[coderdude]

You'll end up finding that a lot of your competitors are incompetent, or don't have the same ability to execute your idea quite like you can. In most cases I would say don't let competition discourage you. Let them show you what not to do.

[hazmattron]

Expanding on this, the fact that they've done it before is actually an advantage to you: now you know exactly what you can do to make it better. Improvement can always be made.