I cannot count how many times I have heard entrepreneurs tell me how great their business idea is, because “There is no competition”.
I used to think that the lack of competitors in any particular vertical was a good sign; You know, I would make a killing because “I would be the only one selling remote controlled trash cans in this town”. Chances are, your idea is not a particularly good fit in your market, hence the lack of competition.
I have come to realize that having competitors in business can actually be more of a positive thing than previously considered. Competition can drive success in business for several reasons.