One of the most unexpected things I picked up in grad school was the value of a competitor. I was in competition with another research program working on yeast DNA replication, a race to publication. We made nice and exchanged some information and materials, but… we were competitors.
Competitors show up in geopolitics as well, and nation states vie for supremacy and control. Think of how trade conversations play out between nations. A dictator who inflates an “enemy” to consolidate his power is really creating a competitor.
Competitors play a critical role in businesses. Steve Jobs said that if Microsoft and IBM didn’t exist, Apple would have invented a competitor. Monsanto, despised as they were in the seed industry, forced every other company to transform their capability or be co-opted into submission.
Every profitable market has competitors, or entices them shortly after an economically valuable market exists. Many VCs will not invest in startups who lack a competitor because it’s a strong signal that there isn’t much money available in the market yet.
Competitors teach us about our vulnerabilities.
Competitors force us to sharpen our game.
Competitors push us to create better products and services, and pay more attention to customers.
Competitors don’t let us relax and drift into entitlement.
Competitors motivate us to work smarter and longer.
Competitors bring out our best as we stay in the game.
Smart leaders understand and exploit competitors. Got competitors? Be grateful.
