The Belgium international joined from Sunderland last month and is not afraid of the battle for the number one jersey.
"That's always what has happened when there's competition," Mignolet said. "I've had competition in Sunderland and in Belgium with the national team.
"It's not only Pepe - there's a lot of good goalies at Liverpool, like Brad Jones for example - and it's not only the position of the goalie where there is competition. It's every single position on the field.
"There are only 11 players who can play and it is something that is normal with being a football player. You have to deal with that. Competition can only make you as an individual better and let you perform better. It can only be a positive thing.
"From the talks I had with the manager and the goalkeeping coach I felt they were very ambitious and the club wants to get forward.
"The signings they'd already done before July showed they really wanted to get going. They want to push on again in the Premier League. It was obvious that they are an ambitious club and a big club.
"I know how big a club this is but I think I'm only going to feel it once the games get going. The first few training sessions went okay. I'm very happy to be here and train."