Competition is more crucial than might be first seen. If your idea is a real stunner ask yourself 'What will prevent others doing what I'm doing?'
If the answer is nothing then you have a problem.

If the idea really flies you can guarantee that others will seek to enter the market and eat your lunch. There are costs to starting a business. The costs may arise because physical assets (offices, factories, etc) are required or because of the need for intellectual some assets (some form of knowledge). The lower these costs and the higher the profits the greater the competition. If you can't ring fence your proposed idea you are not likely to succeed.

Of course, imitation is the sincerest form of flattery. If others want to do what you're doing it means they see a future in the idea. So others wanting to compete with you is good news as well as challenging. The challenge being how to stay one step ahead.