I’ve learned over the years not to try to keep up with others; someone will always have more. To drive this point home, I always ask: Do you know what happens when you catch up with the Joneses? They refinance.

Competition is the breakfast of champions, not cereal. Whether you like competition or not, it makes you better and stronger. You should not only welcome stiff competition, you should actively seek it out. You will never realize your full potential in business or life unless you are challenged.

Competition has made me a better businessman, a better golfer and a better person. And when there isn’t another company or business to compete with, I try to outdo myself. If that sounds simple, well, it is. I always want to be at my best and show my best side. No one ever set a world record competing against themself.

As Mark Twain said, “It’s not the size of the dog in the fight, it’s the size of the fight in the dog.”

Competition is not just important; it is essential. It serves as a catalyst for innovation, efficiency and improvement. When businesses compete, they are pushed to refine their products, services and customer experiences. This drive to be better than competitors can lead to breakthroughs that might not have occurred in a monopoly situation.

Moreover, competition keeps businesses alert to changing market conditions and customer needs. It encourages companies to be more customer-focused, as they must differentiate themselves to win over consumers. This can lead to better quality, lower prices and more choices for consumers.

A problem I see all too frequently is that people are afraid of competition. Perhaps it’s because they fear losing, but I suspect a better reason is that they know they are not as prepared as their rivals. They are not willing to put in the necessary hard work, training and sacrifice. They think things will be easier for them than for others, possibly because others have made things look easy.

In my own experience, I’ve found that embracing competition has been a key factor in staying relevant and successful. It is important to study your competitors, learn from them and sometimes even collaborate with them to create new market opportunities.

One instance that comes to mind was when our envelope manufacturing company faced stiff competition from larger companies in the industry. These competitors had deeper pockets and could afford to undercut our prices to gain market share. It was a classic David versus Goliath scenario.

Instead of trying to compete on price alone, which would have been a race to the bottom, we decided to focus on what we could control -- our service and our relationship with customers. We doubled down on providing exceptional customer service, ensuring that our clients felt valued and understood. We also invested in our sales team, training them not just to sell, but to solve problems for our customers.

This strategy required us to be more innovative and agile than our larger competitors. We had to truly listen to our customers and adapt quickly to their needs. As a result, we were able to offer customized solutions that our competitors couldn’t match. This approach helped us to not only retain our existing customers but also to attract new ones who were looking for a more personalized service.

The competition forced us to be our best, to innovate and to never take our customers for granted. It made us a better company because we had to constantly improve and differentiate ourselves in a meaningful way.

Internal competition can also boost innovation and productivity. To foster a healthy sense of competition, we set up an initiative in which different teams within our company were encouraged to come up with innovative solutions to improve our processes, reduce costs and enhance our products.

We created a platform for these teams to present their ideas to the leadership, and the best ideas were not only implemented but also rewarded. This internal competition sparked a wave of creativity and collaboration that we hadn’t seen before. It broke down silos as teams worked together to outdo each other in a positive way.

The result was a series of improvements in our operations and a significant boost in team morale. Employees felt more engaged because they had a direct impact on the company’s success. It was a win-win situation -- the company benefited from the innovative ideas, and the employees enjoyed the recognition and rewards for their contributions.

Mackay’s Moral: Competition always wins.

Our lives basically change in three ways; through the people we meet, the places we travel and the books we read.

I made that statement many years ago, and I still believe it today.

Television, computers, the internet and even radio were supposed to be the replacement for conventional books when each first became popular. But more books than ever are being published, and more copies are being sold.

Inscribed on the Thomas Jefferson Building at the Library of Congress are the first eight words of this quotation by Henry David Thoreau: “Books are the treasured wealth of the world and the fit inheritance of generations and nations. Their authors are a natural and irresistible aristocracy in every society, and, more than kings or emperors, exert an influence on mankind.”

National Book Month is held each October. The monthlong celebration focuses on the importance of reading, writing and literature.

Norman Cousins was one of America’s most famous editors. He ended his career teaching medical students, when he wrote this about books: “There is a simple non-medical technique for increasing longevity. This system goes by the name of ‘book.’ Through it, man can live hundreds of lifetimes in one. What is more, he may enjoy fabulous options. He can live in any age of his choosing. He can take possession of an experience. He can live inside the mind of any man who has recorded an interesting thought, any man who has opened up new slices of knowledge, any man who has engaged in depths of feeling or awareness beyond the scope of most mortals.”

When it comes to personal growth, books are a treasure trove of knowledge, insights and wisdom that can help shape our perspectives, improve our skills and inspire us to become better versions of ourselves.

Here is why reading is so crucial for personal development:

It expands your perspective. Books open you up to new cultures, philosophies and ways of thinking. By exposing yourself to a broad range of topics and authors, you can challenge your preconceptions and gain a more nuanced understanding of the world.

It enhances self-reflection. Reading about characters, situations or ideas can prompt you to reflect on your own life, values and behaviors. This self-reflection is a key component of personal growth, as it can lead to greater self-awareness and a clear sense of your goals and priorities.

It improves problem-solving skills. Many books, especially those focused on personal development, provide strategies for dealing with challenges. By learning from the experiences and advice of others, you can develop a toolkit of techniques for navigating obstacles in your own life.

It boosts creativity. Reading stimulates the imagination, encouraging you to think creatively and explore new possibilities. This can be particularly valuable in personal development, as it enables you to envision and pursue goals that you might not have considered otherwise.

It builds knowledge. At the most basic level, reading is a powerful way to acquire knowledge. Whether you’re learning about psychology, health, productivity or any other topic related to personal growth, books can provide you with the information you need to make informed decisions about your life.

It enhances communication skills. Reading regularly can also improve your vocabulary and comprehension, which in turn can enhance your communication skills. Being able to articulate your thoughts clearly and persuasively is a valuable asset in both personal and professional growth.

In my own life, I’ve found that reading has been instrumental in shaping my understanding of business, leadership and human behavior. Books like Dale Carnegie’s “How to Win Friends and Influence People” and Stephen Covey’s “The 7 Habits of Highly Effective People” have not only informed my professional practices but have also influenced my approach to personal relationships and self-improvement.

As the author of seven New York Times bestsellers, I unashamedly promote the value of books -- largely because of the effect that books have had on my life and career. I could never personally see or hear all the authors who have influenced me, but their written works fill my bookshelves and hard drive. And I can revisit them at my convenience.

Truly, books are gifts that keep on giving.

Mackay’s Moral: Leaders are readers. If you want to continue to grow and develop, make reading a non-negotiable part of your daily routine.

A little girl came home from her first day at school and proudly exclaimed, “Mom, I was the brightest one in my class today!”

“That’s great, Janie,” her mother said, “but tell me how it happened.”

“Well,” Janie replied, “the teacher told each one of us to draw a picture on the blackboard, and then the others were to guess what the picture was. Mine was the only one no one could guess -- but I knew exactly what it was all the time.”

Ah, the confidence of youth. But adults know that knowledge works best when it is shared.

The world’s store of knowledge is growing at an ever-increasing rate, partly because more people are working to find more answers than ever before and partly because we have better tools for learning than ever before, such as the internet.

Knowledge is absolutely critical in business, especially when it comes to decision-making and innovation. In my experience, having a deep well of knowledge allows business leaders to make informed decisions that can steer their companies toward success and away from potential pitfalls.

When it comes to decision-making, knowledge about the market, competitors and internal operations helps leaders assess risks accurately and make decisions that mitigate potential negative impacts. Understanding industry trends and consumer behavior allows for the development of strategic plans that are forward-thinking and adaptable.

Knowing where to invest time, money and human resources can make or break a business. Knowledge helps prioritize these investments for maximum benefit.

In innovation, identifying opportunities is crucial. A thorough understanding of the market can reveal gaps and opportunities for innovation that can set a business apart. Knowledge of the latest technologies and customer preferences is crucial for developing new products or services that meet and exceed expectations.

Always keep a close eye on your competitors. What are they doing well? Where are they falling short? Use this information to find your competitive edge. Conduct thorough research to understand market demands and customer needs and preferences. This can include surveys, focus groups and analysis of consumer data.

Use customer insights to tailor your products or services to better meet the needs of your target audience. Align your marketing strategies with the preferences and behaviors of your customers. Personalize your communications and offers.

In a rapidly changing world, businesses must adapt to survive. Knowledge about emerging trends and technologies enables a business to pivot quickly and stay relevant.

In every aspect of business, from the way we interact with customers to the way we manage our teams, knowledge is the foundation upon which we build success. It is not just about having information; it is about having the right information and knowing how to use it effectively.

In my own career, I have seen the power of knowledge firsthand. By staying informed and continuously learning, I have been able to make strategic decisions that have kept my businesses agile and competitive. Knowledge has also been the key to fostering a culture of innovation, where new ideas are encouraged and nurtured.

In the world of business, knowledge isn’t just power -- it is profit, progress and the pathway to innovation.

Here's another story to illustrate my point. A history class was studying the Battle of Saratoga, which was probably lost because General William Howe chose to remain in Philadelphia. The teacher then asked the class to explain this major British defeat.

“Lack of no Howe,” answered a voice in the back of the room.

Don’t get caught in that same trap. If you have the “know-how” that will matter, go to where the action is. Sharing your knowledge with those around you makes everyone smarter. Be humble and remember this old saying: “Knowledge is like underwear. It is useful to have it, but not necessary to show it off.”

Because no one likes a smarty-pants.

Mackay’s Moral: Knowledge is the rocket fuel for business growth, but only if you ignite it with action.