As many business owners in Detroit and Chicago are well aware, the advantages to bringing a company idea into fruition can be endless. By the same token, owning a business can come with a long string of challenges and confusion. When a business owner suspects that a rivaling company has presented an unfair competition, there are many aspects to be aware of.
It is no secret that competition is simply part of the business game. No matter the size of the company, Forbes shares that it is easy for business disputes to arise after an idea appears stolen. Rather than allowing oneself to become immediately defensive, Forbes urges business owners to take an opportunity of competition as a innovative challenge. For example, similarities between businesses are natural; Forbes shares that adding an extra oomph to a product is just one way businesses can stand out from the rest. In addition, maintaining an awareness of competitors’ strategies can also prove beneficial. While keeping too close of an eye on another business can be harmful, there is a healthy way of staying in the know of surrounding business methods in order to execute the best ideas.
Sometimes, there is no other way to look at it: unfair competition is unfair competition. Findlaw explains business competition that crosses the line, stating that for an incident to constitute unfair competition, the business at hand must have carried out a deceptive or unethical business practice that subsequently hurts another company. Some common forms of unfair competition include:
- Misappropriation of trade secrets
- False advertising
- Trademark infringement
There are, of course, a plethora of other ways businesses can harm one another, but Findlaw stresses that local business laws work to protect companies economically, intellectually and creatively.