As is common knowledge, competition is an inevitability. There are people with similar ideas as you. There are solutions your desired userbase is already using for the problem at hand. As you grow and start making waves, you’ll be attacked from above, below, and sideways.
When first learning about a competitor, I used to think it was game over, and give up.
I wasted incalculable years of my life fearing competition, letting it keep me up at night, question my startups’ mortality, and demotivating me, often to the point of giving up and walking away.
Done with that. Now, it’s a mix of emotions.