When you become engrossed in all aspects of building and maintaining your business, you may find yourself developing a tunnel vision of sorts. It becomes incredibly easy to disregard what your competition is working on, and even who emerging competitors might be, when you’re dealing with matters of your own. After all, you’re busy building your empire! But you should never make the mistake of underestimating the abilities of someone who has the possibility of compromising what you do well.
There are definite advantages to staying in-the-know in regards to your direct competitors’ actions; after all, you never know when the “little guy” might just become your biggest threat. When you position all of your competitors as fierce competitors, you have a better chance of staying ahead of them… and avoiding complacency along the way!