Ideate to stay ahead.

Ideate to stay ahead.

When competition becomes intense, businesses at this stage require more innovative ideas to address challenges, rather than simply allocating more money for promotion or engaging in price wars. It is essential to gather in the boardroom to analyze what competitors are doing and not doing; this will help identify gaps and develop strategies to confront the competition. A successful business should avoid reacting impulsively and jumping to conclusions; instead, it should act as a silent observer, gap analyzer, and strategist in order to face the competition effectively.

Remember, it is the idea that has made you a businessman; it is the idea that has attracted investors and customers. So, never forget to innovate. The more you brainstorm and generate ideas, the less you will worry about competition in the market.

M.L. Narendra Kumar

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