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MenuAs mentioned before, having competition is a good thing to the eyes of an investor. Moreover, it shows you've done some research.
Try to understand the apparently small differences between you and your competitor. E.g. Is he selling in the same region? To the same type of people? Approaching customer using the same means? All these can be used as a differentiation point, which could be enough for both companies to co-exist.
Also try to evaluate the size of the market: how big is it? Is it expected to grow? If it's a growing big-enough market, there's no reason why you wouldn't succeed as well.
Apart from these business concepts, in the end it all goes down to the specifics of your startup idea. Try to get industry-specific advice on that.
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