We have no competition.

When I was listening to the pitches at VeloCity StartupWeekend, I noticed right away that I knew of several competitors for almost every product idea. When I was mentoring the students I pointed out that this was just fine. It’s ok to have competition because that validates the market. Being the first company in any space means that you will typically spend a lot of time educating your market, which then benefits your competitors when they show up.

In fact, the lack of competition means that – except in very rare cases – there may not be a market. You may be solving a problem that nobody actually perceives themselves as having.

If only all entrepreneurs could be as aware of this fact. You wouldn’t believe the number of times I’ve heard someone say "we’re the only ones doing this". Believe me, you aren’t. Somebody somewhere, and likely plenty of people, are doing something similar right now.

Again, that’s ok. You just need to know what differentiates you. What makes you noticeably better, according to your customers. It doesn’t matter if you think you’re better. Your potential customer must perceive you as better, and better enough to choose over the other product. Be faster, save me more money, make me more money, be more esthetically pleasing – just know what the difference is. And tell people. Be aggressive, because the other guys will if your aren’t.

It doesn’t matter what you are doing; you have competition. Hiding your head in the sand won’t make it go away.

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