Competition is bad for business

Aug 17, 2015 | | Say something

Competition is usually considered good (and unavoidable) for business, as it forces firms in the market to improve their products and services, while consumers can benefit from lower prices as multiple companies compete for their dollars. My opinion is that, as a small business owner, one should strive as much as possible to prevent competition altogether. This can be done either by completely dominating your industry (having a product/service far superior than competition, or providing a value that cannot be matched by other players), or avoiding the competition by having a very unique product that is just not available elsewhere. Why is it that monopolies make so much money? Because they have the market just for themselves. If you want to make it really big, you should work toward becoming a monopoly on your own.

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