①Having a rival can keep you committed to achieving your goals and enhance your overall performance. But before you go out and find an entrepreneur to outcompete, it’s important to understand and avoid the traps that often come with rivalry. After all, competitive rivalry can also hinder effective decision-making and increase your willingness to take risks, behaviors that can ultimately hurt your venture’s success.
②Finding someone you’re committed to outcompeting can be a great way to stay focused on your goals and push your venture to the next level. But when you’re intently focused on outperforming your rivals, you may begin to develop a “win-at-all-costs” mentality that causes you to ignore how you achieve success. One group of researchers, for example, examined the link between rivalry and unethical behavior. They found that when people compete against their rivals, they are more willing to behave unethically to win. But such behavior may stain your reputation and strain relationships important to your success. One way to avoid this trap is to stop and reflect on what’s important. While outperforming your rivals may provide short-term benefits, the loss of your integrity will have long-term consequences.
③One reason having a rival can enhance your venture’s performance is that it creates a level of excitement that drives you to work harder. But this eagerness to win may also hurt your venture’s success, particularly when it causes you to make impulsive, insensible decisions. But it’s possible to avoid such costly mistakes by making a habit of engaging in critical thinking, such as considering opposing viewpoints and conducting cost-benefit analyses, especially for those decisions that are complex and can determine the future of your venture.
④The sense of eagerness that comes with having a rival can not only cause you to make poorer decisions, but it can also lead you to take greater risks that put your venture in peril. One way you can overcome the risk-inducing effects of rivalry that stand to endanger your venture’s success is to remain attentive to your emotional state and actively monitor how such feelings are affecting your decision-making.
