes you constantly innovate. Innovation is incredibly important and is woven into the fabric of what great businesses do (para.4). It means that if  you have competition, you will start  innovate new things for you and for your consumers. In other words when your business is number one or the only one, innovation tends to be ignored. For example, in our country we have only one railway company “Kazakhstan temir zholy” and they don’t innovate because they are alone.

 The second benefit is that “When you work with competitors, you learn from them even if you aren’t necessarily trying. And they learn new things from you too. This learning is important, because you must fully understand how your skills complement each other, and how they are different. As a result, you enhance not only what you do, but you also enhance your brand because you know better what sets you apart. This gives you the opportunity to make yourself unique, which help you to develop your business (Aronson, 2015, para.13)”.  To  put another way, you will start to receive new information and experience in order to develop your business. For instance, my uncle in order to open and develop his business took the experience of other businessmen. With the help of them he began to understand and receive information about how to develop a business

The third benefit is stimulus for progress or makes way for creative thinking which important for you. This fact was found by  V. Belonwu, who writes that “ you have a mandate to always give your clients a run for their money, competition makes you to put on your thinking cap for better ways to add value.”. The  idea is that, if you want to earn  more  money, you start to think about you clients. The experience of my own family can be a good example. A seven years ago, our family  open a shop. This shop was only one  in the area but after two months other shop opened. After that my father start to think how to attract customers to earn more money.