Sunday, January 09, 2011

Competition

Most businesses benefit from competition in the long term. Benefit that is or cease trading.

I work for different businesses that are actually competitors in the same category. People say how can you do that, surely that's a conflict of interest? However although the products and service may be similar, the people are absolutely unique. And since competitive advantage derives from innovation and creativity it follows that any two organizations are effectively travelling on their journey in parallel.

So what's to stop one company copying the ideas of another? Well nothing at all but in the knowledge world it's not much use being a follower. We are all constantly looking for new ways to surprise and delight our customers. By the time someone copies us we should be well on our way to our next new idea!

So competition is all good from this perspective. It has nothing to do with the state of the market, but everything to do with the state of your mind.

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