…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