Reference no: EM132924705

Starting a new business can be both rewarding and intense. As a new business owner, how can you establish yourself in the marketplace while pulling ahead of the competition? Should you collaborate with other businesses to increase and sustain profits?

To prepare for this Learning Reflection, review the following two options. Then, select one as the focus for your Learning Reflection.

For Strategic Management Class

Option 1: Many new businesses fail. Starting a business often requires significant fiscal, time, and emotional investments, and as such, it may be difficult to let go even though competition has made it difficult for you to continue. How do you know when enough is enough and it is time to exit the market?

Option 2: Businesses compete for profits. Is there room in the market for collaborative or at least cooperative rivalry, or does this defy the very definition of competition?

Respond to the question listed in your selected option in no more than one single-spaced page.