While it is important to always have respect for others, it is equally as important to remember to have respect for yourself. The idea of self respect can easily be confused with being conceited. This is a big reason why people do not value themselves and honor their self respect; because many people are afraid of being perceived as conceited and egotistical.
It is always important to remember that it is okay to put yourself first sometimes. It is okay to say no to people, especially when you feel like you are in danger or when you are standing up for something or someone you believe in. You should never feel obligated to put yourself in a dangerous situation for the sake of other people (particularly peer pressure).
The way you view yourself and the respect you have for yourself is just as important as the way you treat other people. Self worth helps in self confidence, but also helps you respect the opinions and feelings of other people. In the end, it really is all about keeping the right balance between you and the people around you.