Great post by Chris Dixon about NOT being discouraged if others are already trying your idea. More than anything, it’s market validation. You should be worried if others AREN’T trying to compete with you.
I would add to this that you shouldn’t give your competitors too much credit before they launch their product, no matter how good of a job they do marketing / promoting it. The product you imagine they’ll be launching is often a lot better than the product they actually launch.
Obviously this doesn’t hold in all cases, but the point is that all you can do is focus on the quality of your product – the thing that you can control – and not waste too much time worrying about your competitors or responding / reacting to them. You’re much better off focusing on your customer, as Chris Dixon emphasizes in his post above.Read the full post