In this context 'individuality' means: being unique as a person, being different from the crowd. And 'conformity' means: being just like the others in the crowd. The statement asks you to weigh the benefits of being unique against the advantages of being just like everyone else.
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... Because he feared of changing, and failed to bring into innovation, he lost the competition to his rival. For instance, Nokia was always clinging to bar-type cell phones, even though it was still world leading maker, its market share was declining. Now Noki
On the other hand, a total conformist, has no unique character, and will suffer in other ways...