Picture yourself as a young child with a lemonade stand. The summer is hot, and your sales are up. But now little Timmy has opened his own stand across the street and is offering his own lemonade. But what will this competition do? Would you go out of business, pack up and simply quit. No of course not. You would become innovative about your own stand. You would create new ideas to keep people coming back to you for their lemonade needs. This is what competition does for all business in the world. It offers business the opportunity to better itself, its products and its customer service.

Speeding ahead

Competition may seem like it takes business away from you, but remember that if you were racing all by yourself, would you actually run your fastest, or put in the effort you needed to win against a valiant foe? No- most people would likely just walk the race if there was no competition. So in essence, rivalry makes us run faster than our opponents and strive to better ourselves and our business. This situation offers us the opportunity to truly discover how good our business is.

What's popular €" sells

Some things to consider when you are worried about competition is that if someone else is doing it already- and it's working for them (making them a living) then it will work for you. During your race, if you find yourself running alone, it may be possible that you are off track. Other racers on the same road likely mean that you are running the straightforward path.

This is also your chance to study how others are conducting the same business and making it work. You find out what works, and what doesn't, and work to perfect your business and gain the edge in your industry.

Too much competition

Unfortunately, there is a downside to completion. When the market is overwhelmed by conglomerates and popular brand names, you may find it difficult to compete with them on their level. Small business owners do not always have the readily available funds to market themselves and their business to effectively advertise like huge corporations.

You will have to remember that at some point, if every kid on the block is selling lemonade, it is not likely you will be selling very much- so it may be time to get out of the lemonade market and move on to€¦popsicles. AwYeah!

It is important to remember that, even with all that opposition, you don't have to butt heads with those in your industry. Finding a new angle for your business or being innovative about what you do can appeal to the same audience. It would be exactly the same effect as taking your lemonade and turning it into a popsicle, in an effort to gain a competitive edge.

Good for you, good for me

The constant efforts needed to keep your business booming in the industry are what keep us sharp and innovative. As long as others continue to run with you towards the finish line, you will know that this is the right direction. If you find yourself becoming content with your place in the race, it is very likely that someone will come up from behind and leave you in the dust. Keep your head on, your ears up and stay competitive.