I just did quick read of Sun-Tzu and the Art of Business and got some great points to keep in mind regarding competitors in business:

1. Know yourself, know your competitors, and know your market
2. Think clearly and act decisively, giving clear guidance and ownership  
3. Lead with character and examples, not just words
4. Attack competitors where they are weak, but don’t destroy the market in the process
5. Form strategic and powerful alliances and use them well, somewhat to keep your competitors from dominating all the good partners
6. Move quickly, or at least quicker than your competitors