Competition is, in the long run, a beautiful thing. Oh, obviously it is for the consumer – competition improves the quality of products & services while driving down prices. But competition can also be an amazing benefit for entrepreneurs.
Competitors are like giant R&D labs spewing out incredibly useful data… data you don’t have to pay a penny for. Maybe they show you that a hair-brained idea you had a year ago was in fact bad – or maybe that its was good. Now that you KNOW that, you may be in a a better position to do something about it. Their own experimentation often inspires new lines of thinking in your own team. What a gift!
Our job as entrepreneur is to help our customers. It may be that one of the best things we can do to help our customers is let a competitor start taking some of the load for us while we shift or specialize in an area where we can be better. It may prove a short-term pain for us, but in the long term it is generally better.