I personally think that every photographer in the profession should enter a photo competition at some point.
Before I started entering, I was like, “Wow, those are cool images, but how does that help the client?” After a steady diet of not only entering competitions, I always watched the ones that won and lost VERY closely. I then came to realize that competition is not about the final product (although those are often awesome!), it’s about the journey.
That journey benefits YOU! How does it do that? First of all, it assures you that I am current in my photography skills, equipment, and lingo. Of the three, “photographic skills” is the part it is my pleasure to make sure you take interest in. I have those!
About competition: I am a member of the Professional Photographer of America (PPA), which has a degree track that affords members the opportunity to earn photography degrees based on submitted photographic images before a very highly educated panel. (I am currently working towards my Masters of Photography Degree - M. Photog.).