How often are you training, and how do you match up against the guys you train with? There's guys that train for 6 months that pick it up really fast that are definitely ready, and there's guys that it takes a little longer. If you're comfortable on the mats, I say go for it, the worst thing that can happen is that you lose a match, which really isn't that big of a deal. You learn more sometimes after a defeat than a victory.
I fight in the IKF in Muay Thai, I lost my last fight, and I learned more from that than winning. I learned areas I was weak in, and needed to improve in. I'm better for it.
It depends on your long term goals, if you want to pursue grappling or MMA, then I would recommend getting all the experience you can. Compete, watch fights, watch guys with more experience roll and take mental notes.
Things I learned from my wrestling days, and from fighting in the IKF that might help:
1. You'll have to get used to being in front of a crowd, and not let it psych you out. I learned that during 'away' wrestling meets, and fighting guys in their home town. You'll hear the other guy's trainer/coach yelling at him, which in some ways, can make you more aware of what they're going to be going for and look out for it. Just don't pay so much attention that it gets in your head and makes you defensive. You'll probably also hear his buddys yelling at him to beat your ass, etc, don't let it affect you. Focus on what YOU'RE there to do, and don't let them distract you. Beat the guy and shut 'em up LOL. You will be nervous, that's normal, so's the other guy. Just don't let it control you.
2. Go in with a clear strategy. Make your opponent play YOUR game, not his. Don't get drawn into their game. If you're great at takedowns, shoot in on the sucker every chance you get and rack up the points, or go for the sub when you get him down. If you hit the mat and the guy seems slick and you're worried about getting caught, just remember your fundamentals, keep your base and position, and just be cautious. If you can tell he's got an edge in one area, don't go there. If you sense he's got a weakness in an area, attack it with everything you've got.
3. Train, train, train. This should probably be #1. If you decide to compete, start treating all your training sessions as preparation for your competition. Roll with the best guys you can. Yes, it sucks getting tapped out a lot, but you'll learn more than beating guys who aren't as good as you. Talk to any guys you train with who have competed. I was very lucky to have a more experienced fighter kind of mentor me when I started. If you train with a big group, sometimes it's hard to get individual time with your instructor, so if you can find a guy with more experience that's willing to work with you, mentor you, that's a really valuable thing.
4. Give 100% in your matches. There's guys that might be better natural athletes, etc, but you can beat them if you have more heart and determination. The mental part of competition is just as important (if not more) than the physical part. If you can frustrate an opponent mentally, throw him off his game, you're on the way to winning. If you don't give 100%, hold back, and lose, you'll regret it, trust me.
5. Don't get discouraged if you lose. Everyone does. I've lost in wrestling and in Muay Thai. Accept the losses and learn from them. Figure out why you lost, and work to improve that area, and give 'em hell next time.
Hope some of this helps.