I often think of a quote from entrepreneur Jim Rohn: 'You are the average of the five people you spend the most time with.' Surround yourself with people who are doing interesting things, who are thinking interesting thoughts, who challenge you to be better, and who come from a diverse set of backgrounds and experiences. That, combined with appropriate moments of 'me' time, provides the perfect breeding ground for great ideas. And whatever you do, don't get hung up on what competitors are doing. Be aware of what's going on in the industry, but don't let it dictate your own creative process.
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