Stop thinking about others as competition. It’s hard sometimes to ignore what others are doing, but nobody’s path is the same.
Sure, you’re going to submit work before you’re ready, but that is okay. Keep submitting work. New work. Re-revised work. Whatever. Work on it, make it the best you can, have more than one piece going out, and GO.
It does make me want to get a little smacky-smacky when I hear writers say, in whispered tones, “I don’t really read literary magazines.” Well, that’s a problem. The fact is there is a lit mag for everyone—slipstream, genre-based, anything and everything.