Most people are scared of competition.  In this episode, Chris talks about how he would check everyday to see if any competitors were entering the market.  

Your competitive natural see's it as a threat, but competition is healthy and will force you to get better.  If you are the best at what you do, then it shouldn't be a threat to you, if you are not the best, then it's time to step your game up.

Competitors that come into the market will help build the category for you and if you are truly better than them, a lot of customers will come your way instead of theirs.  

Embrace competition, learn from it and always continue to get better.