How to tolerate Competition in business?

I was wondering yesterday about some competition in the business in a certain city, we are facing.

There are competitions in various forms. Some of them are the businesses which just arise and they attack in the market. Some of them are the ones which were born and brought up in our company. People who worked for us, have the guts to go out and start the same concept and technique which we do in our business.

Having said that, here is the thing we need to do.

Everyone is under God's shade. Whatever god gives, depending upon your smartness and how you work hard, you take your share. Like Ilayaraja, Music director says Music is the gift of God and howmuchsoever somebody wants, they can take it.

That is in a religious sense, but from a business standpoint - Market is huge in every business (at least in the business where opportunities are there). The players can take as much as they want and as much as they can.

So, ultimately, we just need to work hard and not to be jealous about other businesses in your market. Just try to come upto speed to that level.

How to beat competition in your business? - madurai entrepreneurship and business wisdom

How to tackle and beat your competition in your business?

Next big challenge, after profits and HR issues, comes the Competition challenge for the entrepreneur in his/her business. Here are the ways to tackle those challenges!

1) Reduce the price of service - Give it for FREE, in some cases
2) Provide extensive advertisements
3) Use Technology - to reach wide audience
4) Best People and Process
5) Different channels for reaching different segments
6) Be a specialist in the segment and help in all angles - Customers Like To Buy From A Specialist
7) Contact the consumers and customers to see if you can help them more. More Customer Service will help give good impression for the company. Solve their problem
8) Be Creative
9) Giving Something Extra in the services - USP and additional services
10) Do what you say!