I am in the process of choosing a domain name for a personal project. I have found a very good one (let's say it is "myproject.com") but it is very close to another existing domain name ("smyproject.com"). Only the first letter is different. This website has a very different activity from mine.

My question is: is it bad for SEO? When someone will type "myproject" in a search engine, is there a risk that the first result will be "smyproject.com" if this website has better SEO than mine?

Thanks for your help!