Fear: “I’m going to lose because someone else is going to beat me to market (or is already there).”
Truth: In business, there can be lots of winners in any niche. Look at how many shoe makers, Italian restaurants, and furniture manufacturers succeed. You can do well in a crowded field as long as you’re doing something that sets you apart from the pack. It can be price, style, substance, personality, positioning, or storytelling. There are tons of ways to establish your company as unique.
Don’t obsess over being first-to-market either. Successful businesses show up to the party late all the time. Google wasn’t the first search engine. VHS toppled Betamax even though it was later to market. There are plenty of things that are more important than being first.
This is a great point that also reminds me of those countless hopeful entrepreneurs out there that keep their ideas close to their chest or try and make you sign an NDA to discuss an idea. I don’t care about your idea, your idea sucks if the execution isn’t right.