Ignoring the competition is just level one. The real task for founders today is ignoring the distraction.

It's hard because these are 95% rules, not 100% rules. You usually want to be aware of what the competition is doing, but run your own game. Yet sometimes that isn't possible. Similarly with distraction.

With competition you might have some rule like "wait before three customers mention this competitor before taking them seriously". Though that may mean you react too late, it means you only react to likely real things. In many ways it's like angel investing with your time.

With distraction it's even harder. Many businesses today rely upon social media as a distribution channel. Every company is now a media company. Yet with all the competition for attention, social media is like the handicap radio from Harrison Bergeron.