Do you fear the competition, is it justified? | Startup Central
Many great traders look at the competitor and think that they are doing better, this is not always true. Focus on your product and create more value.

Michael Seibel, Harj Taggar and Brad Flora from Partner Lounge are experienced investors through Y Combinator. They give their views on how founders react to their competitors.

Here you get our interpretation of their gems.

Even if things are going well, you can get scared of the competition.

Did you just learn that others also have the same idea as you? So they take the customers and therefore you feel like you have to capture their customers or have to copy all their features.

You completely forget that there are several pizzerias in every town, that there are several banks to choose from. And they are not turning the key simply because they share the same target group.

When it's tough for you, are your competitors doing as well, or do they also have challenges? You constantly feel your internal challenges, but this does not mean that the competitors' facade marketing makes them better able to cope with their own internal challenges.

So just because it looks like things are going well for the competitor, it doesn't mean things are going badly for you. As a startup company, you are constantly being measured and you may not feel that things are going well for you, but maybe things are not going well for the competitor either. What you see on the outside is just the competitor's good marketing, behind the scenes they may be just as desperate as you are. A few years later you might meet an employee from the competitor you were worried about and you talk about the period when you were nervous about the competitor. But the employee says that they were beside themselves during that period. So it was just something you had imagined.

Have you stared at the competition so blindly that you end up copying worthless features just because you think customers want it? It's a waste. It only goes well when you talk to your own users instead of worrying about the competition.

Isn't it much more important with your own growth, possibly churn ~ loss of customers, do you have a good order pipeline? If things go well for you, then you have to execute and focus less on the competition.

It creates less stress to do something about what you can change, rather than fearing what you have no control over - such as the competition.

Sometimes there is valid competition, especially if you think you have no competition. There is no doubt that customers have other solution options than yours.

Don't let the big companies beat you. If they create a product that you have, it does not mean that you have to turn the key. You just have to find out what makes your product better and turn it on. And develop your product so that it constantly creates more and more value for your customers. If you have the best product that creates the most value, then the customer has no reason to go to the competitor.

The advantage of delivering more value to the customer - than competitors deliver - is the most important thing in the balance.

So stop thinking all the time about what the competition is doing and what you think they are doing better than you. Believe in your product and the business you have built. You have customers, so there are some who believe that your product is far better than the competitor's.

Concentrate on creating a great company and create more value for your customers instead of copying competitors' features and constantly thinking about how well they are doing. You will gain much more from that. Everything else will just give you more stress and worry about how well you think the competitor is doing.

Be up-to-date compared to your competitors, while keeping faith in your own product.

If you think it sounds really interesting - watch their entire video here: