Competition Vs. Collaboration: Which is Better for the Business?

Guests: Michelle Chong: CEO of Honey Bun and Founder of the Honey Bun Foundation. Rosetta Bryson: Founder and CEO of Simple Trader Pro and Bishop. Welcome to Your Business Matters, a podcast of EXIM Bank Jamaica where we bring thought leaders together on thought-provoking ideas and methods to help grow your business Competition acts as the driving force for individuals or groups to perform. The same principle applies in business. When operating in a dominant industry businesses often leverage their competitive edge in order to stand out and build brand loyalty. Competition is in our nature. From competing in sports to rival companies competing for consumers’ wallet share to individuals bidding for the highest paying jobs, everybody desires to be the best and to earn the best.  Some experts argue that competition is a waste of energy and resources that could be combined for higher-yielding results against external forces. Collaboration on the other side of the spectrum intrinsically encourages work with each other rather than against each other. It enables the use of best practices to increase efficiency and eventually revenue but is it enough to push businesses forward? So how do we decide whether to compete or collab? Does middle ground exist for both to co-exist?  In today's episode of Your Business Matters, we explore the topic "Competition Vs. Collaboration: Which is better for the business." Some of what we discussed include: Why is collaboration necessary? Collaboration among competitors. Is there a place for healthy competition over collaboration? Competition in the workplace. We also touched base with a member of our audience Glenice Leechman who posed this question “In the work environment, what drives motivation? Collaboration, competition or both?’” Connect with our guests: Connect with Honey Bun at Honeybunja.com and the Honey Bun Foundation at thehoneybunfoundation.com. You may contact  Simple Trader Pro at Simpletraderpro.com. Thank you for joining us on Your Business Matters hosted by Heneka Watkis-Porter of the Entrepreneurial You podcast. Remember to join us next week for another exciting episode with our thought-provoking leaders as they debate thought-provoking ideas and methods to help grow your business and move closer to your goals. To stay in touch, you can connect with us on your favorite podcast platforms at ‘Your Business Matters’ where we bring the matters to the table, or visit eximbankja.com for further information and business resources. As you continue to mind your business, I leave with you this quote from Steve Jobs "Great things in business are never done by one person; they’re done by a team of people.” Take care.