Bruce Lee once famously said
"Don't ever take your eyes of your competition, not even when you bow."
In martial arts you bow as a sign of respect. This lends itself to the idea of not sleeping on your competition. No matter how much better you may think you are, the moment you disrespect the person across from you, you've become vulnerable. You must always remain the most observant person in the room.
I never believe my competition is lazy, that would be lazy on my end. They're in business for a reason. What is it they're doing right that I might be able to apply to what I do? I respect every single person in my industry whether or not I agree with how they conduct their business.
I said Respect, not like.