Watching the Canadian two-man bobsled team tie the Germans for the gold medal was quite dramatic. What was even more fascinating was watching the winning German team enthusiastically rush to congratulate their competition as they completed their winning run.

Are you elated when your competition wins an award or closes a deal?

Do you have an abundance mindset?

I’m not just talking about an abundance of opportunity but do you also embrace an abundance of competition or does competition scare you?

Here’s why you should take delight in rich competitors:

Distinguish Your Significance

Friendly rivalries may force you to clearly differentiate and state your value. What exactly separates your business from similar businesses? Why are you a better candidate for promotion than your peers? Southwest Airlines luv’s their customers so much that their bags fly free and there are no hidden fees.

Identify Better Buyers

When you become crystal clear with whom you work best and why you can focus your energy where you can be the most effective and pass on everyone else. Taco Bell and Jack-in-the-Box have no interest in marketing to the bone-broth sipping Panera Bread customers.

Create Rapid Professional Growth

There is nothing like a little competition to motivate you to set higher standards for those around you including yourself. You may have to improve your sales close, revamp your service delivery processes, or upgrade your project management skills. Competition raises the performance bar for everyone.

Innovate

Tons of competitors will require you innovate your services and products. Otherwise, you run the risk of becoming a commodity or closing your doors. MySpace was huge back in the day but failed to adapt and innovate like Facebook.

Fear and angst over the competition are for cowards.  Congratulate and applaud your rivals who share the platform with you.