We will go over: 1. Factors that determine success in the marketplace. 2. How to gain an edge over your competition. 3. Opportunity Cost.
Competition in the marketplace is one of those things that you don't necessarily have to ask for to get.
As long as you are in the marketplace, selling products and services, competition will find you.
The reason for this is, as long as you are looking for the same human beings (customers) that other businesses are hunting for, by winning them, another business fails to get them for themselves.
This is called Opportunity Cost.
Opportunity Cost is the cost that one encounters by putting resources in one activity and by doing so, failing to gain proceeds from any other activity that said recourses could have been invested.