⚾ Is competition in sports the same as competition in business? ⚾ Sports have largely warped our view of competition in America. Sports are the definition of zero sum competition: one team's win = the opposing team's loss. There cannot be two champions at the end of a season. This is why we love sports, but it is a flawed approach to competition in business. In my experience, this thinking is widely applied in business. I often hear grand plans of companies vowing to be "better" or the "best" in their industries. This may make sense in sports, but business is not sports. In business, companies must compete to be different, not better. If you are offering a similar product, to a similar customer, for the same relative cost as your competitors, then the only thing left to compete on is price. There is little value that any company can offer in this scenario. Think of competition in business like that of performing arts, rather than sports. Who is the best singer? There is obviously no answer to this question. Each singer has a unique voice, which is valuable to a unique audience. Competing to be different - rather than the best - allows companies to meet specific needs of a specific groups of people. This is where value is created. #competition #strategy #competitivestrategy #value
Andrew Feit
6mo
In business the objective should be to succeed not make the other company fail...Great points Caleb.
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6moThis is on point! Well-said.