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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