Walking through Boston's Faneuil Hall, a restored historic area and shopping district, she noticed a retail store selling trays of gourmet brownies. Now, two years later, Rice says she realizes that competition is a fact of business life. It keeps me on my toes and reminds me that I can't slack off. I have to provide really good customer service and a unique product. To make sure she's ahead of her competition, Rice periodically orders from her competitors and compares their packaging, service and quality to her own.
Business is like any battlefield.
Unfortunately, he adds, competitive analysis is something many entrepreneurs overlook. They assume that they have such a good product or service that either they won't have competition or they don't have to worry about it. The truth is, every business faces some form of competition. Carolyn Z. Lawrence, MBA, is a small-business consultant and writer living in Southern California. Inc. All rights reserved.