Jack Ma believes that no competitors are giants until you make them a giant in your own mind. Always treat your competition with the same respect as you would treat your own business.
More importantly, take them all seriously. Never underestimate a company. Everyone has an equal chance at success in today’s world.
That underdog whom you overlooked might end up being the one who beats you! Like I said earlier, competition is an important part of business. Without it, we are content. Being content is business suicide.
So always analyze, communicate and be sincere with your competition. Above all else, be ethical. Even if a competitor tries to undermine you with unethical tactics, it’s best to stick to your standards.