Your Unique Value Proposition (UVP) should set you apart from the competition. Use what you can learn from the competition to build your UVP to grow your business and stand out from the competition.
Researching a competitor's business you can validate and learn if your idea is a viable business opportunity. The research should yield possible pitfalls, job openings, which may reveal their future plans and directions and so much more. In the end use the information you learn to make your own business plans and improve your products and services to help you become and grow into a successful startup business.