Types of Business Competition

Types of Business Competition

In the past, the shop next door was a competition, but today the competition is in the form of a web store.

Ex- Annai supermarket vs Amazon

The competition was within the industry in the past, but today it comes from another sector.

Ex- Postal service vs Email

In the past, the competition was within the organised sector, and today it is from the unorganised sector.

Ex- Restaurant vs Home Kitchen

In the past, the competition was about winning the customer, but today it is also about retaining employees.

Ex- SMEs/ MSMEs losing their employees to rural BPOs.

An entrepreneur is not only facing challenges in retaining and winning new customers but also the challenge of attracting and retaining the workforce.

It's time to study the good practices for attracting and retaining the workforce. There should be a big drive where the entrepreneurs should come together and brainstorm to evolve new strategies to retain and attract the workforce.

M.L. Narendra Kumar

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