As a business selling a new product or service, you may sometimes not have direct competitors
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As a business selling a new product or service, you may sometimes not have direct competitors. But you will always have indirect competition. Other kinds of services/products will compete with yours, or impact it indirectly. For example, even if you have the only airline in the market, with no direct competition from other airlines, you would still be facing indirect competition from trains, buses and rental cars.