Focusing on competition has the same aura as watching an accident – it feels too tempting to avoid.
Is keeping tabs on the competition actually valuable and to what extent? Let's look at resources, values, and ideas.
Competitors have 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 including their leadership team and investments.
In sports, any team can win on any night based on its own skills, strategy, and plays. You need to observe the other team but obsessing on them distracts from reaching your best.
Competitors hold 𝗱𝗶𝘀𝘁𝗶𝗻𝗰𝘁 𝘃𝗮𝗹𝘂𝗲𝘀 which likely do not fully align with yours.
It’s certainly possible to change your values. But did you start a company to follow someone else? You have to decide the importance of your dreams and character.
Competitors may boast 𝗻𝗲𝘄 𝗶𝗱𝗲𝗮𝘀. Sometimes, those ideas are brilliant. Sometimes they fail. You can learn from both.
If their new idea can provide more benefits for your customers, it's worth considering.
Other companies will have their advantages. You need to focus limited resources on devising your own best plan.
If you are going to obsess, consider channeling that energy to thrill your customers, build the team, and develop personally. Soon, others will try to copy you.
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Photo by Paul Skorupskas who can be found here: