Entrepreneurship Development and Communication Skills

1.1.2.8 Competition

Competition is another feature of modern business. Gone are the days of sheltered markets, subsidies, licences, quotas and restriction. Businessmen are asked to stand on their feet, to eliminate inefficiencies, cut down costs and improve productivity. Fittest will survive. Inefficient and marginal firms will be forced to wind up.

Competition is beneficial to the competing firms besides benefiting the consumers. How competition benefits consumers is obvious to substantiate.