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Competition: The Cutting Edge of Business

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"Competition in business is a blessing, for without it we wouldn't be motivated to improve."

- Nabil. N Jamal, Management Consultant

Stephen TharrettStephen Tharrett

Competition and What It's All About

Henry Ford, Founder of Ford Motor Company, said that competition was the keen cutting edge of business. His interpretation was that competition drove businesses to improve their value proposition, enhance their business efficiencies, 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. Others, most likely leaders whose businesses no longer exist, might feel competition is the unwanted storm that demolished their business, or as John D. Rockefeller, Founder of Standard Oil said, "Competition is sin." 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.

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