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Post by katiebourgeois on Oct 14, 2013 8:28:10 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This article seems a bit backwards, but I think it makes a great point. Having successful competitors shows that a business can make it in that market if you take the time to get it to where you want it to be. It is probably not smart to just copy what that business did but let's face it, they are already doing that, customers won't want the same exact thing. However, if you use their model and form your own business, you can be successful as well with your own twist to it. Use that competitor's struggles and issues as a learning tool and try to keep your company away from the same issues. Learning from someone who already knows what they are doing and have been in the business for a while is a smart thing in any case, not only in business.
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Post by katiesnyder on Oct 15, 2013 9:35:38 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well Sometimes companies do better when their competitors succeed because first it shows your company what you can do to succeed. It provides for good competition in that field so it makes the businesses want to do better. Granted it will be hard for each company to survive in the market but ultimately each will be able to learn from one another and be able to succeed individually.
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Post by beccabourgeois on Oct 15, 2013 13:30:14 GMT -6
I guess I never thought about this until now that your company benefits when your competitors succeed. Davis says, "Your competitors' success can benefit you in a number of ways, such as proving that a business model works and therefore, making it easier for you to convince your own investors to buy into something similar." You may find it hard to believe, but it is possible for more than one person to be successful at the same time. Often people think winner takes all, but that is not entirely true. So don't fret when your competition is succeeding because it means you have the chance to succeed as well and even beat them.
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Post by lana.guay on Oct 17, 2013 9:37:56 GMT -6
Instead of looking at your competitors as people you have to "beat," try viewing them as motivators. You can look at ideas that made them so successful and use that as a starting point on how to be successful also. You can put a different take on their products and services and make it your own.
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Post by dorcas on Oct 17, 2013 11:05:52 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well As a runner i learn to compete and facing challenges. Your competitors makes you work hard and continue improving. In business you need competitors to make your work hard and benchmark against them. Imagine you there was one monopoly business, it is very likely that that business will not innovate or do anything extra because it does not have anything to bench mark against itself. Competition is good and health for any business and managers need to take competitor and see it in a positive way.
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Post by natjohnson90 on Oct 18, 2013 11:54:49 GMT -6
Mark Peter says, "Face it. Since your competitors are probably not going to wake up one morning, give over their customers, and leave the market, you'll be better off if they succeed to the point that you can then beat them." Mark Peter basically said your company or business do good when your competitors do well. In some points I agree with him.
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Post by leetaranto on Oct 23, 2013 14:30:27 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Companies do benefit when they have competitors because if they are slacking one day then this gives an opportunity to be able to get their customers. Maybe the rival company had set up a sale already with the customer but can not do it anymore for some reason and you now can get that sale. However the only negative part of competitors is pricing. If their are too many competitors than the price will be changing constantly to be able to be competitive. One can takerom this to look at competitors in a positive way and see them as helping you in a way of being in the same industry.
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Post by wparker on Oct 24, 2013 10:08:36 GMT -6
"You benefit when your competitors do well"
I never thought of it that way. I always had the mentality of trying to be better than all competitors. It makes sense now as to why it can be beneficial. Like the example in the article, their success could be from a business model that you could try to emulate and could get investors to buy into something similar. A competitor's success could also help drive your workforce. They may want to work harder in order to beat your competitors.
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Post by danielleolivier on Oct 28, 2013 11:19:13 GMT -6
While, obviously, it would be easier to run a company without worrying about a competitor developing newer and better ideas for the same product, there can be some benefits to having a competitor. This article makes a good point by addressing the fact that if there is a competing firm, showing investors their product and telling them how you are going to do it better will be more comforting than introducing an entirely new product that may flop. Having competitor's also keeps a steady stream of trying to improve than hitting the plateau of just riding off success of the original product. While I don't think a company should bank on the idea of competitors being a good thing, there are some good factors that come from having successful competitors.
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Post by blaircavalier on Oct 28, 2013 12:46:12 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This article was a good one for me to read. My entire life I have been so competitive, I've always believed if you're not first, you're last. I guess being so involved in sports my entire life, that concept has been all I have known. For the sports world, that concept is not a bad one. However, in the working world, it does not get you too far. This article helps me to think a little different. There are always ways that a company can benefit from their competitors. Until now, I had not thought about it in that way, but I do see how it is true. If you want to be one of the best, you have to learn what the best are doing to get where they are.
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Post by chadraziano504 on Oct 28, 2013 19:58:41 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This is a good article for business owners to remind them not to focus on beating their competitors everyday. Business owners should focus on their own business plan while keeping an eye one their competitors actions. You can also learn from their mistakes as well and that will allow you to have a better chance at being successful.
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Post by trey on Oct 29, 2013 9:26:04 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This article holds to be true as well. I'm sure that while apple and samsung are fierce competitors in the cell phone market, they are equally as glad that consumers are buying them period. If you are selling a popular product, chances are there is somebody else selling that product as well. It is equally as important that they succeed as well as yourself. Of course better management and strategies can give your company the edge in the field.
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Post by brittanyfury on Oct 29, 2013 9:50:23 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Most business owners hate to see their competitors' succeed, despite the fact that it is beneficial for your competitors' to do well. If a company in the same market as you has become quite successful, this makes it easier for you to convince customers to invest in your similar product or service. Managers can compare and contrast themselves and their business to that of the successful competitor, to mimic their effective ways and gain knowledge of concepts and opportunities. Out doing your competitors when they are at their beak is not only challenging but makes it more rewarding!
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Post by zekesonnier on Oct 29, 2013 11:02:56 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
This is a hard subject for me to wrap my head around. I can understand that if your competitors do well than it shows a sign that there is demand in your market. In my opinion Kohort did not explain his example enough. My understanding of his example would be for a company that is trying to gain investors and by having a successful company to compare to gives a good example of the demand in the market. To need a successful competitor to gain investors would be a company that is venturing in a new high risk area. To me, Kohort made a strong statement with the tittle of the article, "you benefit when your competitors do well," without explaining it well.
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Post by boris on Oct 31, 2013 21:05:58 GMT -6
Instant MBA: You Benefit When Your Competitors Do Well
Competition is a great motivator for business. If you are the only one, you will not be motivated at improving things. I completely agree with this quote "you'll be better off if they succeed to the point that you can then beat them." It is important to also note that what your competitor is doing right, will be also the right thing for you, but when you both arrive to the same level, you need to tweak little things so you stand out from your competitor and can beat them.
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