Competition is a natural thing. I think it comes naturally in life. Everything will have its competition. And so does businesses. No, I need to revise my last word. It suppose to be: especially in businesses.
Now, it is easier to make a business. Feels like everyone can set up a new business on any field. Everyone deserve the same chance to do anything, anytime with anyone. Especially on the field where no specific requirement needed, example: social media agency, photography, videography, etc. It will be different if we’re talking about architect or industrial engineering. Somehow, there are few degrees needed if you want to claim yourself as an expert on those things. 
Since I’m running my business on branding and digital field, I’m having huge competitor. Anyone can do the same thing as I do. Everyone have the same chance to do the same as I do. As long as you know social media, it is like you are capable to have a social media agency. It is what it is.
I always try to embrace competition. For me, it is a good thing to happens. It will keep the game strong and interesting. It will push everyone to do more, to innovate more. Every time I see a new competition, it always remind me to think about WHY I’M DIFFERENT? WHY I’M MORE VALUABLE THAN OTHERS? WHY IT IS A WORTH TO HAVING ME? I will check my secret sauces once again. Just to make sure I can survive the game and the competition. Don’t do anything negative in winning competition. Just show the reason why you exist and worth. The rest will works for you. I think this premise will works on everything we do in life.