Understand your market by analyzing your competitors, their market segmentation, and where your product fits within that landscape.

To gain a competitive advantage, identify where your competitors are vulnerable and leverage that to create a dual benefit for your business.

Talk about your competition and alternatives, including what others are currently doing in the market.

Having competition is often a good sign for a startup idea, as it indicates that there is a market, but you need a new insight to compete effectively against entrenched players.

Conduct thorough market research to determine if there are billions of dollars being made in your market, and analyze your competitors' products to inform your strategy.

In discussions about competition, it's beneficial to ask founders how they plan to win against competitors rather than making them defensive about their market position.

When facing competition, if a direct competitor enters the market and underprices you, engaging in a price war is not a winning strategy; instead, differentiate your product based on functionality or value.

As you scale, competition changes. Initially, you focus on survival, but as you gain traction, you face existential threats from competitors who may try to copy your model and undermine your success.

The bigger the market, the more you need to specialize; specialization helps you compete effectively.