How do you handle competition in business?

[eldavis]

In the business world there are usually lots of competitions, this can be a major challenge for most young entrepreneur and business owners. Due to this, most persons usually tend to avoid competition. One of the best ways to handle competition is by seeing it as a means to learn. Find out the things they are doing wrong and the things they do right then work on improving in these aspects.

 

[SHAHID987]

First come first is to keep eye on competition, and see it's all move. Sometimes competitors takes major portion of our business. And we started facing defeat in running business. So I always keep monitoring customers every moves.

 

[Ratine]

I think as the business owners one should keep a track on how the competition is like and have a watching eye on the selling prices.

 

[Starmix]

I just do my own responsibility to serve people with a yummy milk tea. i never care about the competitors as long as I am friendly to customers.

 

[nomad]

There is no need to have an enmity towards your competitors, you can carve your niche and still manage to make your own market.

 

[Starmix]

My business is offline so I can see visibly what's going on but fortunately my competitors are in the other malls not near me malls,so I don't have a competitor.

 

[Shavkat]

It varies from one company to another. If we take time to check their strengths and weaknesses, then we can know what to improve on.

 

[IB D]

I handle business competition by focusing on driving innovations that would give me an edge in the market.