Hi HN,<p>I always had this doubt. Let’s say someone wants to start a business (by building a product). But he finds the solution has already being provided by some other business in the market. In this case, how one needs to approach building his/her own product?<p>For example, I could able to see PayPal, Stripe, WePay etc are already in existence for payments. Does it really make sense to start a new business competing with the existing market? If so, what all things can make it a success?
There is almost always a way to differentiate your product or service.<p>Also, for most viable products the market is almost always large enough that if you do your marketing and sales correctly and persistently, you can succeed even in competitive marketplaces.