For the last couple weeks I have written about my answer when faced with the question “What are three things you wish you would have known as a Junior or Senior in college?”  Here’s part three on dealing with the competition.

Dealing with “The Competition”

The glass-half-empty way to think about the competition: “Oh my goodness, there is another company in our space!  We need to punt what we’ve been working on for the last three months and try something new and unique.”

The glass-half-full version: “Ah, yes, another competitor.  That makes 59!  Wow, what an awesome validation of our concept, let’s keep going full speed ahead.”

I once heard a good rule of thumb from Tim Draper: two or three competitors squarely in your space are good validation.  More than that and you might want to really think about what makes you unique.

I’ve learned to be aware, but be impartial.  It’s important to know what competitors are up to and try to understand where they will head in the future.  Make a spreadsheet and understand where everyone fits in relation to what you do.  Add competitors as they arise to get them off your mind.

Excessive worrying about competitors is not a good use of your time.  Get out there, execute the best you can and build your business first.  You can start really worrying about competitors when they are all that stands between you and the remaining market share.