Ask HN: Do you Hate or Love your competition?
I hate my competition. Am I wrong?
That said, the competitor evolved one way, my company evolved another way, and all the time I spent thinking about my competitor was completely wasted. I would've been much better off just working on my product.
Later on, my company merged with another competitor. There's no way that advantageous deal could have come about if I'd felt the same way about them that I felt for that first, no-longer-competitor. I would have let my emotions blow the opportunity.
Happily, by then I'd learned that business is just business - it's not personal. Go out and win, but remember that your competition is made of people very much like yourself.
1- They validate the market you are in. If they are doing great, and you are not, you have potential right in front of your nose. ie, if they landed that customer, you can land a similar too, right?
2- They will keep you thinking on the next move, the next change, and the next product you should be doing. Sometimes you will release first and sometimes they will. Dont be a follower, try to lead.
3- Love them. Dont hate them. If you are doing well and they are too, its all good. Its just a business and you are both doing great. If you are not doing great and they are, dont hate them, read #1 again.
Hope it helps.
Competitors can be detrimental to your business, in the sense that they take customers away from you, but they can also be a source of inspiration. If your competition is doing better than you, perhaps you could look at what they do well and try to emulate them?
Simply hating them, you expend effort for no reward. Learn from your enemies, they may have a lot to teach you.