THE LAW OF COMPETITION

If the first law of economics is scarcity, them the first law of business is competition. It requires tremendous focus and discipline to do the things necessary to attract the scarce money of customers toward purchasing your product or services.

To not only survive but also thrive, you must compete continually against all other uses of the same amount of money that you want to charge for what you sell.

The first discipline of business success is that you offer a product or service that people want, need, and will pay for at a price they will accept. A price that is competitive with every other business that wants the same customer money.

You must be completely honest wit your product or service mix to ensure that it is well suited to the current market. This is an area where false assumptions or incorrect conclusions can lead to business failure. The answer is continually changing as competition and custormers tastes also change.

Also believe that your customers has a right. Do not