Last few weeks, I have heard from a few friends about competitors and how one should run fast and whatnot.

In the last five years of building taghash, we have not gotten into FOMO of competition. The only thing that has worked for us is working closely with customers, solving their pain, and charging for the product.
We found everything else as a distraction.

As a founder, it becomes super important to stay focused and know where not to waste time.