Can similar businesses keep each other creative? Would consumers benefit from similar businesses more than the owner of a business? Many entrepreneurs have similar ideas, but some ideas are also very different. Similarity can create competition between specific businesses, this leads to companies working against each other to create rivalries. Companies with similar goals may tend to work against each other. This perspective benefits consumers by providing them a variety of quality choices.
In this working economy, businesses don’t win or lose. As the consumer, purchases are made by what is admired. Braylen Stevens, an entrepreneur who founded MBRACED, stated that, “Entrepreneurs have similar messages with their products but they also have different ventures.” Businesses have their own expectations that have to be met. Businesses also have to keep up with what consumers like most. So, how would consumers keep the businesses at the very top?
According to Forbes.com, a few things that help businesses compete are:
1. Innovation
2. Customer Service
3. Understanding Core Market
How do consumers play the largest role in the success of a business? Braylen Stevens also stated, “Make sure your business has a real purpose. Trust and believe in your brand. Find ways to network with your brand.” Businesses with similar ideas creates innovation which allows the production of better products. With the production of better products, more consumers will come which allows that entrepreneur to get an advantage over similar businesses. According to businessgross.com, competition is not only good for the business, it’s good for the consumers as well. This gives consumers the opportunity to choose options. This leaves room for development for these businesses which allows them to expand on their ideas and create new ones for consumers to purchase.
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