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It's not the end of the world if everyone else is working on competitors to your project. However, it does mean you need to work harder on differentiating yourself from your competitors.

I've been worrying about this lately, as various services with similar features to mine have been appearing somewhat regularly as of late. At first, I was a bit panicked, thinking that by the time I get something out, there'd be no place for my application. Then I came to my senses and realized that if lots of similar applications are popping up, that means there's quite a bit of potential here, with no clear leader — which means there's still hope for my project to capture mind and market share.

The whole issue boils down to this: What makes your service different from the others in your market? What do you do better, or what do you offer that the other services don't? Play to that. In addition, every market has innumerable niches, some of which are known to players in the field, but many others which haven't even been discovered. Find the niche that fits your service and play to that, too.

Don't worry so much about the number of competitors in your chosen market. Just find what makes you special, compared to them, and play to that. You might just find that your differences gives you the edge on the competition.