Competition breeds innovation. It’s a survival thing. If you’re not innovating when the competition is coming at you, then you’re gone.
There are thousands of websites (around 140,000 per day) that pop up on the internet. However, our daily visits are on a particular few websites where we spend most of our times. Why is that? One reason is that those few websites offer what we need. They have got our attention, time and it’s where we’ll most likely to spend our hard earned money. That’s the same trend that follows for all the physical stores from the momo shops to the coffee shops out there.
It’s unlikely that your idea is the first ever in the market. Even if you have first mover advantage, someone or many will come chasing to take a share of your pie. That’s when you have to continue to get better, faster and do everything with care. Competition will help you innovate and you’ll thank it when you keep getting stronger.