BUSINESS VS. COMPETITORS

by Shabir Ahmad | 08 October 2024

A New Way to Think About Competition

In business, competition isn’t about tearing each other down—it’s about pushing ourselves to get better, create more value, and make a bigger impact. Healthy competition is about growing stronger alongside others, not plotting to keep anyone down.

As the well-known saying goes:

"The goal isn’t to be the best in the world, but the best for the world."

This popular 2024 quote by entrepreneur Clara Reed captures the spirit of modern competition perfectly. Today’s successful businesses focus less on outdoing others and more on improving themselves and offering the best to their customers.

In fact, a study by Harvard Business Review shows that companies that focus on self-improvement perform 25% better over time than those who are solely focused on beating competitors.

Think of brands like Apple and Microsoft. While they compete in similar spaces, their rivalry hasn’t kept them from working together when it benefits both. 

Back in 1997, Microsoft even invested in Apple to help it during a tough time.

This is a great example of how competition doesn’t have to mean rivalry; it can mean rising together. Consumers today also respect brands that compete fairly.

According to Forbes, 78% of customers prefer companies they see as ethical and cooperative.

So, a fair approach to competition not only builds customer loyalty but also boosts employee pride.

In a world where business is always changing, it’s powerful to remember: competitors are not enemies—they’re part of the journey. The best competition is one that inspires everyone to reach new heights.