After having started a project and suddenly having found new competition, how do you convince yourself to keep going?

Question

I understand this is a subjective question but I want to see how others dealt with this issue:

How do you convince yourself and your teammates while trying to start a business or a project and suddenly faced with competition, whether due to lack of research or entirely new startups, that we should keep going?

What are some motivational techniques, considering this quite specific situation?

I'm trying to learn this in advance before getting burned.

Thanks.

Answer 1

Find faults in the competition's project, and know you can do better. Competition is a good thing, not a bad thing, in this context. Without it, your efforts very well may be slower and less innovative.