This has come to my attention more than once. When I will be working on a personal project for a while and getting really into it. I come to find someone else has produced a similar product or the exact same thing I have made. Now immediately what has gone through my head in the past is a mix of if I need to keep pursuing this project or ditch it. Here is how I asses my projects and whether I need to continue or ditch it.

Do you have an edge?

I take a hard look at what the new competition has. I will buy the product/service and use it like any other user. This way I can actively have an idea if my product will be released with the same or, from what I see, as a better set of benefits. Interact with the community and see what their problems are with the product/service early on and if you can solve or have solved them in your own product/service. This is one of the most major factors in deciding whether to move forward with the project or not.

How complete is the project?

If the project is far from done or even far from an alpha test, then it will most likely get tossed aside for a rainy day thing to do. Otherwise if I see my project is half way or close to done I will push through and release what I have and then slowly add in various features to make it more competitive in the marketplace. On the flip side you have to look at your competition and see if they have a complete product as well. If they do not then you can have a leg up and get your completed product to market faster.

How much competition is there?

Recently one of my project ideas was capitalized on by another group faster than I was able to make it. Pretty discouraging right away, although it didn’t stop me because they were the only competition out there. If you release a product with the same features and nothing different at all you still have chance to actively compete in the market place. What makes this a prime opportunity is the ability to gain a user base and have a separate group to mold your product into. In most cases you will mold into a product with its own special features and needs based on the user base you have.

Taking all of this information into account you can get a clear overview of the project and what you have ahead of you. In almost all cases I will move forward on a project if I can say yes to these questions and I still have the passion for the product. Good Luck!