7. Competition Is The Enemy
“All failed companies are the same: they failed to escape competition.” — Peter Thiel
Competition is extremely costly to maximum product reach and wealth creation. It becomes a battle of who can slightly out-do the other for cheaper and cheaper. It’s a race to the bottom for all parties involved.
Instead of trying to compete with other people or businesses, it’s better to do something completely novel or to focus on a tightly defined niche. Once you’ve established yourself as an authority over something, you can set your own terms — rather than reactively responding to the competition. Thus, you want to monopolize the space in which you create value.
Competing with others leads people to spend every day of their lives pursuing goals that aren’t really their own — but what society has deemed important. You could spend your whole life trying to keep up, but will probably have a shallow life. Or, you can define success for yourself based on your own values and detach yourself from the noise.
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