Here are a few things I’ve learned about competitors while working for or starting four different startups (Odeo, Wesabe, CrowdVine, Coach.me).
- Competitors don’t matter.
- If you’re going to get technical about it, worrying or planning for competitors doesn’t matter.
- Competitors will find a way to put themselves out of business no matter what you do.
- You’re at risk of putting yourself out of business also, so mind your own ship.
- Competitors aren’t very good. Think about it, most startups are run by complete amateurs (remember the first company you started?), tackling a space they don’t understand, with extreme pressure, and limited resources. This is not a recipe for awesomness.
- Take your eye off competitors for a moment and you’ll notice that your own company doesn’t have any customers. #morepressingproblems
- Go back to examining your competitors and realize that if you were to knock them over the head and steal every single one of their customers that your startup would still be screwed.
- When competitors kick you in the teeth it comes with such strength and suddenness that there was nothing for you to do anyway. Some examples to follow.