Nivi · November 29th, 2010
Earlier this month, I got this email from a friend:
“Why didn’t you ever tell me about this site? This is exactly what I was trying to create and just spent the last few weeks pulling people together to build me a site. Do you know how they are doing? They never once came up through my competitive intelligence and I just learned about them. Would like to know before I dump anymore money in my venture.”
This was my response:
“I can’t give you any insider information on any of these companies. I know the founders of all of them. It doesn’t matter. It has nothing to do with you. It’s good to know the market but the competition is irrelevant. The market is big. Winning comes by knowing the customer better, executing better, and continuing to work on the problem after sane people have cashed out. If a competitor is going to scare you, you shouldn’t have started a business in the first place. Every big market or successful business will attract competitors anyway. Always assume competition.”
This was originally published on Quora. See my original post and the comments here.