“Competition Is for Losers.”
This famous title from an article written in the WSJ, refers to the following quote from Peter Thiel.
“If you want to create and capture lasting value, look to build a monopoly”
But in some cases, competition is good. When you are the best or among the very top, competition isn’t just welcome; it’s essential.
Often, the fiercer the competition, the higher the reward. This has also a positive feedback loop: a high reward will attract newcomers, which will in turn increase competition.
The best of the best really feed on having more participants. This is the case for most sports, like during a tennis tournament. If you are the best player in the world, you want many players in the game. You will beat them all and collect bigger and bigger prizes.
Besides, your reputation increases the more people compete in your domain of mastery.
But to welcome competition, you must be a winner, someone with an unfair advantage at a world-class level.