My direct competitor is growing fast, my start-up is still at an early stage. Do I need to cancel the initiative and try something new?

My direct competitor started 2 years ago, I came up with the idea kind of late, he already has 6000 clients, mobile, and web app, his business is up running, he can quickly imitate what I could differentiate myself from his business and je just secured funding to expand to the usa Market. as a solo-preneur with full-time job, I was wondering if I could compete against that and since at this point I'm still seizing the market, should I drop the ball and move to something less risky. Thanks