Great you have been considering starting your own business! Very few things are more exciting :)
Now if we summarize the situation: you have an idea , your competitor has a product. I wonder what is the difference between you and your competitor... what is the barriers that for many months didn't allow you to put together a MVP. I guess it's the lack of one of the below (maybe a mix?):
- Money
- Time
- Knowledge (on how to overcome technical or strategic challenges, on how to maximize your money and time, for example)

I can help you, if you want to:
1. Assess if it's worth for you to stay and compete based on their and your offer
2. Established an action plan that will allow you to launch in 3 months time

Looking forward connecting with you,
Serena