Ways to distinguish yourself – #77 Treat your competition with respect

Being in the Silicon Valley has many advantages – you get to listen to
so many startup ideas and pitches. There is so much of energy and
enthusiasm in those budding entrepreneurs. One of the simple questions
I have when I hear a new pitch is “Who is your competition, now and in the future?” and a small percentage of them will say “There is virtually no competition for us.” and then I start to wonder “Should I even listen to their story any more?

One of the key reasons there might be no competition is because really, there may be no market for that product or service.

Competition is good. Good competition is VERY good. Take Google, Yahoo and MSN.
One reason, all three of them are fighting and raising the standards is
plainly because all three of them are willing to do go the extra mile
to win. Great competitors can bring out that extra energy in you to
lift yourself up. They will set higher standards for themselves and the
whole industry.

The same applies to people. You need competition and in fact, they are doing you a service by being there.

If this is the case, why should we not have respect for the
competition? Putting your competition down won’t raise you up. Market
sets standards for companies and people. If you keep exceeding those
standards consistently, you automatically win!

Treat your competition with respect. Together you can grow the pie. We know that a small piece of a bigger pie is better than a big piece of nothing.