⚡️ Why does business need competition?

Hello Comrades!

I’m sure that each of you knows who Jeff Bezos is. For several years now, he’s been one of the richest and most successful entrepreneurs in the world. Do you know how he succeeded? One of his unobvious secrets is competition. I’ll tell you all the details of this ace in the hole. 

From zero to a maximum 

The businessman created a team within Amazon for one purpose. The specialists had to launch the first offline store without cashiers and sellers using Just Walk Out technology. In 3 years of intense work, they hadn’t made any progress, and Jeff Bezos began to get seriously nervous. Do you think he fired the team? 

No, no, and no again. The head didn’t take any drastic measures, but created a second team and set exactly the same goals for it. Bezos deliberately increased the competition between the two rivals. Did this technique work? 

You won't believe it, but after a while the stores finally started opening! Do you realize why the decision of Amazon's creator became successful? 

The first store was opened by the team that initially lagged behind. The point isn’t at all a temporary advantage and not that the opponent got all the work done at the start. What is more important, competition has played into the hands of business. 

How does competition work in practice? 

Have you ever wondered why the giants of the market pay such attention to sales departments? Have you noticed how many employees work in this area? No, not for the purpose of processing leads. Companies create competition between different departments. What for? This is an absolute way to increase the effectiveness of each team several times.

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At first glance, it seems that two teams will spend twice as much time on the same task. Forget about it once and for all! Let's count carefully. If, due to competition, you get the result twice as fast, then x2 expenses multiplied by x0.5 of the time will lead to the initial x1 expenses. 

These are not all the benefits that your business will receive from the confrontation of several participants. Less time to market + higher team efficiency = more profit with the same costs. I’m sure that each of you’ll use this formula of success. 

Don’t think that it makes no sense to set the same tasks for two teams. On the contrary, create competition at any level and implement it wherever possible. Remember that your project is also struggling with competition in the market and getting better in harsh conditions. Do you agree that this is exactly the situation that forces you to look for new breakthrough ideas? Your employees will think the same way. 

I’ve been working on projects in various niches for many years now and I can confidently say one thing. Competition is an excellent indicator of the business sector conditions. If there are competitors, then there are customers who pay money for goods or services. In addition, don’t forget about supply and demand. The niche is constantly growing and offers new opportunities. 

But if there’s no competition, the niche doesn’t work. Ask yourself: “Do I want to develop in a hopeless direction?” Even if you become a leader in this field, you’ll learn nothing and fail.  

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