What if there is already an existing business with the same product?
Let's say you come up with a idea for a product because of a problem that you encounter, then you find something that kind of already solves it. What are the chances that your solution will get any traction? And if they are already an established team, how do you beat them? Or do you just ignore, and build anyways?
The presence of competition is good. It indicates that the market for your idea exists.
You should build an alternative, though. Find pain points users have with existing solution and try to fill it up.
Don't build a product right away; validate your idea beforehand somehow.