Competition, is when two allies (or just random people too I guess) become rivals in order to complete a certain task first. Normally this would mean that a group of rivals are competing to earn a certain title, for example best at something, or just to make themselves look better.
It effect business because this creates tension often, meaning that the 2 rivaled sides are not exactly the most friendly to one another.
Hope this helps and have a nice day.
-R3TR0 Z3R0