Competition brings in varieties, creativity, branding, customisation, packaging and availability of products. But it also brings malice, strife, hatred and envy. When we talk of healthy competition it involves as many businesses that are involved to share the same mindset for the competition to remain healthy without threat.
As with pros, there are also cons.
1. As a small and growing business, you’re bound to lose business to bigger and stronger firms when there’s a strong competition
2. Competition pose a threat to a small business as they could pack up and close up shop
3. A competition could very well turn into a conflict especially if it’s an unfair competition with undue advantage to one side.
Competition doesn't pose any special threat to small business different from what others will face as far as the maintain quality and standard products. In business the small, medium, and large business face the same storm the only difference is their capital strength which in turn determines the extent of their losses.
A business person should be ready for competition before embarking on one because that is what determines how far they will excel in it