You can build "confidence though competance". Do whatever market research and business planning you need in order to know you have a viable business.
If there is a lot of competition, it doesn't mean that you can't do well with your business, it does mean that you will have to work harder and/or spend more money to get it to a sustainable level. Maybe there is a less competative location or target market that would be easier for you to start in before expanding to stand head to head with the existing competition.
Also break out of the winner/looser mentality with the other businesses. They don't necessarily have to loose for you to win. You are more likely to attract clients with a focus on service and contribution!
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