At some point in this journey, a new entrepreneur will proudly say to me, “No one else is doing this.” They usually expect applause. Instead, I give them the blank stare of a man who has seen too many businesses die from a total lack of competition. If nobody is doing what you are doing, it might mean the market is wide open. Or it might mean the market has repeatedly rejected your idea and buried the evidence deep underground. We need to find out which one it is before you start ordering branded swag.
Competitors are not the enemy. They are free research. If someone is already selling something similar to what you want to offer, that means customers are proving every day that the problem is worth solving and the solution is worth paying for. You are not here to reinvent gravity. You are here to create a slightly better parachute. Maybe yours has cupholders. Who knows.
Identify Who Is Already Solving the Problem
Start by identifying who is serving your customer right now. Not just the obvious competitors, but the lazy alternatives too. If your idea helps people eat healthier, your competitor is not just the health food shop down the street. It is also the drive-thru with the irresistible combo meal that somehow costs less than a bag of grapes. If your business solves boredom, your competitor might be Netflix. If your business solves loneliness, your competitor might be a dog. The point is, your competition is anything people choose instead of paying you.
This aligns closely with standard competitive analysis guidance from the U.S. Small Business Administration, which emphasizes evaluating both direct and indirect competitors to understand real customer behavior and decision-making:
https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
Study What Competitors Do Well (and Poorly)
Next, pay attention to what your competitors are doing well. You do not have to like them to learn from them. How are they reaching customers. What are they charging. What do customers rave about in reviews. Do not steal what they are doing, but take notes like you are a raccoon casing a campground.
Then, look for the gaps. What are customers complaining about. What frustrates them. What do they wish was different. That space in the middle is where your business can win. Different is not always better, but better is always different enough.
A Quick Competitive Research Checklist
Use this before you assume “no one else is doing it”:
- Who is the customer choosing instead of me right now?
- What problem are they hiring that solution to solve?
- What do reviews praise repeatedly?
- What do reviews complain about repeatedly?
- Where does the experience break down?
If you can answer those five questions, you already know more than most first-time founders.
Being Second Is Not a Weakness
When an entrepreneur complains about someone doing something before they could, I remind them that being second means the path is already cleared. In entrepreneurship, the first mover does not always win. Sometimes the second mover gets to improve the idea and avoid all the expensive mistakes.
Early competitors pay the tuition. Later competitors get the syllabus.
Competition Builds Stronger Businesses
Here at The Biz Foundry, we encourage founders to treat competitors like helpful clues instead of villains in a superhero movie. In Start Up: Business Bootcamp, we literally walk people through competitive research so their idea can grow stronger, not more fragile.
Confidence is important, but stubbornness disguised as confidence is a disaster dressed up in a logo.
Learn, Then Build Something Better
So please, do not ignore the businesses already solving the same problem. Look at them carefully. Learn from them generously. Then go build something customers will choose over them.
That is not competition. That is progress. And I cannot wait to see you succeed.
FAQ
Is having competitors a good sign?
Yes. Competition usually means customers are already paying to solve the problem.
What if my competitors are much bigger than me?
That often helps. Big competitors leave gaps small, focused businesses can fill.
Should I copy what competitors are doing?
No. Learn from patterns, then improve or differentiate.
How many competitors should I research?
Start with 5–10 direct and indirect competitors to spot clear trends.
What is the biggest competitive research mistake?
Ignoring indirect competitors—the alternatives customers choose instead of you.
