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 Today's advice comes from Kohort cofounder Mark Peter Davis via Inc.: "While it's important to outdo your rivals, the existence or success of competitors is actually probably good for you and your company." Many people have a "winner take all mentality," says Davis, but the truth is it's possible for more than one person to succeed at the same time. Your competitors' success can benefit you in a number of ways, such as proving that a business model works and therefore, making it easier for you to convince your own investors to buy into something similar. "Face it. Since your competitors are probably not going to wake up one morning, give over their customers, and leave the market, you'll be better off if they succeed to the point that you can then beat them." Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email. Please follow Careers on Twitter and Facebook. | | | | | | | |
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