The number of startups across the country is exploding. Contemporarily, more and number of students, working professionals are opting their way to startups. While starting a startup is not a cakewalk yet, sustaining its presence and making it grow is a task to which would break the bones.
Nevertheless, today we are going to discuss how important it is for a startup to compete with the other players in the market. To reframe the question, why is competition important for your startup?
Getting on right track
There are times when you might find your startup going nowhere. These are the instances when you need competition to keep the learning process going. Probably, being alone in the market would not make help you in keeping your startup on the track.
Know your weakness
Having a competitor alongside your business allows your startup to introspect every once in a while. The competitors are one of the ways through which you can compare your startup and figure out the shortcomings.
Makes you push ahead
There would be spells of discouragement or lack of inspiration that you might face as a founder of your startup and when you strive to discover your desired inspiration this competition is going to keep you on your toes.
Makes your consumer service better
It is always a plus point to have a competitor by your side to keep a tap on your moves. When you are aware that there is a player in the market, equivalent to your market position; you hassle with all your blood and sweat to get an edge over your competitor.
Also Read: 15 Advices That You Must Listen Before Starting Startup
Related to what was explained earlier, to serve your customers and clients exceeding the level of your competitor; you will inevitably struggle to innovate. The itch of doing better each moving day forces you to innovate wherever you can.
The scope of knowledge
Life is all about learning and it does not matter where the source lies. Your competitor will make every possible move to become the dominator and that is where you get a window to peek into the possibilities you never thought of doing. This knowledge will further aid you to take your startup ahead.
Encourages the employees
No matter how much are you as a founder of the startup on your toes to work, nothing is going flourish until your team puts the same efforts. With the competitors in the market, even your employees feel the pressure, which motivates them to perform in efficacy.
Being the only player in your niche may sound beneficial at the beginning, but it often is interpreted as “Non-demanded” niche. And competition, of course, adds the charm to it as there won’t be any race if you are only one running.