Market Monopoly: Twitter’s Dominance and the importance of competition.

When I started my coated peanuts snacks business, I was the only one in my community selling peanuts. It was a sweet spot for me because I knew that whenever I produced a batch, it would sell out quickly. Having no competition meant I could produce whenever I felt like it, knowing that my customers would eagerly buy my product. I became complacent, producing at my own pace and not taking my business or customers seriously.

However, this all changed when competition entered the picture. Just like Twitter, which was once the unrivaled social media platform for short-form content, my monopoly in the peanut market was challenged. I have realized that monopolistic markets, whether in the digital realm or a small community, make it difficult for new players to enter and thrive.

Twitter, for example, became a platform where people had no real alternative. They were at the mercy of the decisions made by Elon Musk and the Twitter team. If they didn't agree with the policies or direction of the platform, they had to make the tough choice of staying or leaving. Before the introduction of threads, some users sought solace in platforms like Substack, hoping to find alternatives that better suited their needs. However, none of these options truly matched the opportunity and audience that Twitter provided.
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This situation created a kind of monopoly, with one person calling the shots and controlling the entire market. It limited the choices available to users and made it challenging for competitors to make a significant impact. Leofinance's threads, for example, offered an alternative with a similar business model to Twitter. However, due to limited visibility, it failed to attract millions of users. While it provided value to a niche group of individuals, it lacked the widespread adoption necessary to challenge Twitter's monopoly.

But then, enter Mark Zuckerberg, someone with a massive audience and the capacity to challenge Twitter's dominance. The launch of Threads on Facebook gained acceptance by millions of users who found a new platform for sharing their short-form content and engaging with others. Zuckerberg's entry into the market changed the game, providing a viable alternative for those seeking an escape from Twitter's monopolistic control.

Reflecting on my own business journey, I can't help but draw parallels. When competition arrived in my peanut-selling community, I knew I had to up my game. I became more consistent, ensuring that my ingredients were always in the right proportion. I didn't want to lose my valuable customers to new players. If I hadn't faced competition and had the market share all to myself, I might have become arrogant and neglected the business, doing as I pleased and producing at my own leisure.

Competition is an important aspect in business because it inspires innovation and gives customers options to choose from. It forces us to constantly improve, refine our products, and provide better experiences for our customers. Similarly, in the case of Twitter, the need for alternatives pushed users to seek better platforms to share their thoughts and engage with others. Threads was a response to this demand, offering an alternative space for short-form content that had been missing.

Competition and the availability of alternatives play a significant role in breaking monopolies and driving innovation. Just as my competition made me take my coated peanuts snacks business more seriously, the introduction of Threads on Facebook provided users with a much-needed alternative to Twitter's dominance. It's a reminder that in business and in life, competition keeps us on our toes, spurring us to continuously evolve and adapt.

But there’s unhealthy competition, such as the case of chef Hilda Baci and her Guinness world Record title that was contested for by chef dami either out of jealousy or something else. I call this unhealthy mainly because chef dami had no intentions of being on Guinness books and I doubt if she really is a chef but the moment she saw Hilda attempting to break the previous record, she jumped in on her own cook-a-thon without even registering.

If you envy another person’s success, the first thing to do is not to compete, but learn. If you complain that your content is not being upvoted on Hive, because people who have been here for 7 years are getting more votes, that’s just jealousy. Take the time to learn. Learn what their competitive advantage is here on this platform and employ it on your blog.

I am not against anyone challenging a monopolistic market or competing with people’s successes. But do it from a standpoint of knowledge and understanding just like Facebook did. If you do not have that influence and knowledge, start building from scratch just like Leofinance. But please do feel compelled to compete just because you don’t like the person winning. You will fail like chef Dami and her pursuit for Guinness World Record.

Thank you for reading!
All content is mine except otherwise stated

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