Blog Journeys of a Lifelong Learner

Competition inspires improvement because it involves comparison.

Here are some good reasons for competition:

• It exposes weaknesses in businesses.
• It drives price reductions and service improvements.
• It fosters innovation.
• It can guard against arrogance.
• It eliminates mediocre competitors.

Competition also brings significant challenges:

• It can question identity.
• It can render certain approaches obsolete.
• It can reveal that you are a mediocre competitor.
• It forces continuous improvement as the only alternative to creeping irrelevance.