Competition – The Cutting Edge of Business
Published: October 26, 2016
Henry Ford, founder of Ford Motor Company, said that competition was the keen cutting edge of business. His interpretation was competition drove businesses to improve their value proposition, enhance their business efficiency, and ultimately, generate temporary business monopolies. Joseph Schumpeter, a 20th Century economist saw competition as one of the storms of creative destruction, along with movements in the cultural and economic climate. Schumpeter saw these creative storms, competition being one of them, as essential to capitalism. Business leaders such as Henry Ford, Steve Jobs, Tom Peters, Jack Ma and Jeff Brazos might declare that competition is the “growth hormone” for creating a thriving business. What we do know is that competition is inevitable, and as business leaders it can be used to sharpen your fitness business, or be the arrow that brings your business to an untimely end. In this White Paper we explore the dynamic of competition, delving into who the competitors are, and how you can make competition work for you.