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5 Reasons Why Competition is Necessary in Business as Mission

…and 5 Assumptions Why it is Not Present

 

by Michelle McDonald Pride

In a capitalistic economy, competition is spoken of freely. It is arguably a cornerstone of the free market and the way by which entrepreneurs distinguish themselves in an ever-evolving sea of technology and startups. Competition allows businesses to create loyal tribes of customers, improve products and adapt to changing market trends. It is an engine of growth for economic development.

Competition in commerce is often equated to competition in sports. This assumption places a time limit on the dueling match, mandates strict rule adherence and requires that there be a clear winner and a clear loser. After all, only one team can actually wear the pre-printed winners shirts!

Competition in Business: A Different Animal

This mentality boxes in the idea of competition and isolates it from reality. While there are many similarities, motivations and lessons to be learned from competition in sports, competition in commerce is an entirely different animal. The rules of the game are being written as it is being played. There is no definite time limit and competitors can enter the arena at any time. There are no judges to determine what is fair and the scoreboard is an undisclosed bottom line. Read more

Restoring Dignity Through Business: Dignity Coconuts’ Story

AND THE AWARD GOES TO...

Our goal is to provide the BAM Community with the best content and resources available. As we wrap up the spring and head into summer we are highlighting various articles and resources which have stood out above the rest. Below is the “Staff Pick” for the summer of 2016.

Please enjoy and thanks for following!

“We’re fighting this multi-billion dollar evil with a peashooter,” Stephen told Don as they wandered around the exhibition hall at an anti-human trafficking convention. At every booth they were encountering stories of abuse and human suffering. There were also stories of rescue and restoration… However, the sheer scale of global slavery seemed to dwarf the efforts of those at the front-lines fighting against it. Most organisations working with trafficked communities can only provide jobs for 5, 10, 20 or so people. This is great and essential work; giving meaningful work and a stable livelihood is central to people getting out and staying out of slavery. Yet the need for stable jobs far surpasses the supply. Don and Stephen came away with a burning question: How can we employ a growing number of people vulnerable to, or rescued from, human trafficking?

A year later in 2009 Stephen Freed and Don Byker left their long-held positions and set out to research business opportunities. They realised that if they were really going to tackle the underground slavery industry, they would need multiple, substantially-sized businesses that could employ hundreds or thousands of people. They looked at micro-enterprise solutions, but realised that there is a limit to how effective those can be. Not everyone is an entrepreneur with aspirations to own their own business – and micro-businesses rarely scale to create thousands of jobs. As they researched they found, as economists have discovered, that the key to solving poverty and bringing widespread economic development to communities is a growing number of SME-sized businesses. Read more