How do you expect to jump over the bar if you don't know how high it is?

Of course, you should analyze your competitors first!

See how many websites are ranking for the keyword you're targeting;

analyze your competitors' backlinks (not just the sheer number of them, but where they come from, what anchor texts are used);

analyze how your competitor uses keywords on their webpages (again, not only in page copy, but also in page titles, anchor texts, etc.);

see if they are doing social media, especially if they're active on Google +.

When utility has been achieved.

If your link building is SEO compliant and you built more links than necessary to secure the first position because the effect was not fast, you won't suffer any harm rather you are building a double layer brick against your close competitor.