For that past few months, I've been building a product that targets a specific niche. The kind of product I have been building hasn't been around the marketplace, and I knew there is a demand.
Recently, a new product was released by a competitor. Their product has more features and has more support.
Usually I wouldn't care because the demand for this type of product is so vast that there should be room for the both of us. The problem is that they operate (coincidentally) in the same city as me. They are also starting to go after specific customers that I was planning on going after too. And there product isn't bad at all, a very decent looking product with similar features to mine.
Here is my problem. In these situations I would normally just get more motivated to work and add more features to compete. The problem is that this company has 20-25 employees working on this. I simply can't compete with that (I'm just one person with a beta product - my roadmap has things that this company has already built, so now I find it hard convincing myself to continuing building when I know this company has done it already). I could look for funding to hire more developers, but what's the point when I know there is a direct competitor right next door?
So considering this situation now, my thoughts are that I should just quit and move on to something else. Is it worth pursing and developing when I know there is just a well funded company building a competing product and going after the same customer base? Maybe this is a silly question but was wondering if there is something that's elusively obvious that I can do? Has anyone ever been in this position before?