Source : Webster's Revised Unabridged Dictionary (1913)

Compete \Com*pete"\, v. i. [imp. & p. p. {Competed}; p. pr. &
   vb. n. {Competing}.] [L. completere, competitum; com- +
   petere to seek. See {Petition}.]
   To contend emulously; to seek or strive for the same thing,
   position, or reward for which another is striving; to contend
   in rivalry, as for a prize or in business; as, tradesmen
   compete with one another.

         The rival statesmen, with eyes fixed on America, were
         all the while competing for European alliances.
                                                  --Bancroft.

Source : WordNet®

competing
     adj : being in competition; "competing businesses" [syn: {competing(a)}]