Every entrepreneur should spend plenty of time thinking about competitors, and how they relate to your business, but you need to be very careful what you say out loud about them to your team, your investors, and your customers. What you say speaks volumes about how you think about your startup, how smart you are, and your personal integrity. I've spent hours talking to startup founders, and heard a thousand startup pitches, and I always listen carefully to what is said (or not said) about competitors. Everyone has a view on competitors, so you will likely get some off-the-cuff questions on this subject as well. Here are some common pitfalls or traps to avoid: 1. Above all, don't say you have no competitors . This statement is a huge red flag to investors, who will take it to mean that there is no market for your offering, or you haven't bothered to look. Both conclusions will kill your credibility, and usually preclude any further funding interest. 2. Avoid degrading or demeaning your competitors. Talking about competitors is your opportunity to make positive statements about the advantages of your own product. For example, "Compared to product x, my solution will get the job done in half the time, and at half the price." Don't say "Product x is more expensive and hard to use." 3. First-mover advantage is a double-edged sword. Being first to offer something is often used to cover the fact that you have no patent or intellectual property.