Advantages of competition to a business man

[Skysaint]

We all know that competition is one of the major characteristics of running a business. I don't think if there is any possibility of running a business Enterprise especially if it actually proves to be a very lucrative one without having to battle with competitors here and there. As a business man, even if your the first to start up a particular business and it happens to be a lucrative one, then it's almost unavoidable to have competitors.
Competition in marketing as we already know is very beneficial to the public or rather say the consumers in that it helps to get the best kind of commodity one desires from the competing companies.
So my question is, are there some benefits the companies do actually gain from these market competition among them?

 

[Alexandoy]

For a business owner it is the monopoly or market domination that is the main objective. However, with a stiff competition the management and staff of the business are challenged that they would have to resort to innovation and use their creativity in making effective marketing approach. It is healthy in that sense but sometimes the competition can lead to a dirty fight.