In his book, Sam Walton, the legendary business wizard who built Walmart, said that if he had to single out an element of his life that made a difference, it would be the passion to compete.

“That passion has pretty much kept me on the go, looking ahead to the next store visit, or the next store opening, or the next merchandising item.”

When building a business, there’s an essential rule of thumb: competition sucks. Never enter into a market where you need to compete. Instead, find a space – a sector and region – where you can create a monopoly. Getting this right enables profits and freedom to innovate.

At the same time, while avoiding competition, you must select a team and build a company culture with the passion to compete… and win.

People and organisations with a competitive spirit are goal orientated and appreciate the importance of preparedness and hard work. They move fast, keep grinding and don’t settle for mediocracy. They also often understand the power of teamwork and effective communication and seek out coaching and critical feedback.

Competitors have “Big Match Temperament” to step up and deliver when the stakes are high and the pressure is on.

When hiring, look for people who play or played competitive sports and prioritise interviewees who talk about times they competed for something. When talking about your company ethos, include words like ‘winning’.

Embrace the spirt of competition, while avoiding it completely.