Being an entrepreneur requires a hunger. You have to have a strong desire to fulfill a life's quest. Competition is good in this, it drives us. If a business idea has no competition then everything has to start from scratch. This is not saying it can't be done, it is saying the Patience part of the 5 P's in entrepreneurship would be a study you would want to focus your attention on. Entrepreneurs should look at competition as health food to fuel their business. Note, high competition may not be where you want to start if you are new to an industry, but you want to start somewhere there is competition. Let me explain.

If you begin researching your market or industry and realize there is no competition this sometimes can be a bad sign meaning it is not that successful an ideal. However our entrepreneurial spirits seek for areas that a problem may exist. If you feel that your ideal is the solution to a problem that is not being addressed by all means dive in. I am simply saying that if you are new to entrepreneurship you want to learn in a market that has competition. Find good healthy competition that you can compete with. Low to medium is always good.

Competition is a good thing for any business,

This is because if there is competition there is some success, which increases your odds for success. Some may look at competition as a reason not to do something. If you come up with an business idea and realize somebody else is already doing it that is a recipe for you to follow. You then can add your on ingredients to the dish to make the plate you want. Here is an example. How many Fast food Burger spots are in America? Lets talk the high level's of competition. McDonald's, Burger King, In and Out, Wendy's Whataburger, etc... Lets not talk about the Mom and Pops shops that sometimes have the better burgers.

My point is these are all different versions of the same product. The competition is High in this market. Somebody looking to start a burger restaurant would have a steep hill to climb. But maybe the Vegan Burger market may be a industry worth researching. Researching is where all entrepreneurs should start. When done correctly research will guide you to which route to take. Competitors are fuel to your engine. We all eat breakfast, lunch, and dinner. This is needed to fuel our body's, minds, and creative spirits. The same can be said about your competition.

Entrepreneurs should look at competition as healthy food

In order to have energy we need food. Competitors can be food in more ways than one. They can help drive us in the mornings to get started with a new campaign. By lunch time we can be setting up new appointments to drive in new sales. At dinner time a strategy to attack the morning can be constructed. All based off how active your competitors are. Your competitors also may be doing things within their day-to-day operations that you could start doing that would help your business. It is not copying it is more like following, and this is why entrepreneurs should look at competition as a healthy component to running a successful business.