To quit or not to quit

Focus on sub niche and make your product best for them, the big problem top companies have they make product general enough to have big market size for making billions while we can be happy with millions

Your idea is validated by facebook!!!!

My first supervisor had similar problem - his idea was in progress when big IT company released very close product for free. He decided to quit while code was ready in about 50%. Also when he was doing the project, he found many contacts that were possible clients for his new starting company but not exactly interested in the product.

Keep going! But try to add something unique abd useful that Facebook doesn't have. Find Loopholes in Facebook's product and act on it. And try to finish your product as soon as possible.

This only shows you're doing the right thing. All you need to do is to find your own market. There's always a playing ground for everyone 😉

Definitely keep going, big tech doesn't always win. As an entrepreneur you have the gift of independence. You can try things out without risking your reputation, don't have to absolutely create "the next big thing" and are able to communicate with your target group more directly (and friendly). Worst case, if you're doing a good job, Facebook (or a competitor) buys you up.

The answer here totally depends on the market (not so much on the product). Hopefully if you spent that much time building something you have at least an idea of what the total market looks like, and how much of that market you need to capture to be successful. In that case, you need to (a) assess if you have any USPs that Facebook's alternative doesn't (or can't) have and (b) is there enough space in the market for you to still be successful with an 800 pound gorilla to compete with? If your model relied on you capturing 5% of the market... well, there are probably way more than 5% who would choose not to use the Facebook version just because it's Facebook. If your model assumed no competition, or that you have to have 75% of the market to be successful... well, I'm sorry but someone should've told you much earlier in your journey that the had an existential risk out there. This all assumes you're building the product with the intent of building a successful business! If you're doing it out of pure passion (i.e. YOU'LL be happy knowing that YOUR perfect solution to your problem exists), and the goal is to share that success with like-minded people... then it really doesn't matter, go build it. There's an immense satisfaction from building something that you know is the solution to a real problem. Satisfaction alone doesn't pay the bills, but if you're a maker at heart and you don't NEED this to be a financial success for you/your team/your families... then go for it! And a final tidbit, if it's a capability that Facebook's competitors might want to copy, and you're well along in building it, you have a non-zero chance of getting scooped up for your IP or your experience to help someone else roll this thing out and compete with FB just a little bit faster than they might have built it from scratch.

Take time to build , do testing, get some reviews and fix flaws and bugs and then Launch. There are loads of people with copy cat ideas but don't understand what user want.

I was building a social media application for missionaries to connect with their supporters back in the US. Then Facebook came out and made it possible with more features than I had imagined. I gave up because I couldn't compete, but I didn't understand the power of niches back then. Probably should have stuck with it.

Not many audience Like FB, you are right....