[Advice] I came up with and have developed a great business idea just to discover that there is already a company doing something similar - should I continue working on it or give up?

Hey guys, just answered a question over on Quora

This question was asked:

"The business targets a specific niche. As far as I am concerned there is only one company that I could consider similar enough to be seen as a competitor. However, I would like to take the business in a different direction - a better one, I believe. What should I do? Continue working on it or give up due to existing competition."

As long as your product or service is better or fills a need that someone else is not, you will be fine. The only time to worry about competition is if you are really no different than them.

For example, opening a coffee shop that is offering nothing different than the gazillion other ones in your city is a bad idea.

Google creating a better search engine than what had currently existed was a good idea.

Just make sure you fill a big enough need and can sell that to your market.

There's really no such thing as a "one player" market.

Hope that helps,

-JR

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