I would take want to clarify why I'm working on the project. For example, if I was creating a personal portfolio - I could use a template or use some of my own flair. Since it's my own space, I'd probably go with still working on it!
As far as business ideas, if it's already out there - I would see how well it's received, how good of a product it is, and if what I'm doing could improve it to take market share. If not, and the project isn't for learning only, I'd find a new one :)
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